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However, most middle-market enterprises in the B2B space don’t tend to use their smartphones to pay their suppliers. That’s where Automated Clearing House (ACH) payments come into play. With this form of payment, money is electronically transferred from one verified, trusted bank account to another verified, trusted bank account. (At the moment, there is an ACH transfer limit of $25,000 for same-day transactions.) Furthermore, to send money using the ACH network, you may have to pay a small ACH transfer fee of a fraction of a dollar. All transactions are governed and managed by a non-profit association funded by US financial institutions: namely, the National Automated Clearing House Association (NACHA). This ensures that all transactions are kept safe and secure. ACH payments are one of the most trusted ways to transfer money electronically in the country, and over 3 billion ACH transactions occurred in 2017 alone.
It is very likely that your suppliers will accept ACH payments and many will prefer them. That’s why you need high-quality ACH payment processing software. As an accounts payable team, your goal is to get your suppliers paid as quickly and as efficiently as possible. However, it’s possible that paper has been holding you back. Unfortunately, many middle-market organizations still rely on old-fashioned checks and paper invoices, which have been repeatedly proven to be vulnerable to fraud as well as a limit on your company’s ability to scale.
That’s why the time has come to embrace the age of automation and save your accounts payable team from having to slog through massive stacks of paperwork. That way, you can direct your team to more high-value tasks, and you can get your suppliers paid faster. One great software you can use to send ACH payments is AvidPay from AvidXchange. Our solution allows you to pay 100 percent of your bills electronically. Our solution features a huge supplier network of hundreds of thousands of suppliers that is constantly being updated with new members. This network makes it even easier to pay your suppliers because they are most likely already in the system. AvidPay allows you to create custom workflows with 24/7 visibility into bill payment status and approvals. With AvidPay, you never need to be left in the dark again about what is going on with your accounts payable team. AvidXchange might be just the solution for you.
First, as a middle-market business, your company is most likely subject to periods of spurt growth, where you are suddenly expanding faster than you have been. This is a great thing because it means further profits and greater revenue. However, you want to be ready for when those times come so that you can take maximum advantage of them. What you don’t want is to have a spurt come and then find you are being held back by your accounts payable team. The truth is, that’s exactly what could happen if your team is still using paper processes. As more business comes in, your team could be overwhelmed with the number of invoices to process and paperwork to do. It’s right here that other problems can come up as employees become dissatisfied with the mundane daily tasks and paperwork can start to get lost in the shuffle. Eventually, deadlines can start getting missed—and nobody wants that to happen. That’s one reason why it makes sense to use electronic payment systems such as ACH payment processing.
These organizations are experts in their field and they know what business-to-business ACH payments are and how to best go about processing them. One of the best ACH payment processing companies is AvidXchange. AvidPay from AvidXchange integrates seamlessly with either your ERP or your accounting system to allow you to pay your suppliers quickly and directly without having to print a single piece of paper. AvidPay is also highly secure and features our AvidXchange Positive Pay feature, which generates a fraud detection report for every payment made via paper check. One of the other advantages of going paperless is 24/7 cloud access. As more and more teams move to hybrid and remote work, accounts payable teams will need to be able to keep doing their jobs regardless of their physical location. That’s where a cloud-based automated solution such as AvidXchange can help. We make it easy to gain access and visibility into your accounts payable processes from anywhere and at any time.