AvidXchange: AP Software & Payments Competition
Former SVP of Marketing at Tipalti
inpractise.com/articles/avidxchange-ap-software-and-payments-competition
Former SVP of Marketing at Tipalti
Interview Transcript
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If I'm a mid-market customer considering an AP outsourcing provider or AP software, would I typically compare Tipalti versus AvidX?
There were a lot of deals between Tipalti and AvidXchange, and Tipalti started winning more of them. We actually outperformed NetSuite at SuiteWorld. I think AvidXchange stopped innovating and they're really good in the industries of real estate and construction, which is not Tipalti's sweet spot. Tipalti's sweet spot is high tech and technology companies, including insure tech, health tech, and anything with tech because they can scale quickly and grow with the company. That's why we started winning. Our user interface was slightly better and the implementation process was a bit easier. However, both AvidXchange and Tipalti still have issues with supplier onboarding. I think AvidXchange is probably better at adoption than Tipalti.
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How many AP providers would a customer typically consider if they decide to transition from a manual to a tech-enabled process?
To be honest, often it was status quo. In the mid-market, not the enterprise, particularly when you talk about companies between 100 and 250, many don't even realize they have a problem. We have to explain that we can solve a problem they didn't know they had, and they could save and do so much more. Initially, they are surprised, but they agree. However, as the pandemic progressed, people realized the need for automation. CEOs were meeting CFOs in parking lots to sign checks, a true story in many instances. So, the need for automation became apparent and people started looking for solutions. If it wasn't status quo, there were probably at least three providers being considered, but no more than three in a cycle.
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Could you tell me what makes Tipalti better or worse than AvidXchange?
I believe Tipalti falls short in supplier onboarding compared to AvidXchange. However, AvidXchange's customer service is not as good. Their features and functionalities are almost identical, with a few minor differences. The significant advantage of Tipalti is that they are a licensed money transmitter and can handle international transactions. That's where they outshine Avid. On the other hand, AvidXchange has a more user-friendly invoice upload process and a slightly better workflow.
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