Paper-based billing has decreased over the past few years as paperless alternatives have risen in popularity. Some of these alternatives even allow for credit card payments to be made. A fair amount of the largest payment processors and the biggest fintech companies have capitalized on this shift by accommodating a variety of payment types. There can be many factors at play that distinguish the worst credit card processing companies from the best.
At the end of the day, business departments like accounts payable take interest in automated bill payment software because it could reduce a great deal of the workload taken on by accounts payable, thereby simplifying processes within the business overall. By implementing a new automated bill payment system, middle-market companies often find themselves not only running more efficiently but spending less money on the process overall. It is for this reason that your company could potentially save money in the long run by investing in automated bill payment technology now.
The capabilities of some automated bill payment software options go far beyond that of simply sending payments electronically. An automated bill payment system can give accounts payable team members the opportunity to not just process payments but review and approve them. This bird’s eye view of the accounts payable workflow allows team members to track payments more easily and keep everyone on the same page using centralized information.
Payment Processing Companies List
As you begin or continue your search for a bill payment solution for your middle-market company’s accounts payable department, the payment processing companies list, or the set of service provider options available, can be difficult to parse. Most people will likely be interested in acquiring services from the top payment processing companies in the industry. Before comparing the strengths and weaknesses of the largest payment processing companies, you may want to consider your expectations first.
What are you looking for in a payment processing business? It may be helpful to write up a list of specific traits or features you would like to focus on as you compare online payment processing companies. For example, perhaps you are hesitant to invest in a new system because you are unsure as to how compatible it will be with your current accounting system. In this circumstance, you may find that one of your priorities is to select a service provider whose software can be easily integrated with your existing accounting system.
AvidPay, the software service offered by AvidXchange, has over 225 integrations with some of the most common accounting systems. This could be a viable option if your accounting system can be accommodated so it can remain intact.
Top Digital Payment Companies
What are the top 100 fintech companies? More specifically, what are the top digital payment companies? While exact rankings may vary depending on the source you decide to consult, the top fintech companies likely share a few lucrative benefits. Comparing the benefits and features offered by these top payment companies may be another way you could narrow your choices until you find a service provider that is right for your team.
The efficiency and savings that automated bill payment systems facilitate have already been established, as well as the potential importance of integration capabilities, so what are some other useful benefits? One is related to risk. Beyond just reducing costs, AvidPay also reduces the likelihood of financial security breaches by leveraging e-payment options.
Additionally, AvidPay offers increased visibility of online records, which simplifies the reporting and auditing processes. These records live within AvidXchange’s cloud-based platform; since important documents are accessible through the cloud, this means that your accounts payable team can also work remotely with 24/7 online access to the platform. With these ideas in mind, you may want to reference your list to see if any of your priorities for an automated bill payment system were related to enhanced security, remote access, and so on.
Top Payment Processors
At this point, you may feel more comfortable or familiar with the top payment processors available. You may also have a more solidified understanding of the specific payment processing services you and your accounts payable team are looking for. As a bonus, you may even have already taken note of a few payment processing companies that have stood out to you based on the information presented here.
Once you have a handle on some of the benefits and features offered by different online payment processing companies, you may feel that you are ready to hypothetically whittle down your options to one or two of your preferred service providers. At this point, you may be interested in moving toward analyzing the finer details. This could be an opportunity for you to consider the unique qualities these providers have, qualities that go beyond basic efficiency or cost savings.
AvidPay is backed or trusted by a vast network of over 825,000 in-network suppliers. With such an extensive network, you may find that one or more of your suppliers are familiar with the variety of products and services offered by AvidXchange. The ease of transition into an automated bill payment system could be a potential perk of this option.
What is Payment Software?
What is payment software? What is online payment software? These are likely familiar questions or concepts by now. Most people want the best, and this does not exclude a desire for the best payment software. When deciding upon which payment software company is right for your middle-market accounts payable team, you may find the choice easy or difficult. The pressure to choose the “best” can be heavy.
One tip that may be useful is to devote more focus to not only the industry you are in but the specific needs of your accounts payable team. Since AvidXchange supports so many integrations with the most common accounting systems used today, you could potentially experience an easier transition phase from paper-based billing to paperless billing. If you have doubts about whether your accounting system is compatible, there are ways to find the answer. You can see a list of all of AvidXchange’s integrations specifically here.
If integration is feasible, you can focus more on what software like AvidPay could do for your business rather than whether AvidXchange can be used in your workplace. Aside from paperless billing and a huge supplier network, AvidPay also gives you the option to create custom workflows. These workflows can be visible virtually anytime and anywhere.
Best Payment System
While some service providers within the payment processing business may be similar, the largest payment processing companies differ, in some sense, when it comes to specific features or perks. The best ACH payment processing or best payment system, in general, can vary based on company needs, so here the company will be narrowed down to being in the middle market. However, there are no one-size-fits-all top payment processing companies in the payment processing industry for middle-market companies.
Even though there is no clear answer, there are different factors or benefits of online payment processing companies that you may want to keep in mind while you explore automated bill payment software for your accounts payable team. If your goal is to reduce the hard costs associated with check printing, buying envelopes, etc., then an automated bill payment system may be helpful for you. In the same vein, you may be looking for something that will make business operations more efficient. An automated bill payment system could speed up the process of reviewing, coding, and approving payments in exchange for a few clicks.
AvidXchange’s AvidPay could provide your company with the tools to get these results. AvidPay is a payment automation solution designed to cut down processing costs.
Online Payment Methods
As you compare your payment software options and continue your search for the best online payment processing system for your accounts payable team, you may want to confirm that the online payment software you end up choosing is compatible with your current accounting system. A certain option of payment processing software may have all of the features you want, but if it cannot be integrated with your existing accounting system, you may want to reconsider. It may also be useful to consider which online payment methods you want your automated bill payment software to be able to accommodate, if you want it to allow for certain mobile payment options, and so on.
At the end of the day, most automated bill payment systems have a similar goal, which is to provide the technology and tools needed to simplify your business. If you are part of an accounts payable team or are responsible for managing one, AvidXchange’s products—and specifically AvidPay—may be worth looking into further. AvidXchange can offer more than just paperless bill payments; some other benefits include an extensive supplier network and a cloud-based platform. The platform allows your data to be centralized, more visible, and easier to manage.