As society continues to pursue a more digital world, many businesses are finding themselves needing to adopt new and more advanced technologies just to stay afloat. Consumers are becoming more and more familiar with the technologies that businesses are using, and it is becoming essential for businesses to implement new technologies in order to continue appealing to their customers as well as effectively process all of the complex information they need to collect and manage each day. While companies of all sizes and industries may all need to adopt more of these software solutions to keep up with the constantly advancing technological landscape, the financial industry has seen tremendous benefits in efficiency and accuracy when adopting new and more advanced systems — such as automated accounts payable systems.
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For B2B financial services companies these automation solutions can make the process of tracking and managing your accounts payable and make your systems much more efficient. Financial services companies have to process a lot of information every day and because of this, it can be incredibly difficult to ensure that all of the information is being processed correctly and accurately. There are a number of B2B payment fintech solutions available for financial services companies today — and there are likely to be more as technology continues to advance and more and more practices become available to automate.
One of the most helpful types of software solutions available for the B2B fintech landscape are the solutions that help financial institutions to automate their bill payments between themselves and their vendors. Solutions like AvidXchange help businesses to streamline and simplify their accounts payable processes by automating many of the time-consuming and error-prone manual tasks that your AP team may currently be spending all of their time on. Rather than rely on your accounts payable team to manually track, manage, and modify your invoices and payment receipts, it can be much more efficient to use an automated system that can help you to improve your accuracy and efficiency as well as cut down on the costs associated with your accounts payable process.
This means that, especially for middle-market businesses who may have more information to process than smaller financial institutions, a solution that offers tools and features that help you to accurately and efficiently process this information can be incredibly useful. Because of this, many businesses find that B2B fintech payments solutions, like AvidXchange, cannot only help streamline and improve the efficiency of their accounts payable processes but also reduce the number of resources and the cost associated with the accounts payable processes. This makes them incredibly valuable to financial institutions who may spend a lot of extra resources — such as time and money — on their accounts payable processes and helps them to make better use of their time and produce more accurate results as well.
If you are trying to narrow down the list of fintech company options, it may not be the most helpful to start off by looking at the top 100 fintech companies on the market simply because that is too many companies and taking the time to individually assess each one could take a very long time to do. This is why it can actually be better to focus on the features or tools that you are looking for in a solution. For example, if you are looking for a solution that helps you to create customized paperless workflows, streamline your accounts payable processes, and integrate with your core banking system that you are currently using, you may want to use a solution like AvidXchange. AvidXchange’s AvidSuite offers tools that help financial institutions to manage their invoices, fixed assets, expense reports, and more. They also offer access to AvidPay’s network of over 825K trusted suppliers and paperless bill payment options.
One example of a solution that can help businesses do this is AvidXchange. AvidXchange offers solutions for businesses that can help them to better manage their accounts payable processes and create paperless and streamlined workflows that help to save your business time and money. By helping you to create a paperless accounts payable system, AvidXchange can help you to cut out the unnecessary paper costs that you may be paying to currently process your invoices and payment receipts.
Then, with that knowledge, you can easily dive into examples of the right type of fintech solutions by using B2B fintech marketing examples or customer stories to help you find out which solutions may be right for you. To find examples of fintech solutions, you could do a simple search for “b2b fintech solutions” or something more specific like “b2b payments market map.” Whatever you are looking for, you will likely be able to find at least a few examples of similar services and solutions.
Whether this means looking for a Goldman Sachs B2B payments report, searching for B2B payments public companies, or looking for B2B solutions that focus on improving your accounts payable process, starting with a more narrow search can be a great way to ensure that you are not getting overwhelmed with all of the options available on the market today. For example, if you are looking for an accounts payable solution, AvidXchange can be a great option. Not only can AvidXchange’s solution AvidAscend help your business to efficiently manage your AP processes, but it can also help you to manage approval workflows and vendor information as well.
Now, it is important to note that there are both B2B and B2C fintech companies on the market today because both business-to-business and business-to-customer financial services can be improved by using automation and specialized software. Because of this, it is important to be sure that you are finding a solution for the type of business that your company is. This means that if you are a B2B business, you will likely not want to look for a B2C solution because of the tools and features that you will need for your business. Luckily, it is often easy to determine which type of solution a company is offering through their marketing — for example, if you are looking for a B2B solution, you will want to look for B2B fintech marketing rather than B2C fintech marketing.