Business expenses and supplier payments are often an inherent part of running a business, so having a consistent and trusted form of bill payment can help businesses consolidate daily responsibilities and cut overall costs. Plus, the speed of bill payment processing can impact important business relationships with suppliers and vendors, which businesses can rely on.
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However, specific bill payment services offered through bill payment companies may be streamlined for certain aspects of bill payment or accounts payable that aren’t applicable to every business, and finding a fitting and flexible bill payment service can provide more options for tackling accounts payable issues.
With AvidXchange, businesses are offered a variety of bill payment services for businesses that keep in mind the needs and desires of mid-sized businesses and their accounts payable teams. Rather than focus on a single aspect of accounts payable, such as invoice management, AvidXchange can automate the entirety of the accounts payable process, from invoices to bill payment, and it’s supported across a variety of platforms for added accessibility and visibility.
Importantly, businesses can still have access to customizable features that can help integrate AvidXchange into their current bill payment processes or software and ease the transition to automated bill payment. Also, the needs of suppliers can play an important role in bill payment, so ensuring customization on their end can be just as vital. With over 700,000 suppliers in their supplier network, AvidXchange allows these suppliers to customize their bill payment preferences so businesses don’t have to worry about the needs of their suppliers themselves.
Automation is only one step to helping manage the accounts payable process, so AvidXchange provides businesses online access to accounts payable information, such as invoices, which can streamline internal and external business communication. With remote work becoming increasingly popular, managing communication across the internet can be a valuable feature, and can ensure universal access to information that can be traditionally lost within desks or file cabinets.
The multitude of online payment methods that continue to rise can complicate online payments for business, as ensuring support for just the best online payment methods or even the best online payment options for online business may not be enough for certain businesses or suppliers. Not all bill payment software will support every form of online payment, and finding out who accepts ACH payments online can be difficult to do with limited time. So, AvidXchange provides bill payment software that can support a variety of different online payment methods, so businesses don’t have to search for a new piece of software each time a supplier asks for another form of online payment.
AvidXchange can also handle the complexity of selecting payment methods for businesses themselves by communicating directly with suppliers to find their individual payment preferences. The over 700,000 suppliers in AvidXchange’s supplier network have already customized their payment information to fit their needs, and businesses that utilize AvidXchange have access to payment automation to fit into those preferences. This can help guarantee both sides of the business-supplier relationship are happy with the form of bill payment without requiring excess communication between parties. Platforms like AvidXchange can do more than automate simple tasks, though; they can also facilitate more efficient communication and other business practices.
The main goal of online payment platforms is often to support online payment processing, but the best online payment system will likely provide features outside of the best online payment processing. Automating processes and supporting payment methods is one goal of AvidXchange, but they also provide a litany of additional features and resources to help secure the payment process and improve other accounts payable processes. With access to cloud-based software, AvidXchange’s dashboard feature is available across multiple platforms, as long as there is internet access. This creates a flexible work environment for remote workplaces and can provide necessary access to accounts payable information while out of the office. Even for in-office work environments, accessing payment information with AvidXchange could be much quicker than searching through filing cabinets.
Additionally, the cloud-based software provides secure communication and payment processing thanks to AvidXchange’s PCI compliance. PCI security standards were crafted with payment safety in mind, so AvidXchange remains PCI compliant to better protect their businesses’ purchases and payment information. With AvidXchange, the workplace for accounts payable processes can become much more flexible, without sacrificing security.
When looking for bill payment services, ensuring the software supports electronic fund transfers, or EFTs, including ACH services, can be tricky. Outside of finding an ACH payment processor by scanning through ACH payment processing companies, the best ACH processing companies can be even harder to locate. Yet, finding a payment service that can accept ACH payments instantly could be important to supporting ACH payment for vendors and suppliers. Businesses that utilize these wire transfers and EFTs can modernize their check-writing experience and speed up check payments, so suppliers can get their bills paid more quickly.
With AvidXchange, businesses are given support for these types of computerized exchanges. Their software is built to not just handle these transactions but automate and process them routinely. Once again, AvidXchange provides payment options to support a variety of supplier and vendor needs, so recognizing the importance of ACH payment services is a must. And, with the added visibility and customization options provided through AvidXchange, businesses can look at their ACH payments or approve them before the payment processes, creating a simple and effective ACH service. Rather than search for outside payment services for ACH payments, AvidXchange provides its users with another form of automated payment.
Scanning through payment processing companies in search of platforms that support multiple methods of payment can be tiring. Plus, supporting different payment methods doesn’t mean supporting payment methods for businesses specifically, and the needs of businesses can vary greatly when compared to the needs of consumers. Different types of payment methods can serve different functions and different communities of people, and business-to-business payment methods can require different standards than consumer-to-business payment methods. Utilizing payment processing companies made specifically for businesses or suppliers can help ensure the features are there for accounts payable teams to thrive.
AvidXchange provides different payment methods for businesses, because it was built with mid-sized businesses in mind. Tackling the business-supplier relationship is part of what AvidXchange is built around, so consistent and popular payment methods for businesses, such as ACH, are supported. AvidXchange has multiple goals that lie outside of processing payments. Their extra resources and features are designed to ease the process of bill payment and invoice management altogether, so they include these flexible features to help integrate their software into current business practices.
The variety of business goals and necessary billing and payment processes mean payment processing companies can be numerous, and looking at a list of payment processing companies may result in little information gain. However, when doing research, it can be important to ensure the best payment processing for each business depending on their needs, as not all payment processing companies can handle the volume of payment needs for specific businesses and suppliers. Only certain payment processing companies can provide flexible or customizable options for business payment processing.
AvidXchange users and businesses can feel confident AvidXchange is among the top payment processing companies, thanks to the volume of suppliers in their supplier network and consistent volume of supported transactions. AvidXchange processes over 50 million transactions annually, valued at over $145 billion, showing it is a reliable source for businesses’ payment processing needs. Plus, the over 700,000 active suppliers have all customized their billing preferences to fit them, so businesses don’t have to. AvidXchange is a trusted payment processing company with flexible options to help its businesses practice some of the best accounts payable strategies. Made for mid-sized companies, AvidXchange is built to withstand large volumes of supplier payments while consolidating the accounts payable responsibilities to cheapen labor costs for businesses.
When looking at a list of payment systems for business, it’s important to keep in mind not only what features those systems offer, but also how they interact with each business and whether they can be integrated into those businesses seamlessly. A complete payment system that can encompass a business’s entire accounts payable process may be desired, but specific features can often clash with other instances of payment software, and ensuring few complications can be helpful.
AvidXchange aims to create the best payment system for business, but also the most complete payment system for business. AvidXchange is made to integrate with businesses’ existing systems and processes for managing accounts payable responsibilities. Rather than take complete control of the process, AvidXchange offers tools to customize the process to businesses’ desires and best practices, as well customize the supplier side of the relationship. The best payment system for business will likely provide a bit of freedom with their automation, and AvidXchange attempts to do just that. With its automated payment software, simple tasks will be automated and tracked, so accounts payable teams can turn their attention to matters that are more important or time sensitive.