Unleash your team’s efficiency with AvidXchange’s suite of accounts payable solutions and say goodbye to filing cabinets and lost invoices. Accounts payable process automation with AvidXchange frees your team from the manual AP tasks that are slowing down your business, all while giving you greater control over your spend management with the click of a button.
Join the 8000+ Businesses Enjoying AP Automation with AvidXchange
Watch our 4-minute demo of AvidXchange’s AP automation solutions. We’ll show you step-by-step how our solutions can digitally transform your entire invoice-to-pay process.
Middle-market companies might want to make their bill payments electronically. With B2B payment processing automation software, a business may be able to cut costs and run far more efficiently. There are also other benefits that come from using automation software for B2B middle-market companies.
Among the digital payment companies in the B2B payments market, there is an abundance of choices, but it can be difficult to find the best electronic payment option that suits your business needs.
AvidXchange is a B2B automation software platform and offers bill payment software called AvidPay. AvidPay is an industry-leading payment automation software solution that may be able to help your business get suppliers paid very quickly and easily. This can allow you to make up to 100 percent of your bill payments electronically!
Going paperless can be extremely valuable, as it can cut down paper-related costs and also potentially help your accounts payable department save plenty of time. If you’re choosing a bill payment, paperless billing automation software, it might also be a good idea to use a cloud-based payment option. AvidXchange offers software that is on a cloud-based accounts payable platform. This can allow your accounts payable team to work remotely and comfortably, accessing the information they need when they need it with ease.
AvidPay is AvidXchange’s bill payment software, and it may be the best choice for your company, especially if your company is a B2B middle-market company that would like to cut down on costs and run more efficiently. AvidPay may be able to provide your accounts payable department with a significant boost in productivity and efficiency.
Another added benefit of using AvidPay for your company’s bill payment processes is how the software may be able to help you scale for growth. Labor costs may be reduced, hard costs may be eliminated, and your company may be able to leverage simple pricing with advantageous e-payment incentives that can enable forecastable ROI.
The business-to-business payments landscape includes many types of popular B2B payment types. Common types of payment include credit and debit cards, ACH digital payments, wire transfers, and more. Some options, like paper checks and cash, are extremely traditional methods of making B2B payments, and today, many—if not most—companies are making the move to switch to electronic payments instead of non-digital ones.
Credit-card payments have a benefit of being able to be tracked either digitally at the end of a month or through a paper statement, but paper payment options are often getting removed from the accounts payable process.
If you would like to choose a bill automation payment software that is safe, easy, and quick to use, AvidPay may be an option for your accounts payable team. AvidPay helps business-to-business companies—middle-market ones in particular—to automate the bill payment process. This may be able to simplify the accounts payable workflow and also cut down on paper-related costs by helping your company go paperless with its bill payment process.
There are several types of types of B2B payments. In general, business-to-business payments are the transactions made between two companies. One is a supplier, and the other is the business that buys certain products or services from the supplier. It is different from person-to-person transactions, which is why business-to-business payments may have processes involved that make the overall B2B payments market map more complex.
When looking at what makes a company different or preferable to other business-to-business payment companies, it is important to see the company’s reviews and whether the company has a large supplier network that accepts the most common or desired payment methods.
AvidPay is extremely flexible and has a huge network of over 825,000 suppliers. This great network of suppliers backing AvidPay means that you may have more peace of mind and convenience when making fast and secure B2B bill payments to your suppliers.
Another advantage of using AvidPay is that your accounts payable team may be able to create custom workflows. These custom workflows may provide your team with 24/7 visibility into all of the bill payment statuses and approvals.
In addition, AvidPay may also be able to help your company reduce bill payment processing costs and time. Going paperless means the potential of saving a significant amount on printing, envelope costs, postage, and time spent following up on uncashed paper checks. Paperless bill payments may be able to change your entire bill payment process for the better.
In the past ten years, the B2B payments market size has grown and placed quite the importance on fintech, which is an abbreviated form of the term financial technology. Financial technology is often called the future of B2B payments market. More specifically, financial technology refers to the tech and innovations that aim to compete with traditional financial methods in the financial services sector.
Through advancing technology, fintech companies seek to improve business processes and activities through useful technology. These fintech tools and software may be able to help companies grow their business in terms of profitability and revenue by cutting down unnecessary costs and boosting efficiency in their financial management and processing.
Typically, digital B2B payments have a focus on automated payments. Paper checks will be replaced by digital payment options, such as electronic payments from business-to-business (B2B) companies. It is notable, though, that B2B payment options have been slower at evolving than consumer digital-payment options. It may also be difficult for companies to figure out which B2B bill payment automation software and platform may be best suited for them.
When looking for examples of the best B2B payment software, it might be important to consider how exactly the software may help you, as well as how reputable and commonly used the bill payment software is, especially relative to its competitors.
AvidXchange’s bill payment software, AvidPay, is used by over 800,000 suppliers and processes over $145 billion in transactions every single year. AvidPay is a trusted payment processing option that is used by many businesses for B2B bill payments.
As for the future of B2B fintech, it is looking incredibly dominant in the industry. According to many experts and analysts, embedded financial technology may dominate the financial industry in just a few years.
In the past decade or so, fintech has grown at an incredible rate, changing how payments as well as investments work. These advancements in technology have greatly affected the way that businesses work. This may be worrisome to certain people because rapid changes in technology may make an industry feel more volatile or even replaceable. However, the future of fintech may look quite promising to many financial institutions and analysts.
Whereas companies once commonly used paper checks and other traditional methods of bill payment, nowadays many middle-market and large corporations have opted into using software to help simplify the bill payment process. When it comes to B2B payment processing in particular, many businesses might prefer the convenience and improved control that comes with digital payment.