AvidXchange logo
Close this search box.
Close this search box.
Resources   /   Glossary

Payment Processing Platform

If you are looking for ways of improving your day-to-day business operations, then one area that you may need to take a closer look at is how your company handles payment processing. This is crucial because all of your business finances will be impacted by this system. For one thing, as a savvy business leader you are probably focused on generating as much revenue as possible. At the same time, though, your company also has to make sure that it keeps up with its own individual bills. If your vendors and suppliers are not paid on time, for instance, this can lead to a number of issues that will trickle down to your clients and customers as well, impacting your chances for growth.

Continued below…

Calculate how much you could be saving with AvidXchange.

* 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.

Because of this, it is important for you to take a closer look at your payment processing platform. If you can improve your payment process flow with the best payment system available, then you can keep your suppliers, vendors, and customers alike happy, which in turn will keep your company on track toward further growth and success.

So, how does your company currently handle its invoices? Depending on what stage of growth it’s in, there is a good chance that you still do a lot of this by hand. In fact, you probably have an accounts payable team that is used to doing a lot of this work manually. While this may have worked for your company in the past, though, a slow process like this will become a significant issue as your company grows. Instead, you need to make sure that you can handle these invoices quickly and accurately, minimizing both mistakes and delays as you go. This is why you need to find a way to automate this process.

Programs such as those offered by AvidXchange can streamline this whole process tremendously. AvidXchange in particular is a payment platform that can help you automate many of the steps in your invoice processing that you or your teams are currently handling manually. For example, you can use AvidXchange to make sure your suppliers are paid on time using a payment method they prefer. That way, your suppliers will have an easier time getting you your inventory as quickly as possible, which in turn can make it easier for you to keep your customers happy, allowing you to grow the company.

Payment Processing Companies

If you are looking for payment processing companies, you will quickly discover that there are plenty of payment processing software companies out there. The best choice here will depend on what you are trying to accomplish. For example, you may be looking for digital payment companies that give you access to the best ACH payment processing options available. Here, one of the top third-party payment processors examples is AvidXchange.
AvidXchange is a platform that can pay your bills on your behalf, either through a single click on your part or through linking your business bank account to the software platform. Then, AvidXchange will take care of the ACH transfer from your business bank account to a trust account operated by AvidXchange.

After this, AvidXchange will complete the entire payment process for you, making this one of the top digital payment companies. AvidXchange also automatically records the payment in your accounting software program. This whole process will make it easier for you to access the information you need to balance your books and make sure that everything is up to date. You can also take a look at the digital record of the payment in your AvidXchange account. This is particularly important when you are trying to pay your bills at the end of the year. If you are looking for a way to reconcile your payments without sacrificing either speed or accuracy, then you need to take advantage of the features available through AvidXchange.

All things considered,AvidXchange is a program that will make sure your bills are paid on time without taking so much time and effort on your part. For instance, if you need to keep your vendors and suppliers happy, then you’ll want to use payment methods that they accept. This is not something that you have to worry about when using AvidXchange, as the network already has a long list of preferred payment methods that will be used automatically. So instead of having to go out and make this happen on your own, you can rely on AvidXchange and its programs to do all of this for you. All things told, this will make it easier for you to streamline your invoice processing.

Payment Processing Meaning

If you are taking a look at online payment processors, though, then you may also be wondering about what the standard payment processing meaning is. Here it might be helpful to take a look at a payment process example. On the one hand, it is critical for you to make sure that you pay your vendors on time, while on the other, you also need to make sure that your bills are accurate. Therefore, you are probably going to process each invoice carefully using your accounts payable team. You need to take a look at the items you are being charged for on that specific invoice, so that you can make sure that you actually requested and used these items.
After this, you need to approve the invoice payment request. That way, your account payable team can pay your bills on time. Of course, you also need to make sure that you can pay your vendors and suppliers using a payment method they actually accept. Depending on what that might be, this can be another obstacle you have to overcome.

Because there are a lot of issues you need to address with each invoice, it could take a while for you to process each document manually. This is why there are a lot of companies that have decided to go with an automated payment system instead. And, if you are looking for a platform that can take care of this for you, then using AvidXchange can be the way to go.

Online Payment Processing

Ultimately, there are a lot of benefits you will enjoy if you decide to use online payment processing from the best online payment platform. However, you might still be wondering: what does payment status processed mean? Here, keep in mind that this is a term that is usually reserved for processing payments. If a payment has been marked as processed, that usually means that the platform has received and prepared to pay the payment. It may take some time for it to be reflected in your account, but it does mean the payment has been received. So, how does this existing process work if you decide to rely on the automation features available through AvidXchange?

The short answer is that it will definitely still work! After you approve the invoice, AvidXchange will automatically process the payment. You can also take a look at all the invoices on your unique dashboard through AvidXchange. All things considered, AvidXchange can pay your suppliers for you so that you do not have to worry about this part of the process. You can also receive updates on your payment status through the app or dashboard, which will let you know when your vendors and suppliers are paid. This is an important step that you need to follow. Even though AvidXchange will automate this process for you, you still need to stay up-to-date on everything that is happening. That way, you can better manage your working relationships with vendors and suppliers.

Payment Processing Software

If you are looking for payment processing software, then you need to find a software program that is appropriate for your industry. For example, you might be looking for payment processing software for banks. Here, one of the best online payment software programs for the financial industry is AvidXchange. Right now, one in four banks in the United States are already AvidXchange customers.

For one thing, AvidXchange allows banks to automate their invoice processing and payment steps. For another, there are a lot of regulations that financial institutions have to follow, so it is important for banks to make sure they use a program that is going to help them stay in compliance – which AvidXchange can do.

In addition, banks already have some of the most complicated invoice processing steps imaginable. Therefore, it can be a challenge for them to do a lot of this manually. Fortunately, there are a number of features made available through AvidXchange that can make this process much easier. For example, there are internal controls that allow banks to reduce the risk of fraud, let employees work remotely, and scale their services as they need, all while maintaining the levels of security needed for finance. These are just a few of the many reasons why some of the biggest banks in the United States have decided to partner with AvidXchange.

Cheapest Online Payment Processing

If you are trying to find ways for your business to process payments more easily, then you may be looking at payment organizations, trying to find the best payment system to meet your needs. However, even though you might be looking for the cheapest online payment processing system, it is still important for you to make sure that your business is protected. A lot of the cheap and free programs you’ll find available simply cannot provide you with security controls that will protect your confidential information. Therefore, if you want to save time without sacrificing the quality of your services, then you should go with AvidXchange.

AvidXchange is a platform that can automate a lot of the processes that your account payable team might still manage by hand. Even when there is a lot of paperwork involved in the accounts payable process, AvidXchange offers features that can automate most of this process for you. That way, you can save time and reduce your overhead expenses in multiple ways. For one thing, you will not have to worry about many office supplies and related expenses, like printers, copiers, ink, and paper. In fact, you can switch to a paperless process that will help you save time and money alike. You also won’t have to worry about storing so many paper copies securely.

Finally, AvidXchange’s offerings utilize machine learning that can make it easier for you to back and approve your invoices online. As the program learns your preferences, the whole process will only get faster. That means you can save even more time, allowing your employees to focus on other areas of the business instead. So if you want to stay one step ahead of your competitors, then you need to take care of your vendors and suppliers. This means using a program such as AvidXchange that can make it easier for you to pay your bills on time.

With all these benefits on offer, consider putting AvidXchange to work for you.

We use cookies to improve your experience, personalize content and analyze our website’s performance. For more information on how we collect and use this information, please review our privacy policy.