Presently, there are many types of online payment options for paying suppliers. Because not all suppliers have the same needs or desires for receiving payment, businesses may benefit from investing in one that may allow for a certain level of flexibility in workflow while still prioritizing efficiency.
Presently, AvidXchange may be able to fulfill such a need.
For one, AvidXchange could allow accounts payable to automate purchase order submission to suppliers so that they do not have to initiate this process manually. Beyond that, AvidXchange offers an invoice billing software that could automate how invoices are processed and coded to ensure a smoother approval process for invoices. Once the coding process has been completed, the invoices could be sent to the approval dashboard for the accounts payable team to review carefully and then approve. The dashboard may make reviewing invoices for approval a more straightforward process for the accounts payable team.
Once the invoice gets approved, AvidXchange can then automate the bill payment process. As a result, suppliers may be more easily paid via a streamlined system that requires no heavy paperwork, just an intuitive electronic system where invoices may be processed and approved. In the end, the entire workflow of the accounts payable team may be automated for a smoother payment process. The team may no longer need to spend a significant amount of time manually entering data into the system. Manual data entry could lead to costly errors, which could in turn delay payment to suppliers.
Payment Software Companies
Top digital payment companies may make the payment process to suppliers more streamlined compared to bill payment processing by hand. Such manual processes often involve plenty of paperwork and significant amounts of time. You need to ensure that all information manually entered into the system matches the information presented on the purchase order.
Digital payment companies may eliminate excessive paperwork from the accounts payable process and instead allow middle-market companies to pay all their bills to suppliers electronically. In turn, your company may be able to eliminate some of the costs commonly associated with handling the payment process manually, such as envelope postage, and print checks.
Moreover, with AvidXchange, your accounts payable team may be able to attend to all matters related to paying bills via our one online payment software. From there, you could receive, track, and approve invoices while also monitoring the statuses of existing bill payments and approvals.
Beyond this, effective payment software companies allow accounts payable teams the opportunity to access the platform from any location, be that at the office or at a remote work location. AvidXchange has an online payment software that is cloud-based so you can access your accounts payable from anywhere.
Free Payment Software
When searching the web, you may stumble upon several different versions of free payment software. While such options may seem tempting on the surface, you may want to take some time to consider the features that free payment processors often lack. Essentially, free software does not typically offer the automation features that a platform like AvidXchange may provide. In the end, you may still find yourself completing significant amounts of extra work steps, which can defeat the purpose of opting for online payment software in the first place.
If you are looking for a free payment processing for small business, you may be especially attracted to such offerings considering you do not have to invest any money upfront to use the software. Even so, you will still have to invest some time in making full use of the software. That is because handling payment processing by hand can be an extremely time-consuming endeavor, one that could result in mistakes since it requires accounts payable teams to complete repetitive tasks. Free payment software will not likely be able to automate the payment approval process, so you will have to manage these tasks manually.
Free online payment processing for small businesses may seem like a worthy solution at first glance; however, once you take a closer look, it may become clearer that free software may simply create more work for your accounts payable team. At AvidXchange, our payment software could have the power to automate the bill payment tasks of your team. While you will be paying for the service upfront, you may want to take into account what you could be saving in the long-term. Our payment software may allow you to eliminate certain expenses, especially those associated with the ample amounts of paperwork that manual accounts payable processes often require, such as envelopes, postage, and printing costs.
In sum, free online payment processing for small business may end up costing your company more in the long term, and they may not be a good fit for your company if you have a large or complex accounts payable system.
Online Payment Software for Small Business
When it comes to finding the best payment software for small business, many factors may be taken into account. That said, small businesses are often unique in that they do not require the level of complexity in their payment processes that medium-sized and larger companies do, especially those companies that operate in very complicated industries. As such, the features offered by online payment services for small businesses will likely differ from those typically associated with larger businesses in certain industries.
With this in mind, AvidXchange may not be the ideal online payment processing software for small business. That is because we often offer a level of customization that may best support companies that operate within those more complicated payment processing spaces, and these companies tend to be larger in size or at the very least mid size. Online payment software for small business is not typically designed to handle the large volume of invoices that more sophisticated systems often manage.
Even so, AvidXchange online payment software can be scaled to meet the needs of middle-market companies. As such, should there come a time when a smaller company finds itself growing to the point of requiring a more complex payment processing system, AvidXchange may be able to be implemented smoothly.
Small Business Payment
The best online payment platform for small business will likely differ from one designed for medium to larger businesses. That is because the needs of a large business are different from small businesses. Best online payment processing for small business may not need to have all the automation features designed to streamline complex processes that other platforms do. For this reason, AvidXchange may not be the best payment platform for small business.
Presently, AvidXchange may better fit the needs of medium-sized companies, especially those that operate in specialized industries with complicated payment processes. Small business payment processes usually are not as complicated; as a result, small business owners may not be able to reap the full benefits of AvidXchange’s online payment software.
Many medium-sized businesses may find themselves inundated with paperwork. They may also find that routine tasks become more time-consuming to complete manually as the business grows. AvidXchange could be used to address such concerns. The features offered by AvidXchange are more closely targeted at the challenges faced by medium-sized businesses. Smaller businesses would not likely see the full benefit from these features.
Online Payment Platforms
One important factor to consider when researching online payment platforms may be how easy or difficult it could be to transition the accounts payable team’s existing workflow online. How can you transition in a way that may still be feasible for paying current suppliers? When you must ensure that multiple suppliers are paid accurately and on time, you will likely have to take into account how those suppliers desire to be paid. Some may prefer to be paid via direct deposit, while others prefer to be paid via card. In any case, if you plan to transition to online payment options that could automate the payment process for you, you will likely want to ensure that electronic payment systems can support your suppliers’ payment needs.
AvidXchange could make the payment process more efficient for both your accounts payable team and your suppliers. That is why we aim to provide your vendors with an array of flexible payment options. At AvidXchange, we have over 700,000 suppliers in our AvidPay network.
With AvidXchange, you could accommodate your existing workflow with our online payment software without having to sacrifice the freedom of vendors to decide how they want to receive their payments. Beyond this, online payment platforms could allow your accounts payable team transparency over your payment processes. More specifically, you login to the system to review the statuses of existing payments and to monitor payment approvals.
Ultimately, with AvidXchange, you could take control over your payment process and enjoy a digital system for paying suppliers on time. As a result, your company as a whole may be able to save money by not having to spend so much on paperwork, which can be both costly and time-consuming, especially as you scale your business for growth.