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Resources   /   Glossary

Payment Management Services

Automating the accounts payable processes is something that an increasing amount of organizations are considering. This is because automation software can significantly simplify the way that businesses’ accounts payable teams operate, making them run more efficiently and effectively. There are many hard costs associated with paper. Going paperless by automating the accounts payable process can make a big difference to your business because it means that you can cut down on all paper-related expenses in the funds payable process.

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Approving bills to suppliers becomes more accessible than ever, and your relationships with your suppliers can be improved immensely as well. AvidXchange allows accounts payable team members to focus on other aspects of the AP process that cannot be done through automation and boosts the overall efficiency of the accounts payable team.

Payment management services have advanced incredibly in the past years, with web-based payment management system options skyrocketing. Using PMS management software can offer a variety of benefits to businesses, and having a PMS direct deposit form can be very helpful.

AvidXchange offers bill payment automation software, particularly suited for middle-market businesses. The software is called AvidPay, and it can help eliminate paper checks, reduce fraud, and provide valuable cost reduction in payment processing costs. AvidPay works by automating the bill payment process for your business, but your company’s accounting system still remains your system of record for utmost convenience and security.

Using AvidXchange’s suite is excellent for scaling for growth as it allows your current team to more easily keep up and keep track of a growing workload. Middle market companies can especially leverage AvidPay to improve their bill payment process and manage their payments. Accounts payable teams that use AvidXchange can review, code, and make necessary approvals and adjustments with just a few quick clicks.

Payment Management System Help Desk

If it is your business’ first time using a payment management system, you may want additional assistance. When using a payment management system, there will typically be a payment management system user guide as well as offered payment management system training in order to make the PMS easier for new and existing users to use.

A payment management system help desk is often included as part of payment management services since it can provide helpful customer support to the users that are using the system.

If you are interested in trying out the AvidPay bill payment software, you can schedule a demo to see how the AvidXchange accounts payable software solutions can improve your business. AvidXchange can help you make 100% of your bill payments electronically and spend 65%-70% less time managing the accounts payable process.

In part because of how much value AvidXchange has brought companies and how long the company has been reputable in the industry, AvidPay is trusted by more than 825,000 in-network suppliers. All of the members in this AvidPay network are supported by AvidXchange’s full-service team members, so if any help or troubleshooting is needed, AvidXchange has your back.

Payment Management System Login

AvidXchange makes it easy to manage and use payment management services. The payment management app that helps you automate the bill payment process is easy to use and understand without sacrificing critical functionality. The payment management system login is also easy with the cloud-based platform of AvidPay: you can have any time, anywhere visibility.

In addition, since AvidXchange’s software solutions are cloud-based, there are additional conveniences you can enjoy. For example, buyers can create custom workflows that can be tracked and managed anywhere and anytime. Whenever you need to, you can check the payment statuses and approvals.

After getting and using the payment management system app, you can receive files with all the automated payment information that your company may need in order to reconcile all the bill payments.

On the AvidXchange platform dashboard, you can see the various details about your payment status. You can look at the batches, track approval statuses, and manage workflows. You can see important data such as bank account number, entity ID, vendor ID, as well as the payment method (e.g., Mastercard). By being able to see everything on this convenient dashboard, your payment management process can become significantly more accessible and more organized.

Payment Management System Access Request

If you are using a payment management system, you might be wondering if you need to have a payment management system access request form or use payment management system transaction codes. With the help of AvidXchange’s customer support and AvidXchange’s numerous helpful resources, you can figure out how to make a payment management system access request if it is necessary.

There are so many payment management and bill payment systems that exist today that it can be tough to decide which one is right for you. If you are a middle market business that wants to cut down on paper-related costs and inefficiencies, AvidXchange could be the suite of software solutions that is optimal for your business. AvidXchange’s B2B AP processes automation software platform offers the industry-leading payment automation solution: AvidPay. With the help of AvidXchange, your business could turn to making 100% of all bill payments to suppliers electronically.

Because AvidXchange’s software is cloud-based, your accounts payable team can work comfortably and conveniently from wherever, whenever they need. This added visibility improves your AP team’s control over invoices that need approval, bill payments that need to be made, and more. Many accounts payable teams that have tried out the AvidXchange suite of software solutions have noted significant boosts in productivity, efficiency, and overall improved satisfaction with the automation.

Payment Management Software

If you are looking for payment management software, it’s helpful to know what kind of advantages automated payment management services can bring to the table. In general, payment management software that automates your bill payment and invoice approval process can help you reduce labor costs, eliminate certain hard costs, and more. You may no longer need to waste any resources on check printing, envelopes, postage, and time spent following up on uncashed checks.

A suite of software solutions like what AvidXchange offers can help your business leverage simple pricing with good e-payment incentives, which can enable forecastable ROI.

It is typically a good idea to invest in a cloud-based payment system due to the many benefits it can offer a business. The best payment management services can help you keep track of your payments to suppliers more efficiently and make payments more fluidly. AvidPay is entirely cloud-based, allowing for remote work and 24/7 online access.

AvidPay can help you reduce your risk and increase your financial security through useful e-payment options that are widely accepted. Contrary to popular belief, electronic payment methods are far safer than paper-based transactions. Research shows that it is far more likely for forgers and criminals to target checks than computerized payment systems. This is most likely because it is comparatively easy to forge a name on a check, while hacking an electronic system requires specialized knowledge. With automated bill payments, you can ensure that suppliers get paid on time and paid correctly. The ability to conduct digital audits through the online records of your payments to all suppliers also improves your accounts payable’s visibility and control.

Payment Management System Project

A payment management system project can help your business out. Different payment management system (PMS) options can target differently sized companies. For example, a payment management system meant for middle market businesses like what AvidXchange offers might differ in functionalities and features compared to a payment management service that is attuned to large enterprises or small startups.

No matter the kind of business you run, if you have suppliers and bills that need to be paid, you probably have a bill payment system. By automating it, you can cut down on paper-related costs and also have a more seamless bill payment process. Businesses that use bill automation software to pay their suppliers often enjoy better relationships with their suppliers due to reduced amounts of delays, faster invoice and bill approval, and having a clear digital audit trail in case there is any confusion that needs to be untangled. Maintain control with the ability to create custom workflows that suit your particular business goals and needs best. This can also help you ensure that all of your data is up to date and accurate.

Online Payment Management System

When using an online payment management system, it is typical to create a PMS account and then log in through the web-based payment portal.

Fortunately, AvidXchange makes switching to AvidPay easy. AvidPay is accepted by a large network of trusted suppliers, meaning that it is not a concern that suppliers will accept the payment method. In addition, AvidXchange has plenty of integrations with some of the most popular systems, allowing you to implement AvidXchange’s software products without worrying about losing anything from your current system.

AvidXchange offers a complete suite of purchase-to-pay solutions that are purpose-built for various industries. There are over 225 integrations between the AvidXchange accounts payable (AP) software and widely used accounting systems, including QuickBooks, Sage, and Oracle NetSuite. Many companies use AvidXchange to speed up and secure their bill payment processes.

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