2021 Deposits Invoicing 
MineralTree
MAY 18, 2023
According to a 2022 report by the Association for Financial Professionals (AFP), 71% of organizations surveyed experienced attempted or actual payments fraud in 2021. Fraudsters typically accomplish this by faking vendor invoices or recipient payment information.
AvidXchange
OCTOBER 14, 2022
Once an invoice is approved and a check is cut, it can take anywhere from seven days to a few weeks for payment to reach a vendor. What are the benefits of paper check payments? AvidPay Direct payments eliminate the need to deposit a check or run a card. What is the cost of not having those funds?
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AvidXchange
OCTOBER 16, 2023
Though he works with a bookkeeper who handles his finances, outstanding invoices sometimes weigh heavy on his mind. “In 2023, I’m getting paid for services rendered in 2020 and 2021. He typically waits 45-90 days to get paid on the invoices he submits after completing projects for his clients. But neither is rapid payment.
AvidXchange
MAY 9, 2023
With this change, the volume of invoices started to increase. Managing the status of each invoice was challenging for Doron Contracting, requiring multiple phone calls to track every step of the payment process. AvidXchange’s supplier portal helps Doron Contracting save time and more easily reconcile invoices. And what day?’”
AvidXchange
JULY 13, 2023
It’s not like a traditional bank account where you deposit money but instead more of a relationship with a merchant account provider that serves as a bridge between your customer’s credit account and your business bank account. In total, the time from payment to deposit is about 1-2 days with a merchant account.
MineralTree
NOVEMBER 10, 2022
A duplicate payment occurs when a company makes the same payment twice for the same invoice or bill. In fact, companies waste between 1%- 3% of their budget on duplicate or incorrect invoices, leading 16% of financial leaders to indicate that duplicate payments are a top issue for their team. Streamline How You Receive Invoices.
MineralTree
FEBRUARY 16, 2023
The State of ACH Fraud Today 71% of organizations were victims of payment fraud attacks or attempts in 2021. In 2021, 68% of organizations were targeted with a BEC scam. Moreover, 41% of organizations noted that ACH and wire transfer payments were targets of BEC scams in 2021.
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