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Resources   /   Glossary

Payment Management Solution

For many companies, trying to figure out how to manage accounts payable effectively can be a pain. No one likes paying bills. Manually working your way through the payment management process can leave the door open for late payments and other human errors. Finding a payment management solution that fits your business can improve the efficiency of your payments and free up time for you to handle other business aspects with care and attention.

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So, what is payment management? Payment management is simply the overall management of your accounts payable and how you go about making those payments. Following the normal accounts payable process steps can be a needlessly long process involving chart making, bill reviews, manual input of vendor details, and then repeating all of these steps weekly.

These days, however, there is a better way to do all of that. Instead of manually inputting details into a spreadsheet every week, bill payment software like AvidPay from Avidxchange can integrate seamlessly into your existing accounting system to maximize your team’s efficiency. By automating your bill pay processes, you can review, code, and approve payments with just a few clicks.

Payment management solutions like AvidPay can do more than just speed up your accounts payable process. With automated payments, your suppliers will be paid on time and in their preferred method. This makes everyone happy and can enhance your relationships with vendors across the board. Utilizing cloud-based platforms also allows for full remote access to work and simplifies reporting and auditing.

So, where would you start with implementing software like AvidPay into your business? This article will go into more detail on how automating your payment management can be improved by implementing bill payment software, as well as highlighting how exactly a company can do just that.

Payment Management Software

When integrating any new software into your business operations, there are a fair amount of details that one needs to consider before going all in. You need to know how the software will fit into existing systems, how much training your team will need to make use of the product, and how secure it is, just to name a few. Doing your due diligence on trusted bill payment software can start right here.

Payment software is designed for ultimate payment flexibility. Allowing your team 24/7 access to cloud-based platforms further ensures your payments are never posted late and that your vendors will love you for it. E-payment options also reassure your suppliers of secure processes, and you can cut costs by going paperless too.

Customizable workflows can make sure that your information stays accurate and effective. Customizable payment management software can scale with the growth of your business and team. An increased workload doesn’t always have to mean you’ll need new, more powerful software.

AvidPay offers all of these features—and so many more—to make your payment management process fast and easy. You won’t have to change anything about your current systems to integrate AvidPay. This means you can start automating processes right away.

Payment Management System

Outsourcing for your payment management services is another option, but it requires you to give a third-party access to sensitive information. Managing your accounts payable in house takes the potential security risks out of the equation, but it also requires time and attention to do the job correctly. Automating these tasks, however, is easier than ever before.

Implementing a reliable payment management system software is a popular way to keep sensitive data in the right hands and make the bill payment process more efficient. Automating all kinds of business operations is no fad; it’s a valuable strategy to free up staff members to focus on important tasks instead of having to spend time on repetitive processes that, while still very important to the business, should not have to require so many hours to complete every week.

So what can you do to get your bill payment needs met without having to train a whole team extensively on new software?

AvidPay is a payment management system that seamlessly works into existing accounting systems for near-instant applications. It is easy to integrate and doesn’t require any lengthy technical payment management system user guide. It is ready to work and simple enough for your team to get the most out of it right away.

Payment Management System Project

An average payment management system project can take hours for a team to complete. Having to manually enter and review invoice details every week takes time away from other important tasks they could be focused on instead. With an automated payment management system, training can be kept to a minimum so that your team can get to work right away.

Payment management system (PMS) software offers a long list of benefits for your business. But what does it take to get your team started on an automated system in the first place? While some will utilize a type of payment management system user guide, others will opt for a real-time tutorial and an active payment management system help desk. This allows your team the freedom to learn and implement the system at their own speed while still having expert support when they need it.

Be sure to understand how your team will initially be granted access to the system you choose. For most, a simple payment management system access request will need to be completed by each team member needing access to the system. This process is the standard for most systems. This only further protects your important data within the new system.

Payment Management App

Making the most of a payment management app is more simple than one might think. With the world well into the information age, applications and software are a part of everyday life for many people. Even still, it is important to know the difference between a full-service payment management application and some smaller apps that only do some of the work.

A bill organizer app is a good example of something that performs a specific function really well but will not effectively replace your existing payment management system. It will take one of the steps mentioned above and streamline that (in this case the bill organization step) but can’t go much further than that.

Bill management apps are effective in handling automatic recurring payments but are usually geared more towards personal use rather than as a business application. They do many of the same things that a bill payment system does, just on a smaller, more personal level. For a system to take over your business’s payment management, it needs to be robust and user friendly.

AvidPay is exactly that. It’s powerful enough to handle business-level operations while still allowing your team to make the most of it without lengthy guides and training.

Payment Management System Login

When using an app to pay bills, it is important to trust in the security of its login procedure. Payment management system login protocols need to be secure to protect sensitive information from potential threats. The strength of a payment management system (PMS) login portal can be a deciding factor for decision-makers looking to implement a new software.

As mentioned above, a payment management system access request is the request sent by each individual who needs access to the program. This allows the user to monitor everyone who wants access to the system and can greatly decrease the chances of a potential breach in security. This information might be outlined in the specific payment management system user guide, but it will more likely be the first lesson in the tutorial that many systems seem to prefer these days.

Payment management system training is addressed by each software provider as they see fit. Login information is a crucial aspect of every bill payment system because of the data they work with. Many will also offer a payment management system help desk online to assist with any snags their customers hit while using the system.

Best Invoicing Software

There is a pretty likely chance that many of your suppliers are utilizing some form of invoice software. This allows for them to automate their billing process and keep track of finances with minimal manpower. This is especially effective for recurring bills. Much like the way an automated payment management system streamlines the process you use for paying bills, the best invoicing software will streamline the billing process for your vendors.

If you were to search online for an invoice software download, you would find millions of results offering products at a variety of prices. Many are free, but the highest-rated solutions tend to cost a little money. When entrusting your billing process to an application, it is best to know you are getting a reliable program, and the more reputable companies are worth the price.

Invoicing software works very well with an automated payment management system because they can be customized to work together. The programs often have very little trouble working together to make sure invoices get sent and paid in a timely manner.

AvidPay can handle virtually anything you can throw at it. If you want to streamline your accounts payable management process, AvidPay is the best choice for you and your business. Click here to request a demo today!

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