For these reasons, electronic bill payment services may be able to help accounts payable teams pay bills more efficiently, potentially with an emphasis on cost effectiveness.
AvidXchange’s electronic bill payment services could allow businesses to pay their suppliers according to their suppliers’ specific preferences. Most notably, this process can be handled completely electronically. That way, your company can potentially save on the costs associated with high volumes of paperwork and related labor costs, such as printing, postage, and monitoring the statuses of uncashed checks.
Instead, with AvidXChange, accounts payable teams could customize the payment process to suit the needs of their specific workflows. They can then check the statuses of payments 24/7 by making use of the digital cloud-based platform, allowing them consistent transparency over the finances of the business.
Beyond that, the safest way to pay bills online could ideally offer accounts payable teams robust protection when they submit payments to their suppliers. In the case of AvidXchange, this could entail allowing digital checks to be signed with encrypted digitized signatures. As a result, companies could potentially reduce the risk of falling victim to fraud.
Finally, AvidXchange could offer middle-market companies flexibility when it comes to paying their suppliers. Not all suppliers have the same payment preferences, which AvidXchange has taken into account. Presently, AvidXchange’s network of suppliers sits at over 700,000 as part of our AvidPay network.
Presentment Biller Vs Payment Biller
To better understand all that automatic bill pay service entails, it may first help to understand the difference between a payment biller vs a presentment biller. To put it simply, a payment biller sends you your bill directly for you to manage, whereas a presentment biller entails a third party accepting a bill amount on your behalf. You can then pay your bill to the vendor automatically, which frees you from having to pay the bills yourself.
AvidXchange can act as a presentment biller, which may be valuable for several key reasons. For one, by having a third party manage the multiple bills they receive and must process in a month, companies could potentially worry less about ensuring that all their suppliers can be paid according to their specified preferences. As an electronic bill payment example in the case of AvidXchange, we can handle the payments on your behalf so that you do not have to worry about the payment preferences of your suppliers after you approve a bill payment. In other words, AvidXchange could allow businesses to optimize the payment process by offering a “pay my bills for me” service. A presentment biller allows you to hand over the payment task to a trusted third party. That way, your suppliers may be paid according to their wants and needs.
On the other hand, payment billers essentially send you your bill directly for you to manage. This option may seem to offer you an added degree of control and internal oversight, so you should consider which is better for your business. With a payment biller, you still need to review, organize, and respond to bills manually. For that reason, payment bills may have their drawbacks that may not be present with a presentment biller. When you use AvidXchange, you can choose how you want to pay your bills. You can decide the best way for your accounts payable team to manage bill payments.
Electronic Bill Presentment And Payment
If you research electronic bill pay services thoroughly, you may find that many electronic bill payment and presentment companies offer a service called electronic bill presentment and payment, or EBPP. Electronic bill presentment and payment can help you manage bill payments electronically. Once the invoice is approved, the system could automatically process the payment on your behalf.
AvidXchange could offer this bill pay support service to help accounts payable teams streamline invoice processing and approval. This user-friendly bill payment service may allow your accounts payable team to manage your bills to suppliers and review payments and invoice statuses all on one digital platform.
Additionally, these electronic bill payment services could also help promote strong and meaningful relationships with suppliers. That is because AvidXchange could ensure that suppliers get paid according to their specific needs. For example, if a supplier wishes to be paid via check, our check printing software could ensure that that supplier can be paid in that manner. Of course, AvidXchange offers other electronic bill payment methods as well and is presently backed by a network of over 700,000 suppliers.
Moreover, AvidXchange’s electronic bill payment services could allow your accounts payable team to eliminate the excessive paperwork often associated with manual invoice processing. If a vendor does prefer to be paid via check, AvidXchange’s digital platform can offer the opportunity to pay via check-writing options that would require just an encrypted digitized signature rather than a physical signature. It would not be necessary to fill out and sign a paper check unless that is what your team prefers.
Finally, our bill payment system can ensure that you stay informed through every step of the payment approval process. Once the process has been completed, you will receive a notification informing you of their authorization to receive payment.
Pay Bills Online With Bank Account
The best way to pay bills online should ideally be efficient, secure, and flexible. AvidXchange could offer this to companies that link their bank accounts to AvidXchange. By linking your company’s bank account to AvidXchange, you can pay bills online with bank account information you provide. This process can be handled completely electronically and automatically. Through this system, AvidXchange could make your bill payments from your invoices on your behalf. After the invoice has been approved, an ACH transfer is sent to one of our trust accounts. We then pay the vendor according to any preferences they specify so that you do not have to manage the payment yourself. AvidXchange could also ensure that the vendors’ payment instructions are met. This is one option you have for electronic bill payments.
Of course, bill payments will then be recorded and digitally filed on the AvidXchange platform so that your accounts payable team can view that information as needed. If you opt to pay bills online via this method, our online bill pay services will store this information as a backup on your AvidXchange account to ensure that you have access to it when it comes time for reconciliation of payments. With a dual record keeping system in place and a systematic payment process that can allow for your bills to be paid for you according to their preferences, AvidXchange could provide an effective way to improve your team’s workflow without requiring you to sacrifice existing systems or processes.
In addition to that, you could also potentially reduce your spending, as printing and processing paper checks can get costly when you account for all the fees associated with this task. The MICR checks on blank check stock available via AvidXchange’s electronic bill payment services often carry lower processing fees overall. You could also sign checks with an encrypted digitized signature rather than opting for your physical signature.
Best App To Pay Bills Online
When researching the best app to pay bills online, you may find many different companies offering a wide array of different features. At the same time, however, you may have concerns over the disadvantages of online transaction management, especially as it relates to security, efficiency, and flexibility. You may wonder if even the best online bill pay service might fall short of your security, efficiency, and flexibility expectations.
As it stands, there may be disadvantages of online transaction that are worth addressing directly. For example, you may be worry that technical errors could delay payment processes or that security issues may present bill pay problems. AvidXchange could potentially eliminate some of the common disadvantages of digital payment method, like technical errors and security concerns. For example, when it comes to security bill pay issues, AvidXchange can allow you to sign checks with an encrypted digitized signature. If you do opt to pay with paper checks, we have a system in place to ensure that all checks are printed so that your information may remain secure.
When it comes to efficiency, our electronic bill payment services could allow your accounts payable the opportunity to forgo the endless paperwork that may sometimes be associated with manual payment processing. Instead, you can review all payment information and statuses via our digital platform. When a supplier is authorized to be paid, you can track that on the platform. In other words, you could still maintain control over the payment process with AvidXchange.
In terms of flexibility, with over 700,000 suppliers in our network, AvidXchange makes it possible to pay your suppliers accurately via the method they desire. In fact, there is a fair chance that many of the companies you pay every month are already a part of our system. This is why AvidXchange could offer an automated, trustworthy solution that may help with your bill payment concerns.