Accounts payable teams have many options when it comes to payment processing systems. Once they work their way through hurdles of the procure-to-pay process – supply management, vendor selection, requisition, purchase order creation, receiving the shipment, and invoice reconciliation – your team can pay their vendors in a variety of ways.
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Accounts payable teams have many options when it comes to payment processing systems. Once they work their way through hurdles of the procure-to-pay process––supply management, vendor selection, requisition, purchase order creation, receiving the shipment, and invoice reconciliation––your team can pay their vendors in a variety of ways.
This is especially true when it comes to payment processing. The payment process meaning is simple: it refers to the steps involved with ensuring that suppliers receive prompt and accurate payments.
Many companies, especially smaller companies, choose the classic payment option of writing physical checks, while larger or newer companies may opt for electronic payment. Each of these payment options has benefits and drawbacks. There will always be vendors who prefer a physical check over an electronic payment, but the reality is: physical checks are often tough to accomplish at scale. Many companies are looking for a solution that allows them to cater to clients who want physical checks as well as clients who want an electronic payment process, meaning more businesses are looking toward companies like AvidXchange. AvidXchange has been at the forefront of creating systems for accounts payable teams that help create scalable payment systems, without jeopardizing the personalized experience that companies want for their vendors. AvidXchange’s payment processing system allows vendors to choose whether they would like electronic payment or a physical check.
The choice to use AvidXchange for payment processing offers so much more to a company than just promoting supply satisfaction. By choosing AvidXchange, a company is choosing a payment system that could integrate with the company’s existing core accounting software, so that the company will be able to maintain their existing accounts payable process and will make minimal changes while onboarding with AvidXchange.
Furthermore, AvidXchange’s payment processing services are just one way we can offer accounts payable software solutions. Should your company choose to make the investment of using AvidXchange’s platform, you may also have the benefit of using the automated invoice processing software that AvidXchange has to offer.
As mentioned above, there are many different payment methods for businesses when it comes to paying vendors or suppliers. Of course you could simply pay them by mailing a check, but that method is swiftly becoming the least popular in a long list of payment methods. More and more companies are opting to use online payment methods instead. Online payment processing is becoming more and more popular for a variety of reasons.
First, online payment is more secure than traditional payment methods. When you are working with payment processing companies like AvidXchange, your company can rest assured that payments are moving directly from your accounts payable team to your vendors in a more secure way. Second, online payment options make it much easier for your team to keep track of payment tasks. Rather than forcing your accounts payable team to keep track of piles of invoices, AvidXchange frees your accounts payable team by maintaining a real-time list of all payments that still need to be made. Finally, online payment is simply faster.
Beneath the umbrella of “online payment options” there are many more specific choices that a company has to make when choosing payment options. Whichever option you choose, AvidXchange can be there for you to process those payments.
When it comes to the procure-to-pay process, many accounts payable teams find that they are pulled in different directions by the different steps of the process. Many companies don’t automate steps of the process and spend valuable employee time on repetitive and mundane tasks. Instead of using your time on data entry tasks or paper filing systems, see what you can automate using an automated platform such as AvidXchange.
Keep in mind, using different systems within the different steps of the procure-to-pay process can slow the payment process flow and lead to miscommunications, lost data, and careless errors. AvidXchange has created a novel solution to this issue by creating a comprehensive automated payment management software that tracks and automates every step of the procure-to-pay process and helps limit errors that can come with breaking up the payment system into different workflows.
When your company switches to AvidXchange for their payment management, your accounts payable department could manage invoice approval and bill payments through a single dashboard. This innovation allows teams to tell from a single glance where each transaction is in the procure-to-pay process. By freeing your accounts payable team from the task of remembering where each transaction needs to go next, you allow them to innovate and look at the bigger picture.
If you are a small business owner, then efficiency is your top priority because you likely do not have any spare resources. If payment processing software can help companies work more efficiently, should people use payment processing software for small businesses like your own. You may be wondering, “is AvidXchange a good fit for my business?” The short answer, unfortunately, no. AvidXchange was designed to serve middle-market companies with more complex invoicing and payment processes. Payment processing for small businesses needs to be inexpensive and simple. Although online payment software for small business is something that exists, the best online payment platform for small business is software designed for a smaller scale.
AvidXchange is built for specific industries that have more complex accounts payable processes. Fortunately, you don’t have to limit your business’s growth with the initial software you invest in. Let’s say you decide to use QuickBooks as your accounting software while your company is small. That software may work well for your small business, but as the business grows, your payment process becomes more complex. As your process becomes more complex, you could decide to bring AvidXchange onboard to manage your payment process. AvidXchange is optimized to work alongside accounting software like QuickBooks so that your team can use the accounts payable software from AvidXchange in conjunction with your existing QuickBooks account.
When most people think about innovations in payment and payment processing software companies, they think about the innovations that are changing how business gets done every day. There are new ways to automate tasks and boost the efficiency of your accounts payable team. Accounting tech has made exciting changes in the past several years.
It is easier and quicker for companies to pay each other for services rendered than ever before. Payment processing is a swiftly-growing industry within the software development world. There are many more payment processing companies than there were just a decade ago. This is largely because new technologies are constantly popping up from different sectors and inspiring developers to apply these technologies to the payment processing business. For example, the development of optical character recognition (OCR) technologies—technologies that scan handwritten or typed documents and transform them into digital text—was predicted to be used mostly for medical purposes.
However, one of the earliest practical uses for OCR technology was to use it for converting handwritten invoices into digital text for easy analysis and invoice processing. Similar innovations like these are what power AvidXchange forward, and you can take advantage of technology now to automate invoice processing on the AvidXchange platform. We have always tried exploring new technologies in payment processing to help our customers.
As you can see by now, there are many options when it comes to payment processing software, and each of these payment processing platforms has different strengths. While some companies cater to smaller businesses, helping them to deal with simple payment process steps, companies like AvidXchange are optimized to support companies with more complex payment processes. Payment processing software can serve one step in the procure-to-pay process, or provide a wraparound solution for the entire process. For companies that need one software to streamline their procedure-to-pay process, AvidXchange can find vendors, manage vendor relationships, receive invoices, make the invoice reconciliation process smooth and seamless, and finally process payments.
For companies who have systems or software that they already use for some of the steps in the process, AvidXchange can step in and lend a hand wherever we are needed. As AvidXchange’s invoice processing software is optimized to work collaboratively with accounting software like QuickBooks, it should be easier for your team to integrate AvidXchange into any step in the procure-to-pay process. Another benefit of using AvidXchange is access to our service team. We are committed to providing customer service you might need during your company onboarding with AvidXchange, and we may be able to help with other requests if they arise after getting established with our platform.
In the banking industry, your priorities may be reducing costs and reducing the risk of fraud. With AvidXchange, you can make our platform fit your existing accounts payable process. Using our private-cloud, you can worry less about security and you can access your work anytime and anywhere. By switching to e-payments using AvidXchange, you can also reduce your risk for fraud.
The banking industry is known for very complicated accounts payable processes, and AvidXchange can help. AvidXchange’s payment process example is particularly suited to companies with complex invoicing processes. The banking industry is an example of an industry where AvidXchange can make an impact with our accounts payable platform. With one in four banks in the United States using AvidXchange for accounts payable, you may get the sense that our customers agree.
AvidXchange can attribute some of its popularity within the banking industry because we recognize that every business has slightly different invoicing needs, and we have been committed to fitting our software in with the existing processes of our clients. Payment processing software for banks also needs to be incredibly reliable, and we know that our reliability is another reason that our software has become popular in the banking industry. Banks know that our software is not very susceptible to dangerous human errors that can plague accounts payable and hurt the credibility of institutions.