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What is payment software? Payment software is a payment management solution that allows organizations to send and receive payments automatically for optimized workflows.
Utilizing automated payment software has numerous advantages. Automated payment software connects with a company’s ERP or accounting system to accept payments. This will make payment collection easier and eliminate the time-consuming and error-prone manual procedure of marking invoices as paid as soon as payments are received. Payment automation software can enable companies to collect and send payments more quickly.
Payments that can be transferred electronically are the best payment options for online businesses, from growing companies to major corporations. The key is to select a dependable payment platform that will help firms gain greater visibility into their accounts payable operations while also integrating seamlessly with their existing workflows.
AvidXchange has over 220 integrations with industry-leading accounting systems and may be used in conjunction with your existing ERP and accounting software. This means your entire system of record can remain intact, and your teams can continue to use the enterprise applications they are most accustomed to.
By using AvidXchange, a cloud-based accounts payable automation and payment software, companies can go paperless and adopt electronic billing and payment practices. This can help reduce their incurred expenses and increase their cash flow.
As a full-service payment automation option, AvidXchange allows businesses to set up recurring billing to accept repeat payments by automatically charging customers over a preset time period. AvidXchange also enables invoice submission through email and electronic payments via the AvidPay Network.
While it might be tempting to automatically go for the largest payment processing companies, some of the biggest service providers may also have the highest security compliance costs and the most expensive hardware fees.
A solid payment processing system is essential for online merchants to stay competitive in a digital market and keep things running efficiently. Before deciding on which online payment processing companies to partner with, it may be helpful to understand how online payment processing works and its importance to the growth of your business.
The process starts when a customer makes an e-commerce purchase using a debit or credit card and enters their payment information into a checkout form. A payment gateway then encrypts and captures transaction information, such as the card number and the amount of the sale. The payment gateway sends payment information from the customer to the acquiring bank or the merchant’s bank. Payment processing companies handle payments on your behalf and provide you with a merchant account. Payment processing companies can address issues such as card restrictions, card validity, and insufficient funding, among others.
The acquiring bank then forwards the transaction data to the issuing shopper’s bank or credit card issuer for approval. The transaction authorization is then transmitted back to the payment gateway, and the merchant and consumer are notified whether or not the transaction was approved. Transaction approval depends on the availability of funds or credit, the validity of the card, and other factors.
On the checkout page, the buyer receives confirmation of whether the transaction was successful or not, while the merchant is notified to fulfill the shopping order via a message service called instant payment notification. The issuing bank then sends the funds to the acquiring bank, which then deposits them in the merchant’s account.
When it comes to payment processing software for banks, AvidXchange can connect banking clients to its AvidPay Network through its integration with BankTEL, which provides accounting solutions to more than 20 percent of US banks. This integration means that BankTEL clients can have access to AvidPay Network, comprising more than 700,000 suppliers, to complete their accounts payable process through electronic payments.
While wire transactions are speedier and usually processed on the same day, ACH payments are free of charge and considered more secure. ACH transfers include return codes, which are triggered when an ACH payment is not processed or is reversed. Generally speaking, ACH payment processing companies allow you to accept ACH payments instantly. When selecting payment processors, it is advisable to go with providers such as AvidXchange, which can provide not only ACH payment services but also support different payment methods. Having a variety of payment choices can help boost client satisfaction. Simply put, the more payment options you can provide your customers, the more likely it is that they will complete a purchase.
Companies using the AvidXchange platform to pay bills can use a variety of payment options. Additionally, suppliers may opt to accept bill payments using various online payment methods based on their preferences. AvidXchange accepts a variety of online payment methods, including Mastercard, checks, and AvidPay Direct, AvidXchange’s enhanced ACH direct-deposit option.
When choosing payment processing companies, the largest payment processors may not necessarily provide the best online payment system for your business. Other processing companies may even create terms of service that give them permission to share your data with third parties without your prior knowledge. In addition, the largest payment processors may not work directly with your business.
Online payment processing companies do more than collect payments. They also allow businesses to accept various online payment methods, including mobile payment options, and adhere to best practices for online payment security.
AvidXchange, as one of the top payment processors for the middle market, can help businesses process their online payments rapidly and securely. AvidXchange harnesses the power of OCR, or optical character recognition, technology to automate the extraction of invoice information, thus reducing invoicing errors that can cause payment delays. AvidXchange’s invoice routing software employs intelligent business rules to route bills to specific departments or users for approval. AvidXchange’s payment automation features enable accounts payable teams to have better visibility and transparency into their accounts payable process.
Payment processing companies should ideally have a strong card payment processing system as well as digital payment processing systems. You may improve your connections with customers and experience less churn by providing them with several payment options and a seamless online transaction.
It is important to keep in mind that not all payment processing services can meet your needs. Some payment processing software applications, for example, might be difficult to navigate and require expert support. Others may have integration issues with common accounting systems.
AvidXchange has more than 220 integrations between its AP software and widely used accounting and ERP systems such as QuickBooks, SAP Concur, Oracle NetSuite, Dynamics 365, and Sage 500, to name a few. In addition, AvidXchange can match your current approval workflows and integrate with your existing accounting system.
The best payment software, such as AvidXchange, has the flexibility to accept various payment methods for a better customer experience. An invoice automation solution like AvidXchange can help you manage your invoicing process by streamlining tasks such as extracting data from invoices and automatically routing invoices for approval, thus facilitating speedier payments.
Regarding payment processing software for banks, AvidXchange’s AvidSuite for Financial Services is a financial accounting software solution designed specifically for financial services providers such as banks and credit unions. AvidSuite for Financial Services features AvidAscend, a web-based accounting suite that allows accounts payable teams to handle their accounts payable operations electronically. AvidAscend integrates with all core banking systems, allowing you to retain your current system while optimizing your workflows.
AvidXchange, a cloud-based accounts payable and payment processing software solution, helps improve data security. The data stored in the cloud with AvidXchange is encrypted using complex electronic or digital keys, ensuring that only authorized people have access to customer and company information through the platform.
In addition, AvidXchange has a large supplier network that allows you to automate payments to them, including credit card payments. AvidXchange can assist suppliers in making the switch from paper checks to electronic payment methods including virtual credit cards, e-wallets, and AvidPay Direct, which leverages ACH with enhanced information.