With a B2B payment system in place, accounts payable teams can potentially better ensure that they can pay their suppliers according to their specified preferences. Not all suppliers have the same payment preferences; therefore, it is often essential that a B2B payment system can accommodate different payment methods. In the case of AvidXchange, we boast an extensive supplier network of over 700,000 suppliers, which can better ensure that suppliers can be paid according to their wants and needs.
Additionally, AvidXchange’s B2B payment system is digital. As a result, accounts payable departments may be able to cut costs associated with bill payment processing via the traditional method. Such costs may include stamps and postage, check printing, and other paperwork-based resources. Beyond that, labor costs may be reduced, potentially allowing companies to devote resources to other areas in need. This could in turn bolster a company’s financial well being and help it better scale for growth.
Finally, accounts payable teams may be able to use AvidXchange’s system to customize workflows that best meet their needs. AvidXchange can accommodate existing accounting systems rather than replace them altogether. Moreover, accounts payable teams may log in to the cloud-based system as needed, as it is available 24/7. There, they could access payment information and monitor the statuses of invoices. This level of accessibility allows accounts payable teams transparency and control.
B2B Payment Methods
Companies seeking to veer from outdated paperwork-laden and manual accounts payable systems could benefit from AvidXchange’s B2B payment solutions. That is because AvidXchange could offer B2B payment software and services for middle-market companies that may be seeking to automate their invoicing and payments processes.
AvidXchange has built more than 210 integrations between our AP automation solutions, which means that we could accommodate the needs of accounts payable teams across many different industries. That also entails ensuring that accounts payable teams can pay their suppliers according to their preferences. Our supplier network presently boasts around 700,000 suppliers, which could allow us to pay your suppliers according to these preferences so that you can worry about other matters.
Finally, AvidXchange’s B2B payment software could simplify and expedite the AP process. Through our system, invoices can be scanned and coded so that they may be sent to the proper channels for approval. Once the invoices are approved, we could send the payment to your supplier. AvidXchange may also eliminate the tedious task of manual data entry and errors by automating invoicing procedures. Users may monitor the statuses of their invoices and B2B payment analytics at any time and from any device via our cloud-based platform.
B2B Payments Companies
B2B payments trends may be redefining how middle-market businesses operate and connect with their suppliers. With this in mind, many B2B payment companies may offer accounts payable features and services that could aid in automating invoice processing and approval. As such, investing in an AP automation software may help companies streamline their AP process from a central location without the hassle of excessive paperwork, especially those companies that operate within industries with complicated invoicing processes.
In terms of B2B payments companies, AvidXchange could help middle-market businesses streamline their accounts payable process. More specifically, our AP automation solution could help reduce data entry errors by allowing for invoices to be scanned and coded. The invoices could then be sent to the proper person to ensure approval. Once approval has been completed, AvidXchange could ensure that your suppliers are paid.
Since all electronic invoices information is stored on one centralized cloud-based system, the accounts payable team can access the system at any time and from any device to review the statuses of invoices. AvidXchange’s AP automation solution could also reduce the risk of fraud because of minimal paper use and tighter internal controls, which could potentially create a more secure payments system.
B2B Payments Landscape
The global B2B payments landscape has been undergoing some intriguing changes in recent years. Specifically, B2B payments market size is continuously expanding as more and more businesses across many different industries adopt electronic and automated payment systems. Moreover, the B2B payments market map may reveal that cloud services seem to be particularly prevalent, possibly illustrating that businesses are more interested than ever in focusing on efficiency to scale for long-term growth.
In fact, electronic payment methods and automated payment systems have seen a notable rise in popularity that is likely to continue. That is likely because cloud-based systems can allow accounts payable teams to access essential information at any time and from any device, so long as they are connected to the internet. Accounts payable teams can also monitor invoice statuses and enjoy access to files containing essential automated payment information.
Finally, a B2B payment system can digitize the accounts payable process. As a result, accounts payable teams may no longer have to manage enormous volumes of paperwork just to ensure that suppliers are paid on time. B2B payment systems like AvidXchange are backed by large networks of suppliers, ensuring that suppliers can be paid according to their specific needs. Right now, AvidXchange boasts a network of around 700,000 suppliers.
B2B Payment Trends
B2B payment news may be revealing that companies are possibly seeking out a new B2B payments opportunity. For example, according to one B2B payments report, check usage may be due for a steady decrease in popularity as more and more companies opt for secure and efficient digital methods for paying bills online. In fact, many organizations have already begun to make use of electronic payments for B2B transactions.
Perhaps most notably, B2B payments statistics show that the increased demand for more flexible payment options will likely continue to climb in the coming year and perhaps beyond. As such, these upward B2B payments trends for middle markets may encourage more middle-market companies to leverage technologies that could streamline their payments, reduce costs, and potentially help them scale for long-term growth.
Not only do recent B2B payment trends show that many companies are demanding more flexible and multiple payment options; they also reveal that middle-market companies may be seeking out B2B payment systems that allow them the ability to pay online seamlessly while also retaining control over their B2B payments analytics.
Fortunately, AvidXchange may offer a B2B payments innovation that can meet many of these needs. For one, AvidXchange allows companies to pay their suppliers according to their preferences. We even have a network of over 700,000 suppliers to back us. In addition, we offer a cloud-based system where accounts payable teams can view the statuses of their invoices at any time. Finally, AvidXchange could allow companies to eliminate paperwork and instead make use of completely digital payment methods.
The Future of B2B Payments
The future of B2B payments points in favor of digital payment methods. Checks may still be used in some instances; however, there has been a notable increase in the share of B2B companies that make the majority of their payments via a digital system, and that number has risen over the years and will likely continue to rise, along with B2B payments revenue.
There is a valid reason for this notable trend; the fact of the matter is that digital B2B payments are “future proof.” The B2B payment industry is modernizing by making use of recent technological advances to meet the needs of companies across multiple different fields.
This is where AvidXchange could come into play.
AvidXchange can potentially cut down on this excessive paperwork and meet the demands of middle-market companies looking to streamline their accounts payable systems. Our B2B payment system could allow accounts payable teams to match purchase orders, approve invoices, and pay suppliers from the same digital platform. Finally, AvidXchange could continue to make use of OCR technology and artificial intelligence to digitize invoices and automatically extract relevant data from them. This could cut down on manual tasks in accounts payable departments and allow AP teams to focus their energy elsewhere.
B2B Digital Payments
B2B digital payments are likely critical to the future of accounts payable. That is because many businesses could be seeking out more efficient ways to manage their accounts payable processes while still prioritizing aspects like security of the system as a whole.
Many companies across multiple different industries may have already seen the benefits of migrating to B2B digital payments. Obvious gains include improving efficiency within the accounts payable department, fostering meaningful relationships with suppliers by allowing suppliers to be paid according to their preferences, and more efficient security measures that could ensure that suppliers’ payment profiles remain protected.
Moreover, B2B electronic payments could allow businesses to reduce the amount of money and resources they devote to managing the paperwork commonly associated with traditional accounts payable methods. Instead of spending so much on stamps and postage, check printing, and paper checks, middle-market companies can focus on scaling for growth and looking toward the future with technology in mind.
Finally, B2B payment trends may illustrate that companies value cloud-based systems where they can efficiently manage payment information, track invoices, and access the system from any location and from any device. AvidXchange can provide accounts payable departments with this transparency while also allowing them to maintain their present workflows and customizing them to meet their needs.