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Resources   /   Glossary

Best Payment Processing Software

In the accounting and accounts payable department, you may find yourself juggling countless tasks at a time: attending meetings, reviewing reports and so much more. One important task that is essential but easy to mismanage is paying your company’s bills on time.

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As you grow, your bill payment process is going to be tested when you have to manage countless invoices. You simply do not have the time. When that happens, you must carefully weigh your payment processing options. Ideally, you want the best payment processing software available, one that requires as little manual input from you as possible. 

That is where AvidXchange comes into play. 

When looking for the best payment platform for processing your payments efficiently and securely, you may want to look towards AvidXchange. In fact, we have a track record to illustrate that. Our supplier network boasts over 700,000 companies paid through the AvidPay Network over the last five years and counting. 

Best of all, we designed AvidXchange with the understanding that no two suppliers are the same. Some may want to receive payment via one method, while another supplier is completely opposed to that same method. All suppliers in our network count on us to integrate with their systems seamlessly to deliver results. Businesses can still opt for the payment methods that work best for them and their suppliers; AvidXchange ensures that payments are processed automatically, leaving less room for error or steep late fees. 

In other words, the flexibility of AvidXchange is what could make it the best payment software, especially for businesses that regularly owe many different businesses money. It is a modern solution to a recurring, inevitable issue that will not be disappearing any time soon: paying the bills to keep the company moving forward and growing. 

Payment Processing Companies 

While there are many payment processing companies in the market today, all offering their own versions of common features, AvidXchange is among the best. We have earned our rightful place as one of the industry leaders for middle market companies, and we have the numbers to back it up. For example, not only do we have a robust supplier network of hundreds of thousands of businesses, we also pride ourselves in processing over $140 billion in transactions every year.  

As you research payment organizations, you are surely seeking one that embraces technology and takes into account the needs of your modern business. AvidXchange exemplifies this. Accounts payable teams can customize workflows to meet their specific needs and view payments from any device, at any time. Whether you are working remotely or checking in at the office, you can obtain the information you need when and where you need it.

Perhaps most important of all, our flexibility allows us to enable increased security and reliability. AvidXchange stands out from other payment processors in that it is cloud-based, which means that you can access essential payment information even when other internal systems fall short. You can also rest easy knowing that our system is designed to keep vital information more private and more secure, meaning that you can worry less about fraud risk. 

Payment Processing Software  

Sometimes, payments may seem to sneak up on you, especially when you have to attend to so many other responsibilities. When that happens, you may be desperate for a solution, something that can process payments quickly and automatically. This is where payment processing software can be of great assistance to you and every member on your AP team. 

However, you may be wondering: what is payment processing software, exactly?

To put it simply, a payment processing software is a tool that automatically handles all the transactions that must occur for suppliers and businesses to receive payments on time. In other words, it helps businesses like yours pay their bills without fear of costly manual errors or enormous late payment fees. 

This is also why many companies looking for the best payment system often choose AvidXchange. We can pay bills on your behalf. All you have to do is integrate your accounting system to the software platform; the software takes care of the rest by sending an ACH (Automated Clearing House) or virtual card payment from your business directly to your supplier. 

AvidXchange will then finalize the process and record the transaction in your accounting software. That way, you do not have to worry about tracking down any paper receipts at the end of the year when it comes time for taxes and reconciliation of payment. By then, most paper receipts would have been filed away in a sea of superfluous paperwork or even discarded altogether. With AvidXchange, your digital record will be available to you. All you have to do is login to your AvidXchange account to access it and see it right on your dashboard. This option for handling payments alone puts AvidXchange in contention for being the one of the best ACH payment processing platforms available today.

Payment Processing Software Companies 

Payment processing software companies often have a main objective: to ensure that businesses can pay their bills seamlessly and more securely. That said, the best online payment processing companies take it a step further: they ensure that businesses never have to stray from their digital platform. All transactions occur without delay online. Moreover, AvidXchange is not afraid to leave old payment solutions in the past, in favor of more modern and efficient ones. That is why we are proud to mention that our machine learning automation is specially designed to handle matters related to payments. That means that you no longer have to worry about tracking your checks and waiting anxiously for them to be cleared. That also means that you can forego the stationery and stamps that take up valuable desk space and instead track and manage all your payments digitally.  

All of this also reduces costs on your end. Thanks to this completely digital platform, you no longer have to pay employees to process payments manually, a method that is much more prone to human error. Your AP team can focus on more strategic tasks as a result. You can also more easily track how much you are spending and where that money is going, which in turn makes it simpler to determine your company’s rate of growth and profitability versus how much you are spending to fuel that growth. 

Online Payment Software 

In some industries, payment processing is not only incredibly time consuming but also extraordinarily complex. That final transaction ensuring that the money ends up where it belongs depends upon so many seemingly minor details. The banking industry is a clear example of this, as there is so much at stake and little room for manual errors.  

While payment processing software for banks may have lagged behind in the past, AvidXchange has worked hard to come up with a practical solution. We offer an innovative invoice billing software, AvidPay, which streamlines the entire payment process. With AvidXchange, banks no longer have to employ people simply to complete repetitive data entry. They also no longer have to wait patiently for lengthy approval processes or invoice and payment review and management.  

Perhaps most notably, once the software has approved an invoice, it flows directly into your accounting system for payment processing. You do not have to count on employees to ensure that the invoice is transferred to where it needs to be. 

There is a reason why 1 in 4 banks in the United States trust AvidXchange to streamline their entire invoice system. We prioritize the principles that matter most to them: security, flexibility, reliability and efficiency. Best of all, they do not have to sacrifice their own processes to make AvidXchange work; our system is customizable so that they can make it work for them. 

Free Payment Software 

It is understandable that business leaders want to cut costs wherever they can. At the end of the day, they must meet their bottom line. If they cannot say confidently that every dollar spent is being spent sensibly, then they risk overextending their budget. 

Indeed, some expenses are worth cutting out completely. That said, we must caution against free online payment processing. While the word free may seem like a desirable feature, it may actually prove to be a disadvantage. 

The reason for this is simple: free payment platforms may be able to cover the basics like a digital interface for manually inputting and managing invoices, but payment processing software that is open source is unlikely to offer the level of automation that AvidXchange boasts. You will still have to manually transfer all that data to be coded and approved on your end. This is simply impractical and may end up costing you even more in the long term, as you will still need to account for the labor costs associated with managing these approvals. Not to mention, should a worker make even a minor error, you will likely end up spending even more time, energy and money trying to remedy it. 

Additionally, free invoicing software does not have the capacity to streamline the entire payment approval process. This is the whole point of investing in such a software in the first place: to eliminate busywork so that you and your employees can focus on matters that promote long-term growth. If you are regularly scrambling to fill the gaps that free payment software leaves wide open, then these important matters may be neglected. 

In sum, free payment processing is not so free. It may cover the basics, but it will not likely offer the automated conveniences that AvidXchange can. 

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