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Resources   /   Glossary

Electronic Bill Payment Solution

When evaluating the electronic bill payment meaning, you should consider the benefits of saving paper and automating clerical tasks by going digital for bill payments. Electronic bill payment solution uses software that can allow middle-market companies to process invoices and pay them online, which makes the process more efficient. An added benefit is cutting down paper consumption because of digital processing of invoices.

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Electronic bill payment combines software and services to convert invoices into a digital format, which allows them to be tracked and accessed more easily should the information need to be retrieved at a later date. This may allow for better organization, quicker retrieval, and peace of mind in knowing that your business’s bill payment records are organized. Accounts payable teams may then access this information when they require it from one centralized dashboard.

This software may also organize the invoices within the platform and route them to the correct members of the accounts payable team for approval. After invoices are approved, bill payments to suppliers can be automated. This process – turned digital – may potentially reduce the risk of invoicing errors while also allowing companies to manage payments to suppliers digitally.

Additionally, electronic bill payment solutions could streamline the process of bill payments for companies that have a number of other tasks on their plate. It can also allow 24/7 visibility regarding the status of invoices, approvals, and payments, which can reduce the guesswork involved in electronic bill payment.

Your team has more important things to spend their time on than the clerical work of paying bills. In order to focus on what really matters, it’s time to switch to an electronic bill payment solution and allow your team to focus on more pressing matters that take more complex thought and actions.

Electronic Bill Presentment And Payment

Electronic bill presentment and payment is a process used by companies to complete bill payments electronically. EBPP payment is typically handled online, direct-dial access, or through ATMs. This style of payment has become a major component of online banking for many companies today, as it can streamline the process of paying bills to make bill payments easier for your accounts payable team. Electronic billing may also help store documents to be recalled at any time, which aids in keeping accurate records.

Bill presentment is an online system that allows customers to receive and view their bill online, and then pay the bill electronically. Users can pay their bills immediately and the money is transferred directly from their bank account.

Avidxchange is a presentment biller, meaning that it’s possible to automatically complete bill payments electronically through our platform. You should consider how AvidXchange can help automatically pay bills to your suppliers on your behalf. Presentment biller vs payment biller is a comparison that is commonly made. A payment biller is the actual entity that pays the amount to the biller, so in that instance you would still be paying vendors indirectly even though AvidXchange can automate bill payments for you.

Online Electricity Bill Payment

Avidxchange allows you to automatically complete bill payments for utility invoices online. This processing solution for businesses reduces the burden for your accounts payable team that comes with receiving, capturing, and paying utility invoices. It will save them time with the automation features, and time saved by employees may translate to money saved for your business.

You can take care of your online electricity bill payment all through this interface. It also offers a feature that details how to check your electricity bill status online.

Using Avidxchange to pay your electric bill online may come with a number of cost benefits. For example, our digital services can evaluate your current energy usage and cost. It then analyzes all the available opportunities to negotiate better pricing for this usage in your area. Finally, it monitors the activity of the market to help you capitalize on buying opportunities that are favorable for your business.

This service also negotiates terms and conditions on your behalf if you have locations in states with deregulated energy markets; that way, your team can reduce the risks of overlooking an urgent utility bill. Using this service can also make your budget more predictable, as you can more easily track when payments will be made and understand how to check electricity bill status online to ensure that it has been processed. This can potentially improve the forecast of your finances by estimating energy costs for a certain period of time on an electric bill check.

Electricity Bill View

For companies wondering how to check electricity bill online, you should ideally seek out an electronic bill payment solution with mobile browsing capabilities. At AvidXchange, we designed our software with a clear interface in mind so that you can view your electricity bills online.

Using Avidxchange’s AvidUtility tool, you can view consumption analytics to better understand how you can save on your electric bills. The electricity bill view allows you to see where you’re using the most energy, so you can amend your usage and understand your energy usage to possibly save money.

This is a tool meant for managing all types of utility payments. The goal of Avidxchange is to make viewing your electricity bill and other utilities online as straightforward as possible. As such, we provide an option to view the bills and consumption analytics on our cloud-based platform, so you can check the stats of your usage from anywhere. This can help you move forward with changes that may help you stick to your budget better.

It may help businesses to take the time to understand their energy usage and where certain costs originate. Avidxchange makes viewing your electricity bill clear and concise so that you may view your electricity bills with a greater sense of understanding. Enjoying the capability to view your bills in this manner may also make it less difficult to budget expenses when taking into account utility costs.

Bill Payment Solutions

If you want to simplify the process of managing an electronic bill check, then you should evaluate your options for bill payment. You should look for an electronic bill payment example so that accounts payable teams can see what bill payment solutions entail from a practical standpoint.

We have over 700,000 suppliers in our AvidXchange network, and we work with suppliers to understand their bill payment preferences so we can automate the bill payment process for you. Our goal is to help accounts payable with automating bill payment.

In order to keep communication open and records clear, we will mail you a check after you complete the bill payment online through our app. We do this because mailing checks is still among the more common preferences among businesses, including many suppliers to whom you may need to pay bills. In fact, we understand that every supplier may have unique payment preferences, which is why we work hard to cater to all many different types of preferences.

Electronic Bill Presentment And Payment Market

As the market gears more and more towards automation and new tech continues to be introduced, it makes sense for accounts payable teams to modernize the accounts payable process. The electronic bill presentment and payment market is growing increasingly digital as well, meaning that this type of electronic bill presentment and payment is becoming a more popular billing and payment avenue compared to conventional paper billing. Digital payment companies have methods for paying bills digitally that can potentially save companies time, money, and resources.

The act of electronic bill payment and presentment companies going digital is not just about the speed and efficiency of the process, even though that aspect plays a major role. Another benefit is reducing costs by eliminating paper usage. Excessive paperwork requires more paper to be used, and many companies have come to understand the benefits of converting to digital accounts payable processes. This may be possible by adopting an electronic method for paying bills. Moreover, an electronic bill payment system may be able to reduce the amount of space required to house superfluous paperwork.

Bill Payment Services

When using electronic bill payment services, you may also take advantage of digital filing systems too. Your company’s accounting system remains your system of record, and you will receive files with all of the automated payment information that your company needs.

Taking advantage of bill pay services may be beneficial for a number of reasons. For one, It may allow for businesses to scale for growth, as it eliminates hard costs and reduces labor costs by leveraging simple pricing with e-payment incentives. It may also allow accounts payable teams to access billing records from anywhere, as it provides you with 24/7 online access through the cloud-based AvidXchange platform.

You may also enjoy the flexibility and visibility of digital bill payments and automatic filing. These systems tend to be designed with security in mind, which could reduce the risk of fraud, enhancing financial security by leveraging the e-payment option and providing vendors with payment options that are flexible and in line with their specific needs.

There will be no more bending over backwards in order to pay bills, or wasting hours of labor in order to do something that Avidxchange’s software can do in the blink of an eye. Our electronic bill pay services could help accounts payable improve bill payments with automated payments to vendors and digital filing directly on the platform.

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