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Resources   /   Glossary

Electronic Payment Platform

Middle-market companies seeking out online payment apps may often be hoping to solve a number of different issues associated with ensuring that their suppliers get paid on time. More specifically, companies may be seeking out an electronic payment platform that could expedite the payment process while also ensuring that payments are accurate and on time. The best electronic payment platform may also provide excellent security measures and potentially help companies reduce costs overall.

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When searching for an electronic payment platform that most closely meets their needs, companies may find themselves asking this question in particular: what are the most common online payment systems? Of course, the answer to this question may vary depending on a number of different factors, including industry, company size, and invoice volume. For middle-market companies, a main concern may be that payments are issued to suppliers promptly via the online payment platform and that suppliers can also be paid according to the preferences they specify.

AvidXchange not only allows middle-market businesses to make their payments to suppliers completely electronically, it could also allow them to be paid according to their desires and needs. Not all suppliers have the same payment method preferences, but fortunately AvidXchange enjoys a growing supplier network of around 700,000, which could allow you to ensure that your suppliers are paid as they desire.

Moreover, accounts payable teams may not have to revamp their complete system by adopting AvidXchange. AvidXchange allows for custom workflows and could be integrated with existing accounting or ERP systems already in place. Finally, because AvidXchange is a cloud-based platform, accounts payable teams could access the platform at any time, 24/7, to review the statuses of invoices and bill payments.

When it comes to cutting costs associated with paying bills to suppliers, AvidXchange can help make this happen by allowing businesses to eliminate the need for excessive paper and associated expenses, such as check printing, envelopes, and postage. This is because payments can be handled electronically via the electronic payment platform.

Online Payment Companies

When it comes to researching online bill payment companies, middle-market companies may find themselves zeroing in on many different features and offerings. They may expect online bill pay companies to offer more than just excellent features that can help expedite the accounts payable process. They may also be seeking a company that could allow them to keep many of their existing systems in place. That way, they could streamline their accounts payable processes without having to completely revamp and relearn systems that may already be fulfilling their intended duties.

When it comes to compatible online payment companies, AvidXchange may be able to help. That is because AvidXchange’s software is flexible and adaptable according to your account payable team’s needs. It is not designed to replace processes that work but instead accommodate them and be integrated with them. This could even apply to systems that are inherently more complex in nature, which may be inevitable for businesses in some industries.

Online payment services that may allow middle-market companies to enjoy their existing systems could still streamline the accounts payable process and ensure that suppliers are paid on time and according to their preferences. The distinction is that they could do so in a way that does not interfere with any systems already in place.

Moreover, the best online payment companies could also be adaptable to an accounts payable team’s workflow and specific work needs. For example, AvidXchange’s platform is cloud based, meaning that the accounts payable team can enjoy visibility into the system at any time. They could access the platform 24/7, so long as they have access to an internet connection. This remote capability could allow for a level of flexibility that may make it more feasible to work as a team, even when the team is not meeting physically.

List Of Online Payment Methods

There is a wide range of online payment methods, and a list of online payment methods may reveal what these different types entail. Some of the most popular online payment methods are three payment methods in particular. This list of payment methods includes one-time payments from customer to vendor, automatic payments from bank to vendor, and recurring payments from customer to vendor. The preferred payment method may depend on the supplier and their preferred method.

In any case, a wide range of online payment options could ensure not only that vendors get paid on time but also that they are paid according to their preferences. Fortunately, AvidXchange is backed by a growing network of roughly 700,000 suppliers, which could help middle-market companies ensure that their suppliers get paid via the methods they specifically desire.

Moreover, AvidXchange’s electronic payment platform could help reduce middle market companies’ risk of fraud, as the platform allows companies to make use of various electronic payment methods and to adopt electronic payment methods with financial security in mind. AvidXchange is also accommodating by allowing suppliers to choose from many different flexible payment options. That way, they can be paid on time while still minding their payment needs.

Online Payment Methods

There are many different types of online payment methods, and all of these methods could be sensible, depending on a suppliers’ specific needs and preferences. In many cases, middle-market companies may find themselves striving to attend to the needs and wishes of several different suppliers at one time. Some may prefer to be paid via credit card, while others may insist that they must receive their payment via a cash payment system.

Fortunately, AvidXchange can accommodate many different online payment methods and supplier preferences.

A common question that many businesses may have is simply this: how to pay bills online and what methods are the best? Again, there are several different payment methods to consider. Some of the more popular ones include credit paying systems and cash paying systems. Cash paying systems are self-explanatory: bills are paid in cash. Credit paying systems can use both credit cards and e-wallets. An e-wallet allows suppliers to input their credit card information and then use the e-wallet to make payments when such a method is preferred.

As already mentioned, there is no one right way to pay bills online. What is often most important is that suppliers’ preferences are met and that they get paid on time and accurately. AvidXchange could help ensure that such conditions are met by ensuring that suppliers’ bills get paid via the electronic payment platform. AvidXchange is backed by a supplier network of over 700,000 suppliers, which could help ensure that suppliers get paid via the payment method they desire and on time.

Best Online Payment Methods

The best online payment methods do not attempt to prescribe to any one “correct” way to pay suppliers’ bills online. What distinguishes AvidXchange from similar electronic payment companies is that AvidXchange can be customized according to the needs of your company and your accounts payable team. You can choose the workflow that best matches how your AP team operates and integrate AvidXchange to work harmoniously with your existing, proven accounting system that your accounts payable team is already familiar with. In other words, AvidXchange may complement your current systems rather than clash with them.

Additionally, AvidXchange’s electronic payment platform is cloud based and may be accessed at any time, provided that the person wishing to gain access has a stable internet connection. This cloud-based system offers accounts payable teams a level of transparency of the system and the AP process, allowing them to monitor the status of payments whenever they desire. The dashboard feature, for example, can display invoices, enabling you to track them as they undergo the approval process.

AvidXchange also offers a range of electronic payment options with the security of suppliers in mind. This could help ensure that suppliers get paid on time without fear of their financial information being compromised in some way. Beyond this, AvidXchange could allow middle-market companies the opportunity to potentially reduce costs by eliminating the need for paperwork-heavy processes and the expenses often associated with them. Some common examples include postage, envelopes, and check printing. Accounts payable teams could also avoid the trouble of having to follow up on uncashed checks.

Payment Gateway Providers

When seeking to learn more about electronic payment platforms, you may uncover information about the best payment gateway. It is important to note that payment gateway providers specifically benefit e-commerce businesses. In this respect, the best payment gateway for shopping websites could help e-commerce businesses offer their customers a more streamlined online shopping experience. They could do this by allowing customers to make their purchases seamlessly. Moreover, the best payment gateway for online business may allow e-commerce businesses to ensure that transactions are completed accurately and securely.

The best payment gateway could also ensure that e-commerce stores accept the payment methods that customers use and that they can do so with security in mind. As a result, a payment gateway could ensure that customers could pay according to their preferences.

A global payment gateway could take this a step further by allowing e-commerce stores to accept and process transactions from customers overseas while also minding the differences in currencies. A global payment gateway may also be able to accommodate customers who need to browse an e-commerce store or complete their purchase in another language. This could allow e-commerce stores to reach a wider audience as a result.

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