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Resources   /   Glossary

Online Payment System

In today’s digital market, it is becoming increasingly more important for businesses to be able to pay their bills quickly, conveniently, and electronically. Before, it may have been enough to simply be prompt with sending a check in the mail, but now, businesses and customers alike are beginning to expect payments to be made via electronic payment methods because they are very convenient and quick.

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Because of this, there has been a growing number of digital payment apps or websites that businesses use to both make their own payments and receive payment from customers. So what makes a digital payment app so much better than a traditional paper-check payment? Put simply, businesses are tending to prefer these online payments because they are quicker and more efficient than mailing a check.

Online payments are an easy and secure way to send money to a business, and because of this, many businesses are beginning to heavily prefer these methods of payment to the more traditional “snail mail” method. This is incredibly important for other businesses to notice, because if businesses are preferring these online payment methods from their customers, that likely includes your suppliers. So if you are using paper checks to pay your suppliers, you might want to start looking into finding an online payment system.

If you are not using paper checks anymore, but you are still utilizing traditional paper methods of tracking and processing your business’s invoices and payments, you also might want to start looking into implementing a more digitally focused payment process. This is because, the way things are going now, society is only going to trend towards more digital practices, and implementing an online payment platform can help you to keep up with these changes rather than get lost in them. So, how can you start implementing one of these online payment systems? Well, first you need to find one that suits your business’s needs and helps you create streamlined payment processes.

Best Online Payment Methods

As the desire for online payment methods continues to rise, businesses that currently do not process their payments to their suppliers online can find themselves not giving their suppliers what they want—which is, oftentimes, quick, secure, and easy online payments. Online payments are much quicker and more useful to businesses who have already adopted an online payment system because the payment will not need to be manually inputted into their already-electronic payment processing system. Because of this, it is important to be open to trying and implementing one or more online bill pay methods so you can make sure your business stays in the good graces of your suppliers.

But with so many different online business payment options available on the market today, how can you know which option is the best for your business? One way to determine which online payment options you should try is to see what your suppliers are using or what their preferences are. If you are adopting an online payment method to more easily connect with your suppliers, it is a great idea to see what systems they prefer to use. For example, if you notice that a few of your suppliers prefer to use AvidXchange’s AvidPay Direct, that could make checking out AvidXchange’s bill payment software a great idea. Also, with AvidPay, you can pay your bills in several different ways, so if you have a supplier who isn’t a part of AdvidXchange’s supplier network, you can still pay them with MasterCard.

Payment Services

As people become more accustomed to online payment services, businesses are finding themselves needing to accommodate them by offering these types of payment services for both customers and suppliers alike. Because of this, there are many different payment service providers companies can use to make sure their business is able to provide quality online payment methods. Online financial payment services are growing increasingly popular as many businesses are finding themselves needing to provide online payment methods to their customers as well as use these methods to pay their suppliers.

This increase in online payments for both businesses and customers alike has seen an increase in payment services and payment service providers. To find a good online payment service provider for your business, you can make a payment service provider list of the top payment services examples and use that list to find out what features are most popular and beneficial to your business. For example, AvidXchange offers not only a way to pay your bills using MasterCard, AvidPay Direct, and checks, but they can also connect you with their supplier network of over 800,000 suppliers.

Different Payment Methods for Businesses

Because the market for many industries is becoming more and more digital, there is an increasing need for businesses to adopt easy-to-use, quick, and secure payment methods so businesses and customers alike can make online payments quickly and efficiently. And this, of course, means if you are a business that needs to make payments to your suppliers, you are also going to want to implement easy and effective online business payment options so you can keep your suppliers happy and wanting to do business with you.

So what are the best online payment options for business owners? Unfortunately, it is difficult to say exactly which of the many different online bill payment methods is best. This is partly because the best bill payment method (online or otherwise) can depend on the business. For one business, PayPal may be the best option, but for another, it may be extremely inconvenient. For this reason, it is important to find a bill payment method that is the best for your business. It is also important to make sure that the online bill payment method you choose is accepted by your suppliers—especially if the reason that you’re adopting an online payment system is to improve your business‘s payment processes to your suppliers. This is why many businesses use AvidXchange’s AvidPay bill payment software. This software helps you make quick and secure payments and is backed by over 825,000 suppliers. Additionally, this system offers you the ability to make payments in your supplier’s preferred method, whether that is MasterCard payments, AvidPay Direct, or even paper checks delivered by USPS First Class mail if you have a supplier who prefers paper payments.

Online Payment Methods for Business

Since the popularity of online payment methods has only increased as the market has begun shifting to a more digital marketplace, it is becoming essential for businesses to adopt at least one online payment method to continue being relevant and competitive. But adopting online payment methods isn’t only important for making customers happy; these methods are beginning to be widely used by businesses themselves. Because of this, if your business does not have any way to process online payments, you could be ostracizing your business from your providers.

However, since online payments have become so commonplace in society today, there is a very long list of online payment methods that you could adopt to continue moving your business forward. Oftentimes, it is quite easy to add payment method options or remove payment method options from your business’s accounts payable, but it can be difficult to do if the AP processing software or system you are using is not set up for including additional payment methods. This is where a system like AvidXchange can be helpful. AvidXchange’s AvidPay offers multiple payment options so your suppliers can choose how they want to be paid for their products.

Most Popular Digital Payment Methods

But with all of the different online payment methods on the market today, how can you be sure that the one you choose will be accepted or preferred by your suppliers? Of course, you do not want your customers to purchase your product only to wonder how to make payments online with your chosen online payment method. And you also do not want your suppliers wondering how you have paid them if it is done in a confusing or obscure way.

One of the easiest ways to combat this potential issue is to opt for introducing one of the most popular online payment methods as your online payment option. For example, if you include an option for making payments via MasterCard, most businesses will be happy with that option and utilize that method of payment. With software like AvidXchange’s AvidPay, you can utilize not only MasterCard payments but also AvidPay Direct, which can be used by AvidXchange’s supplier network of over 825,000 suppliers.

Electronic Payment Systems

As society continues to move towards a more digital world, the importance of electronic payment systems will continue to rise. Just like any other type of payment system, there are electronic payment system advantages and disadvantages. One of the main advantages is that electronic payments are much faster and more convenient than traditional paper checks. However, one of the disadvantages is that because there are so many different types of features of electronic payment system solutions, they can be difficult to navigate for both businesses and individuals alike.

Because of this, it is important to pick a system that is both easily understandable and also meshes well with the payment processing practices your business already has in place. In other words, if you adopt a new payment processing system that is 100-percent electronic, but when you go to the electronic payments login you have no idea how to use it, and to use it you would need to completely abandon your current payment processing method, it would be no surprise if you had a hard time figuring out the new process. On the other hand, if you opt for a software solution like AvidXchange that integrates with your current system rather than replacing it and helps transition your business seamlessly into a new process, you are much more likely to have an easier time adopting a new system that supports electronic payments.

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