Companies seeking to improve their accounts payable process can choose an electronic billing system to fulfill their needs. There are a number of advantages of online bill payment that may encourage businesses across multiple industries to change the way they pay their bills. One of the more obvious benefits is the reduction of processing costs typically associated with printing checks and paying for envelopes and postage. This also includes cutting the time spent on investigating uncashed checks. Companies that wish to save time and money can implement an electronic bill payment solution.
Payment systems that are completely electronic can have the advantage of helping to reduce a business’s expenses and free accounts payable teams to focus on other tasks. An accounts payable team that has to routinely oversee the processing and approval of invoices can do so more efficiently with a digital payment system than they can via manual methods.
AvidXchange provides accounts payable teams with invoice-payment tools that can help expedite invoice processing and approval that has traditionally been time consuming. These tools can also ensure an added layer of security because every invoice that is scanned into the system is stored on a cloud-based server. Designated accounts payable staff can access the invoices to process, approve, and pay them. Custom internal controls are another benefit of using an online payment system.
Bill Payment Software
Bill payment software can enable automated bill payment and, therefore, an improved accounts payable workflow. An automatic bill pay service can potentially reduce the time spent manually handling accounts payable tasks while also offering paperless billing with potentially time-saving and error-reducing capabilities. Such a service can also offer a level of oversight an accounts payable team may not be able to find in manual bill payment options.
Accounts payable teams that want to cut their company’s costs can utilize a system that can offer the benefits of auto payments, meaning they would need to automate their accounts payable process. Automatic payment software can help manage a company’s accounting system so they can fulfill payments to vendors with minimal effort. AvidXchange’s software can process invoices and forward them for approval. Once the invoices are approved, the software will automatically execute the payment process. AvidXchange can take care of the more repetitive tasks within the invoice approval process while providing 24/7 visibility into the status and approvals of payments.
The main point to remember when comparing auto pay vs bill pay is that automatic payment can improve and streamline the bill payment process. An automatic bill pay service can handle every step the accounts payable team would normally handle when they receive and pay their company’s bills.
Electronic Bill Presentment and Payment
Electronic Bill Presentment and Payment (EBPP) is a process that facilitates the creation of invoices and bills, as well as their payments, that can occur physically or electronically. AvidXchange utilizes this practice of bill presentment, meaning they are a presentment biller.
Businesses can use AvidXchange’s platform to process an EBPP payment whenever a service provider or vendor bills them and requests payment. An electronic bill payment example is when a paper supplier sends a company a bill and the company processes the bill through their bill payment software. The bill is double-checked against the company’s records and is electronically sent to the designated employee for approval. After the bill is approved, it is paid either electronically or via a paper check.
AvidXchange can notify accounts payable teams when a bill is received and can assist in making the payment. AvidXchange identifies as a presentment biller vs a payment biller because it isn’t only a platform designed to fulfill payments. It can generate and present the invoices for those payments as well.
AvidXchange’s software is based on this EBPP system and can be automated to complete bill payments without being manually prompted. Such a tool can possibly be used from the beginning of the invoice processing routine to the end.
Bill Payment Solutions
AvidXchange is connected to a variety of suppliers, numbering over 700,000 in total. This means a company’s supplier may be likely to be paid through AvidXchange, making AvidXchange a viable choice for their bill payment solutions.
There are many details to keep in mind when making bill payments to suppliers. Every business is unique and has its own preferred method when it comes to receiving their payments. Do they prefer a bill pay paper check or an electronic bill check? What method is among the safest ways to pay bills? What does a bill pay check look like? This is a significant amount of information to consider every time an accounts payable team handles a bill payment, meaning the department has a lot to deal with if they’re still physically managing their accounts payable.
AvidXchange can store all of these details so that accounts payable teams do not have to worry about forgetting their suppliers’ payment preferences. The automated software can recognize these preferences and can tailor every payment specific to these preferences. Automating this process can possibly lower the amount of time it takes to pay suppliers. The risk of mistakes and payment fraud can also be cut using electronic methods of payment.
Best Online Bill Pay Service
How does one identify the best online bill pay service? This question becomes more relevant as the world shifts away from paper and becomes more digital. There are many bill payment services to choose from, and it can be difficult to choose the one that best fits a company’s needs. A bill pay service should offer a company speed, simplicity, and security.
Online bill pay services usually understand the importance of online payment. An effective service knows how to pay bills online efficiently and effectively. They can increase the speed at which businesses complete payments by automating the accounts payable team’s invoice processing routine. They can also automatically process invoices and send them for approval. Once the invoices are approved, the service can then initiate the payment process. AvidPay can simplify this process with a variety of payment options and an expansive supplier network. AvidPay can identify a suppliers’ preferences, potentially speeding up payment. Finally, AvidXchange offers a secure B2B bill payment option. With flexible software and a reduced need for paper, AvidPay can possibly reduce instances of fraud.
Best Way to Pay Bills Online
The best way to pay bills online is determined by the needs of the businesses involved. When it comes to compensating suppliers through B2B bill payment, small details like their preference of bill pay check matter. Many of today’s businesses are starting to prefer online bill pay check methods. The best online bill payment app can offer options for every business.
AvidXchange has structured its services to help make the vendor payment process easier to understand. Since they work with a wide network of suppliers, they have designed their software to cater to a variety of preferences. Companies can pay bills online with a bank account or with paper checks. AvidXchange can help companies learn how to pay bills online with a credit card.
Businesses wondering what the most secure way to pay bills online is can rely on an online payment platform for its internal controls, which can be adjusted at any time, and visibility into invoice and payment information. Electronic and physical payments sometimes get into the hands of criminals, and business fraud is a risk for companies. Automating the invoice payment process can provide the visibility and security a company seeks.
Online Electricity Bill Payment
Companies can also make an online electricity bill payment as well as other utility payments with AvidUtility. This tool was specifically designed to automatically complete bill payments for utilities. Paying one’s electricity bill online has become quite commonplace and now a business can do the same. AvidUtility can help companies handle these payments so they can better manage cash flow and utility spend with greater accuracy and efficiency. AvidUtility is also capable of tracking financial metrics so accounts payable teams can better plan their company’s budget and quickly recognize billing mistakes.
An accounts payable team that employs an online bill solution can send an electricity bill check for payment digitally or physically. Payments can possibly be early or on time. Using an online system can also ensure the bill and payment are accurate. An error-free payment process can save an accounts payable team time so they can do more important work. It can also improve relations between the company and utilities providers.
Suppliers prefer not only to be paid on time but also according to their payment preferences. Manual payment methods can hurt a business’s reputation. Electronic bill payment software can help a business maintain their reputation and sustain their revenue.