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Resources   /   Glossary

Online Payment Management System

Accounts payable teams must attend to a large amount of time-consuming work throughout a typical workday. If you need to manually process and approve your suppliers’ bills, it often includes repetitive processing of invoices and bill payments and potentially a lot of micromanagement. Fortunately, AvidXchange’s accounts payable software may be able to help your accounts payable team with automating your AP payment processing and management.

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* Savings based on potential materials and labor cost reductions. Savings estimate is solely a good faith approximation and does not constitute a guarantee or representation of actual savings. Such estimate is based on information provided and based on current market trends.

With AvidXchange, you can find an online payment management system that is flexible enough to meet the needs of financial professionals that manage accounts payable at middle-market companies.

Using our payment management solutions can also potentially offer many benefits. For example, our online payment software can automate and simplify the accounts payable process. For the standard middle-market business, this could mean improved efficiency. This also means that you could possibly save on processing costs and scale for growth with our online payment platforms.

Moreover, AvidXchange’s AvidPay solution offers the potential for your accounts payable team to improve security when making bill payments. AvidXchange has an enormous network of suppliers that all can count on AvidXchange to complete transactions. A quick search on the web may reveal that we are a trusted ally of many middle-market and large businesses that need to make B2B bill payments securely and quickly.

The payment system offered by AvidXchange lets you create custom workflows to meet your team’s needs. If you need help, you may want to read more about a payment management system user guide. We offer on-demand webinars, customer service, and education on our website, as well as helpful downloadable resources.

Our customer service for payment management can give you necessary assistance in a timely manner.

If you or your team have questions on how to best drive engagement, grow your business, or possibly save costs by leveraging our software, our team of experts is also available to help you.

What Is Payment Management

On the AvidXchange website, we offer payment management system training that can help you with understanding common questions regarding accounts payable. For example, many may wonder, what is payment management?

Depending on what software you use, the payment management system definition can vary. With AvidXchange, this typically will mean that you can view all your invoice and bill payment statuses in one convenient place. You can save money, time, and resources by using AvidXchange’s AP automation software.

AvidXchange could also possibly reduce the time you spend following up on uncashed checks. By helping you have a solid and complete digital audit trail, AvidXchange can help lower the chance of making potential mistakes, which could in turn lower fraud risks.

You can use AvidXchange’s payment app to pay suppliers faster and with more security. With AvidXchange, your accounts payable team can make fast and secure electronic B2B bill payments to suppliers. Our solution is backed by a growing supplier network of more than 700,000 businesses that trust in our payment software. With AvidXchange, you can choose to utilize the types of online payment that your suppliers prefer and opt to use those for all of your transactions.

At AvidXchange, we can offer many resources to provide help for your team on how you can expand your online payment options with AvidXchange.

Payment Management Software

AvidXchange’s payment management software is specially designed to meet your middle-market business needs. It is important to note that AvidXchange does not replace your current accounting system of record. It also does not require you to eliminate all paper invoices. It simply enhances your system with software and services that can lead to complete AP automation, helping you cut costs and reduce wasted time and resources. You can then match each invoice with the numbers presented on your purchase order.

Moreover, AvidXchange is a cloud-based platform, which means you have increased control over and visibility of all your payments. You gain 24/7 visibility into your business’s bill payment statuses. You can check payment status from anywhere and at any time with AvidXchange’s cloud-based payment management app, as long as you have a stable internet connection.

AvidXchange can help you track purchase orders, route and approve invoices, and manage vendor payments all from one convenient digital platform. The digital platform can also be customized for your needs, so it is simple to integrate AvidXchange into any pre-existing workflow you might have. AvidXchange lets your company’s accounting system remain your system of record.

You simply receive files with all the automated payment information your company needs for reconciliation of your B2B bill payments.

Keep in mind that free payment management software exists, but it might not have all the features you need as a middle-market or large business. AvidXchange offers features that can potentially streamline the online payment management systems of many complex industries.

Payment Management System (PMS)

AvidXchange can help you by providing you with a secure and organized payment management system (PMS) for managing all the payments that you make to your suppliers. To help maximize the potential of AvidXchange’s software, we offer continuously updated information on payment management system, user guide articles, and video tutorials.

It is more secure and efficient to pay suppliers using AvidXchange with our payment management system transaction codes. We strive for our PMS login and PMS payment management system to be protected and secure, so your transactions can go through to the suppliers you’re paying quickly and safely.

The payment management system login for AvidXchange is also more secure, so you will likely be able to reduce fraud risks and other issues that you may encounter if you use potentially less secure, free payment software online.

The process can also be made easier with AvidXchange’s automation software.

When you’re paying a bill to a supplier, your accounts payable team selects payments from your accounting system, but instead of selecting them for print, you select them to pay. The e-payment process is quick and easy. Depending on your business’s desired workflow, you can customize the necessary approval files to be routed to your chosen approvers.

Payment Processing Software

Choosing the best SaaS billing software can be a challenging endeavor, especially since so many different factors will likely play a role in affirming the final decision. While every company’s goals and needs will vary, most are likely looking for payment processing software that can streamline paying bills and the invoice approval process as a whole.

Notably, automated bill payment software allows your accounts payment team to make bill payments electronically if you choose. Having automated payment software can greatly help to simplify your accounts payable workflow. AvidXchange users can adapt the payment management app into their pre-existing process.

Thanks to our billing management software, you can potentially cut long-term costs, scale for growth, and streamline your payment processes.

Even if you are already satisfied with your current accounting system, AvidXchange can still help improve it even further by integrating with your existing systems. Because of the hundreds of integrations with accounting software that AvidXchange has, you may be able to find an AvidXchange setup that works for your business without causing significant disruption to your current routine.

Our payment processing software can also potentially help your business scale for growth. AvidXchange may be able to eliminate hard costs, reduce labor costs, and leverage simple pricing with e-payment incentives that enable more forecastable ROI.

Finally, by adopting e-payment with AvidXchange, you might be able to reduce fraud. AvidXchange offers flexible payment options that can simplify the bill payment process, making it easier and more efficient.

Payment Management Services

If your accounts payable team is in need of payment management services, you might consider electronic payment services that can streamline the invoice approval process while also offering comprehensive customer service.

When shopping for electronic payment systems, you will likely find many companies that are dedicated to helping you manage payments, simplify your accounts payable system, and provide the assistance that you need to successfully resolve issues.

Above all else, payment management services should make paying bills a fairly straightforward process for an accounts payable team at a middle-market company. While the average middle-market company may have to juggle many different suppliers and all their unique payment needs and requests, practical electronic payment services can likely make this process seamless.

AvidXchange has a network of over 700,000 suppliers paid through the AvidPay Network over the past five years. As such, we can accommodate many different types of payment needs. This can in turn save accounts payable departments time and money, depending on their scope and everyday demands.

Moreover, at AvidXchange, our software can be particularly helpful for companies in various industries that need quality payment management software to boost their efficiency. Some industries require more complex payment and invoice processing than others, which we strive to address through our own electronic payment systems.

Payment Software Companies

AvidXchange can help reduce paperwork in the accounts payable process by helping accounts payable teams go automated and digital. By going paperless, your business can save money on processing costs and time.

Going paperless means that AvidXchange will organize your invoices and store them electronically, making them easily accessible. You can scan paper invoices in an effort to streamline and automate the process. Then, you can review both your invoice and your receipt or purchase order to ensure that your numbers add up. Additionally, for any paper invoices, we help designate a P.O. box for you where suppliers can mail their invoices directly.

AvidXchange has built more than 210 integrations with accounting system software that your accounts payable team may already use or may want to use in the future. We offer full integration with software like QuickBooks, Oracle NetSuite, Sage Intacct, Microsoft Dynamics GP and more. These integrations mean that if you have pre-existing accounting system software that you value, you don’t need to worry about interrupting your workflow or having to create inconvenient workarounds in order to use AvidXchange.

Full implementation of AvidXchange AP automation does depend on the specific offerings of each service provider. For AvidXchange, the implementation process typically takes up to forty-five days. Factors such as ease of integration with your existing accounting systems can influence the implementation timeline, which is often the case with payment software companies.

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