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Resources   /   Glossary

Automated Payment Processing Systems

For middle-market companies and businesses that deal with frequent payments to vendors and suppliers, automated payment processing systems like AvidXchange offer a quicker and more efficient way to deal with your accounts payable workflow. Simplifying consistent business practices can help you focus on day-to-day responsibilities and business strategy, so automating your payment processing system can be a smart accounts payable strategy.

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Utilizing simple but effective software upgrades can be a good plan to limit the scope of your individual work and cut costs, especially if they can be integrated into your current workflow.

You may be wondering, “What is accounts payable automation?” Accounts payable automation is the act of automating your accounts payable responsibilities with pieces of software like AvidXchange. It could simplify each step of your accounts payable workflow while offering additional features for businesses as well. Instead of actively checking on your supplier billing, AP automation workflow can do it for you, which could help you reduce labor costs and increase overall efficiency. This can help ease the process of scaling your business by offering a solution to a specific piece of your business strategy.

At AvidXchange, our cloud-based automated payment processing system provides businesses with tools to help them deal with the complexity of their accounts payable processes, which can facilitate remote work in the current professional environment. Also, security measures may enhance your financial security by helping reduce the potential for fraud. Meanwhile, flexible vendor payment options can ease payment stresses, offering you different ways to pay vendors and suppliers. While some of the benefits may be more visible than others, AvidXchange offers a consistent avenue to managing your accounts payable strategy through simple automated software that can help you with your overall efficiency. Backed by a large network of suppliers, AvidXchange can help you make fast and secure B2B bill payments to your vendors.

What Is Payment Management

Before providing a payment management system definition, we first have to ask, “What is payment management?” Payment management is the handling of a company’s unpaid debts to third-party vendors for purchases made on credit. Although the sources of these B2B transactions differ, payment management can be a necessary point of focus for businesses. These purchases frequently occur in professional situations for businesses and companies with a lot of third-party business costs who need to keep careful track of bill payments.

Payment management is usually managed through some sort of payment management system, of which there is a multitude. Choosing the correct payment management system is important, as it can affect the efficiency and visibility of your B2B bills and business payments. From personnel-driven efforts to the aforementioned automated payment processing systems, your payment management system can be flexible. AvidXchange offers simple solutions for accounts payable strategy, which can be an alternative to a resource-heavy payment management system project. Automating your payment management system through AvidXchange can offer a simplified look at payment management and give extra tools to customize your payment management experience. This can allow for more freedom and flexibility in your overall payment management strategy, so you can optimize them for your business.

Payment Automation Software

Payment automation software can provide multiple means to improve your payment management systems, thanks to specific automated items and additional pamanagement tools. Payment management isn’t always as simple as individual B2B transactions and can be multi-faceted. Your payment automation software might need to take on a variety of payment responsibilities, depending on your business. The ability to integrate into existing systems can also be important if your business has been operating without payment automation software up to now or if your business operates with other existing systems.

With AvidXchange, you are offered helpful features such as invoice payment automation and the ability to automate accounts. This can shorten the time necessary to draft or review any of your payment invoices while providing a way to get payments out to vendors more quickly. Additionally, AvidXchange is designed with integration in mind, helping support your specific payment management system of choice, no matter its complexity. AvidXchange can even provide added visibility and insight into your own payment processes. Our own payment automation examples and accounts payable examples from AvidXchange can help give guidance on making your payment system more efficient. With our large supplier network, AvidXchange can provide extra resources to your payment management system, outside of simple payment automation.

Online Payment Software

The connectivity of today’s globalized market means your payment software may need to be online in order to provide the most benefit to your vendor and supplier payments. Online connectivity helps give real-time assistance for vendor payments and helps ensure universal compatibility with certain platforms, payments, and accounts. Online payment software can also give you the ability to actively edit and work on your accounts payable strategy, no matter your location, which can be impactful in remote-work situations. Without online support, the visibility of your accounts payable could decrease.

AvidXchange provides online payment software using cloud-based technology so you can have the flexibility and visibility you need for your accounts payable strategy. This online access can provide a variety of different payment methods for businesses, so you can choose the method of payment that works for you and your business. After all, customization can be a helpful tool to either simplify or diversify your business payments, to make your payment management cheaper and quicker without sacrificing many options. The ability to actively view certain aspects of your accounts payable is important when staying up to date with your payment details. For these reasons, payment processing companies should give you a flexible, online tool for tackling accounts payable issues.

Best Payment Processing Software

When improving your payment processing strategy and reducing payment processing costs, you’ll likely want the best payment processing software that offers the best payment system for your business. Because processing payments is a necessary part of managing business expenses, your payment processing software needs to be reliable and flexible. Your payment processing software and how it affects your payment system can have a large impact on your accounts payable, so ensuring specific aspects like flexibility can help ensure success when dealing with certain payment situations.

With AvidXchange, your business could save in payment processing costs by using our accounts payable automation rather than standard, manual processes. Automation may offer improvements to your payment processing, from more efficient methods to quicker overall payments, and AvidXchange is among the best payment processing software companies. Our payment management app aims to increase your overall payment processing efficiency, but our software also aims to lead you through the process with education and more. Additional downloadable resources, thoughts, tips, and tools can help you evaluate specific solutions to your payment processing needs. We draw from experts to help inform you of current payment process strategies and practices to help you stay ahead of other businesses in terms of payment management.

Payment Management Software

Because of the variety of businesses’ payment management needs, it’s important for your payment management software to cover a large number of payment management responsibilities, so you don’t have to put in unnecessary work to fill in any gaps in the software. Payment management solutions are diverse and can include different approaches to paying specific vendors or suppliers, depending on their individual needs. Plus, an online payment management system can help, especially if you have a remote business or you want to use certain payment options.

AvidXchange can give you increased flexibility and reliability in your payment management software with secure online payments and an established network of over 700,000 suppliers, which can help limit the number of steps needed to conduct efficient accounts payable processes. Fitted with invoicing software, AvidXchange can offer a complete payment management experience, allowing you to make fast and secure B2B payments to your own suppliers. With customizable options to fit your and their needs, the payment management system can be made easier and less stressful on your business. Without reliable payment management software, your payments could be delayed, but thanks to AvidXchange, you can be stress free when dealing with supplier payments with the knowledge that your payments will be processed automatically and on time.

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