Electronic Payment Solution

Despite all of the technology that is currently available, some middle-market businesses may still be struggling to handle payments to suppliers through a manual AP process. Small but meaningful steps could go wrong during this manual process. For example, someone could make a data-entry error or payments could be received late. There is also the financial toll on a company’s overhead to consider, even if supplier payments are on time. The costs associated with postage, envelopes, and processing checks could grow rapidly, for example.
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Accounts Payable Automation Software

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.

Reduce Costs of Accounts Payable

Reduce Costs

Reduce Costs

No more wasted efforts signing, stuffing, stamping and sending stacks of paper checks. Review, code and approve payments with a few clicks.
Scale For Business Growth

Scale For Growth

Scale For Growth

Savings from eliminating the hard costs associated with paper payments allow your current team to keep up with a growing workload.
Remote Accounts Payable

Work Remotely

Work Remotely

Our cloud based accounts payable platform provides online access 24 hours a day, seven days a week so you have flexibility when you need it.
Reduce Payment Fraud

Reduce Fraud

Reduce Fraud

Enhance your financial security by leveraging e-payment adoption, while providing your vendors with flexible payment options.
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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.

An electronic payment system can assist companies in improving their accounts payable processes and allow for a more streamlined system. Electronic bill payment provides several advantages that may encourage companies across a range of industries to alter the way they pay their bills to their suppliers or vendors. One benefit is the reduction of processing costs typically associated with printing checks and paying for physical supplies like envelopes and postage. This reduction could also include decreasing the amount of time that accounts payable teams spend on investigating any payment irregularities. Another benefit is that electronic payment systems can allow accounts payable teams to focus on other tasks. An accounts payable department that processes and pays their company’s bills can potentially ensure that payments are processed more efficiently when they can depend on a solid electronic payment solution. With the right system, they could possibly process invoices up to six times faster. Companies that wish to save time and money can employ an electronic payment solution to help speed up the accounts payable processes and potentially reduce costs.

AvidXchange could allow accounts payable departments to have fast, flexible, and secure payment processing. Quick, online payments can please suppliers and help to strengthen working relationships with them. Flexibility within an electronic payment system could also give accounts payable teams a list of payment methods that correspond to suppliers’ preferences. For example, AvidXchange has a robust network of over 700,000 suppliers, which could better ensure that suppliers get paid according to their preferences.

Payment Processing Companies

If you search for payment processing companies online, you might find that AvidXchange ranks among the top payment processing companies. AvidXchange could automate a company’s existing processes, even if they are more complex in nature. AvidXchange could also increase efficiency in the accounts payable process, which could potentially allow companies to reduce costs.

AvidXchange could also allow for greater visibility into the accounts payable process. That is because AvidXchange could help accounts payable teams complete bill payments according to a supplier’s preferences. Among the many payment methods available, Automated Clearing House (ACH) transfers may be a viable option. ACH is a payment method where money is transferred from one bank account to another online. ACH transfers could potentially lessen the worries associated with lost and misplaced checks and disbursement speeds.

Checks expose bank-account information each time a new one is written. If a check is stolen or lost, this valuable data could be made vulnerable. One of the best ACH payment processing features is the movement of money directly from one account to another. Due to their increased security, ACH transfers could be a reliable payment option for some.

That said, suppliers can still be paid by a paper check if they choose. AvidXchange offers a variety of flexible payment options.

Types Of Electronic Payments

What is electronic payments? Electronic payments refers to the method by which a company chooses to pay its suppliers digitally. It is important to understand that not every supplier accepts the same form of payment. Some suppliers can only accept one specific kind. An electronic payment solution that offers different payment methods for businesses, including popular payment methods like ACH transfer, can prove to be an indispensable asset in accounts payable.

There are many different types of electronic payments. The one that is most suitable for a business could depend upon its specific needs. Not all suppliers can be paid via the same method, which could cause hassle for some accounts payable teams. Ideally, an electronic payment solution would be secure and could be accessed via an electronic payments login.

Fortunately, AvidXchange has a robust supplier network that totals over 700,000 vendors paid within the past five years. Every company in the network has their payment preferences built into the software. Accounts payable departments may not have to spend too much time determining which payment types each supplier prefers, because the software already has that information. Electronic payment examples include Mastercard and AvidPay Direct.

Online Payment Processing

The best online payment methods could allow middle-market companies to pay their suppliers according to their preferences. Online payment systems could also help companies pay their suppliers more efficiently via a list of online payment methods.

AvidXchange is cloud-based software. This means that every task it helps accounts payable staff perform is done online. It doesn’t matter if employees work from home or the office; data inputted into the software is protected and secure. AvidXchange can help companies better understand how to create online payment system practices that can save time and money. These companies can then pay their suppliers with some of the most popular online payment methods available.

Some companies may be wary of online payment processing. They might believe that their financial information could be put at risk. For that reason, they could be reluctant to transition from more traditional methods of handling accounts payable. With AvidXchange, the cloud-based system could remain secure while also allowing accounts payable teams 24/7 access to essential information.

Companies that automate their bill payments can satisfy their payments to their suppliers via online payment methods. They could also enjoy safe and secure transactions that can reduce the chances of fraud risk.

Online Payment Service Providers

Online payment service providers could help accounts payable departments pay their supplier bills. Upon reviewing a list of credit card processing companies, you might find that the top payment processors understand the issues facing accounts payable teams who try to not only keep their companies’ bills paid, but also keep their companies’ expenses within budget. Online payments for businesses may significantly help by reducing the amount of time spent on paying bills. Accounts payable teams can focus on strategies that may save their companies money. This could potentially lead to more promising growth opportunities for the company as a whole in the long term.

To put it simply, paying bills to suppliers is often an inevitable reality of managing a business. Suppliers want to get paid and they want to get paid on time, accurately, and according to their specifications. Online payment service providers can help ensure a quick delivery of payments in order to satisfy any financial obligations. Providers who exercise some of the best online payment practices could make an accounts payable team’s job more efficient. Paying suppliers on time could in turn have a notable impact on business growth.

Payment Processing Meaning

Accounts payable teams may know and understand the payment processing meaning. Payment processing refers to how transactions are automated between a company and its suppliers.

What is payment processing software?

Payment processing software are digital systems that are designed to streamline the accounts payable process and ensure that suppliers get paid on time.

AvidXchange is payment processing software that was created to help automate accounts payable. Accounts payable teams could ensure that their suppliers are paid electronically via this cloud-based platform. Companies that employ this method may experience a sharp reduction in paperwork. Cutting supply costs can be one of the best online payment processing benefits available to finance staff.

AvidXchange can help payment processing with the following steps:

  1. The invoice is scanned into the software.
  2. Powerful artificial intelligence (AI) codes the invoice per a company’s preferences.
  3. The AI searches an invoice for relevant data.
  4. The invoice is sent to the proper person for approval.
  5. The invoice is approved and then paid.

An electronic payment solution like AvidXchange can help companies eliminate paperwork while at the same time manage the payment processing functions. This feature could also enable businesses to maintain strong relationships with their suppliers while also potentially reducing expenses.

Online Payment Providers

Online payment providers could ideally strive to streamline the process of paying suppliers for accounts payable teams. They could do this by providing feature-rich tools and ensure that they may be accessed easily via the platform. Accounts payable teams may perform in-depth research to choose the online payment provider that not only fits their needs but that could also potentially save them time and money. Other factors to consider are whether or not a provider is cloud based and how easy it may be to monitor the status of invoices.

Selecting the cheapest online payment processing doesn’t necessarily result in superior service. The best online payment system could provide accounts payable teams with the tools they need to work more efficiently and accurately. These teams could easily learn how to set up online payment for business payments, as well as use any available digital payment services for their accounts payable needs.

With these considerations in mind, AvidXchange could help eliminate paperwork in the accounts payable process by offering an online payment solution. As a result, it may not matter how many suppliers a middle-market company uses; invoices can be processed and paid through AvidXchange. Companies can possibly permanently change how they pay their bills by streamlining their accounts payable

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