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Resources   /   Glossary

Payment Processing Software

Today’s society is continually proceeding towards a more digital world. The continued digitization of communication, media, and commerce platforms has caused many businesses to adapt and adopt online presences as well. As society continues to push towards a more digitized world, however, important areas of business are requiring more complex systems—for example, the rise of e-commerce in many industries.

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As more complex systems of commerce become a societal norm, many businesses are finding themselves needing to continuously adopt new and more advanced technologies in order to stay competitive. The rise of e-commerce has helped many businesses streamline and simplify their marketing processes and continually embrace new trends and consumer-centric advertisement strategies. But many businesses are finding it difficult to keep up with the level of complexity their financial departments are taking on.

As the popularity of e-commerce continues to rise, businesses are finding it necessary to partner with payment software companies like AvidXchange in order to keep up with the large quantities of invoices and supplier payments that they need to stay on top of. There are many different accounts payable software companies on the market today because of how valuable they are to businesses needing to simplify and optimize their accounts payable processes. While many of these companies may offer similar services, there are a variety of features and tools that some companies offer and some do not. For example, one accounts payable software company, like AvidXchange, might accept ACH payments, while another company might not.

Regardless of the method that your company uses to manage its accounts payable, utilizing an accounts payable automation software like AvidXchange can help you streamline and simplify your AP process so that you can be sure you are paying your suppliers quickly and securely. Instituting a better and more efficient AP process can also help boost your business’s relationship with your suppliers by making sure that they are always paid promptly, securely, and in their preferred method—electronically.

Online Payment Services

As many businesses continue to expand and grow their online presence, they can find themselves in need of more complex and comprehensive payment services in order to keep on top of their accounts payable. This is where online payment software like AvidXchange can come into play. With online business payment services, your business can create simple and streamlined payment systems that make sure your suppliers are paid promptly and securely.

While there are many different online payment services available in the market today—due to the continuing demand for them—it can be difficult to find the best service for your business. When you are looking to utilize an online payment software, it can be best to start by looking at the tools and features offered by the best online payment services. Doing this can help you determine which features are common among the best service providers, as well as determine which features may be most important to your business. For example, an accounts payable automation software solution like AvidXchange can provide your business with an incredibly effective and simple online automated bill payment system that lets you make all of your payments online. Additionally, with AvidPay, you can reduce the costs of bill processing and create custom workflows with 24/7 visibility so that you can make sure your payments are going just where they need to be going.

Payment Processing Software for Banks

While the rest of society continues to advance into more digital means of payment and commerce, it can be especially difficult for banks and financial institutions to ensure their AP processes are running smoothly and efficiently. Because banks and other financial service providers tend to have much more in-depth and complicated AP processes than other businesses, it can be extremely difficult for these types of businesses to find effective payment processing products and services that can actually help them improve their AP processes.

This is where a company like AvidXchange, whose products are made for mid-to-large-sized businesses that often have much more complicated AP processes, can come in handy. While many payment processing projects or solutions may be able to help simplify AP processes that do not have to handle frequent and large quantities of invoices and payments, a solution that is built for complex AP processes, like AvidXchange, can help to simplify even the most complex AP processes. This is why one out of every four banks in the US today uses AvidXchange’s automated AP software solution. AvidXchange’s software can help banks and other financial service providers—even those with the largest and most complex AP processes—take back the valuable time that is wasted processing their accounts payable and provide them with a suite of scalable and effective AP software solutions. This can help them increase their overall efficiency, reduce mistakes and errors, and gain better overall visibility and control of their AP processes.

Best Payment Processing Software

Determining the best payment processing software for your business can seem like a daunting task—especially if your current AP processing system still uses traditional paper methods. Additionally, the number of bill payment software services that are available on the market today can make choosing the best one for you difficult. However, when you are determining the best payment processing software for your company, you first need to ask, “What is payment processing software, exactly?”

Payment processing software is essentially a tool that can automatically handle all of the transactions that have to occur for your suppliers to receive their payments on time. Basically, this software can help your business pay your bills without worrying about any costly manual data-entry errors or having to pay late fees for missed payments. So, when you are trying to find the best payment processing project or software, you may want to opt for a service that not only provides you with the tools you need to streamline your AP process but also automates that process so that you can be sure your payments are made on time and accurately—which will keep your suppliers happy.

Payment Processing Software Companies

Once you have answered the question, “What is payment processing software?” it may be time for you to find a software company that can provide you with the AP process aid that you need to have a more effective and efficient AP process. With the number of online payment processing companies on the market today, however, it can be difficult for businesses to find the right fit for them. When you are searching for the best payment processing software for your company, it can be helpful to first look at the top payment processing companies.

Once you have studied their features, you can create a payment processing companies list that contains the companies that offer the most important features for your business. For example, looking at some of the largest payment processing companies, you may note that they offer automation services to help ensure that your suppliers are paid promptly and securely and reduce the risk of manual data-entry mistakes that can end up costing your company money. Or you might note that a service like AvidXchange allows you to implement their customizable AP automation solution while not having to completely overhaul your current AP processing system. In other words, AvidXchange’s software doesn’t replace your existing software but can instead integrate with over 210 other widely used accounting software systems, so you do not have to worry about learning a completely new system.

Payment Management Software

Good payment management software can be the key to an effective and successful accounts payable process. Without a good invoice and billing software system, accounts payable teams can quickly be overwhelmed by the amount of time and effort needed to manually process your business’s accounts payable. This is why finding and implementing a payment management software solution such as AvidXchange can be so important to the overall success of your business.

Because your AP team is responsible for making sure that your suppliers are paid accurately and on time, it is incredibly important that they are is provided with the resources they need to make sure that they can do their jobs effectively and efficiently. An accounts payable software solution—especially one that offers secure ACH payment services—can be an incredible help in aiding your AP team. Solutions like AvidXchange can help not only give back valuable time that would otherwise be wasted manually inputting data but also reduce the overall cost of your business’s AP process.

Best Payment System

Finding the best online payment processing system for your business can be an involved and complicated process, but the benefits of having a great payment processing system can be absolutely essential to maintaining a successful business. As the world of commerce continues to evolve, however, it is important to make sure that your payment system allows for many different forms of payment—for example, accommodating ACH and mobile payment options.

The top payment systems on the market today can offer you a great variety of features, such as customization and a single dashboard where you can easily manage your business’s AP process. An accounts payable automation software solution like AvidXchange can offer you automation solutions for your entire AP process so that you can be sure that your AP process is optimized and streamlined from purchase order to bill payment.

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