AvidPay is a payment solution. When combined with AvidInvoice, it automates the accounts payable process — reducing the workload for your accounts payable team by streamlining the inevitable step of processing invoices and paperwork. There are many supplier payment solutions that can reduce the time spent on the accounts payable process. Some companies even make use of online payment apps to process payments to their suppliers. That said, the issue with these other payment solutions is that many of them are not integrated with your accounting system software. This can lead to additional time spent working in multiple platforms that do not share the same information.
With AvidXchange, you may not have to transfer data between platforms because the PO, invoicing and payment process happens on the same platform from start to finish and can integrate with your existing accounting system. AvidXchange’s invoice processing and payment software can be used for as much of the process as your company needs.
This is true even if you already have accounts payable software that handles some of the process. AvidXchange can find its place within your existing workflow. Moreover, AvidXchange is optimized to work side by side with programs like QuickBooks, allowing your team to add new programs to your workflow as needed, without the hassle of completely reworking your existing system or implementing an entirely new one.
Online Payment Methods
The field of online payment methods is rapidly expanding and changing, and with each of these changes, routine payments are becoming swifter and easier. The most popular online payment methods can be split into a few categories, and any list of online payment methods will include services from each of these categories.
That said, the most suitable payment methods for you will depend on a myriad of different factors, perhaps most notably your suppliers’ needs and how they wish to be paid. Some prefer to receive an invoice via online payment methods like PayPal, while others prefer that you utilize a B2B digital payment system.
Regardless of how your suppliers prefer to be paid, the bottom line is that supplier payment solutions are designed to save your accounts payable team time. This is because these electronic payment options are relatively easy to set up, allowing for automation of the most tedious aspects of the accounts payable process. When it comes to receiving payments online, your suppliers can choose from numerous options that fulfill their specific needs.
More specifically, supplier payment solutions like AvidXchange can potentially save you time by allowing you to log in to the system daily, weekly or monthly to pay your bills. If you prefer to employ a more hands-off approach to paying your bills, you can streamline the process by authorizing payments to be made when needed, regardless of frequency. In this case, you do not have to log in from your device to initialize the process.
Vendor Payment Solutions
To distinguish between supplier and vendor payment solutions, it sometimes helps to hear about some payment solution examples at work. If you ever wondered about the exact payment solutions definition, vendor payment solutions are those used to pay for products or services used by a consumer or business. Supplier payment solutions are those used to pay for the raw materials, equipment, labor, and utilities used by a business. Generally speaking both suppliers and vendors are companies that require payment for goods and services. However there are some differences in the payment terms and processes between suppliers and vendors that affect the way payment solutions are built. For a company that pays a vendor, payment is usually made upon delivery or completion of a service. Terms may vary. But they are often based on a net-30 or net-60 agreement for payment upon an invoice being sent. In contrast, payment to a supplier are dictated and written into a contract that specifies the timing and frequency of payment.
The payment services that companies use to pay their suppliers are similar to the ones that individuals use to pay for goods and services all across the web. The distinct difference between such payment services, however, is this: when companies are choosing their supplier payment solution, they are often making a commitment based on their suppliers’ specific needs. Therefore, it is important to choose a strong payment services network.
There are so many options available that it may seem difficult to distinguish one from another. Fortunately, AvidXchange is designed with the goal of helping you pay your suppliers on time according to their specific needs. That way, you do not have to worry about overseeing the bill payment after the invoices have been approved. The reason for this is straightforward: AvidXchange is an integrated, full suite of invoicing software, which means that as soon as you have approved your invoices, your payments are ready to be processed with the click of a button.
Payment Solutions Company
Although payment solutions may sound similar to payment services, in reality, the payment solutions meaning is slightly different. Within many of these payment services companies, there are diverse payment solutions being offered. Payment solutions are different methods of online payment that different payment services companies offer. For example, AvidXchange offers your accounts payable team many different ways of paying suppliers after your company receives the supply shipment or service. Your company can pay suppliers through e-transfer, direct deposit, or a simple mailed check. At AvidXchange, this level of flexibility allows us to stand out as a payment solution company, as we offer many different payment solutions for your suppliers’ diverse needs.
Furthermore, if you choose to use AvidXchange to manage your invoicing process beyond the payment step, there are several other opportunities for personalization. A notable example is the software’s ability to accept many different types of invoices from suppliers. If suppliers want to send a traditional paper invoice with their shipment, our software is prepared to handle that. That said, our software is also capable of extracting data from PDFs and spreadsheets. You can then review the invoice to make sure that the numbers listed there match those listed on the purchase order or receipt.
How To Create a Supplier Payment System
Many companies spend much of their time wondering how to create an online payment system on their own. It seems like it should be simple, especially when taking into account how costly online payment software can be. However, creating an online payment system is actually rather complex. For one of your employees to take the time to create a unique online payment system, you would have to spend a significant amount of time and money to design something to fit your needs.
You might be thinking, “If I figured out how to create an online payment website or an online payment app, I could create a payment system that is specific to the needs of my company. Wouldn’t that be worth the time and money I would invest in it?”
While that may be somewhat true, you cannot necessarily predict how much time you would have to invest in updating your payment system to match the speed of technological advancement.
Fortunately, there is an easier way to create a customized payment system. For example, AvidXchange can allow you to create a customized system, teach you how to request payments online, teach your team how to set up invoice notification, and create a payment system that is accessible and straightforward to use. Once you learn the basics, all you have to do is remember your payment solutions login information.
Best Supplier Payment Methods
When it comes to the best online payment methods for middle-market companies, what most accounts payable teams seek is a solution that will streamline the accounts payable system so that they can focus on other, more important matters. With AvidXchange, our payment systems may be able to do this by allowing accounts payable teams to make their payments promptly, either by logging into the system monthly when payments are due or by authorizing payments to be made via the system.
Invoice payment options online may seem daunting, but they do not have to be. Software may help you set up your online payment systems, integrate that system into your existing accounting software, help with software updates and manage that system as your company changes and grows to meet new demands and customer needs. At AvidXchange, the customer service team may provide tailored guidance and solutions to your company, whether you are processing your first invoices or are just looking for a more efficient way to complete a common task.
Whatever the case, AvidXchange may be able to help you get those bills paid on time to your suppliers so that your accounts payable team can focus on other matters more readily without constantly having to devote time to completing each specific case.
Supplier Payment Companies
Over 965,000 North American suppliers have been paid through the AvidPay Network in the past 5 years. This is what makes us one of the top vendor payment companies. We truly hope that your company will join these 965,000 companies and discover all of the ways that AvidPay can help you.
Although the largest payment processing companies often get more airtime than medium-sized companies like AvidXchange, you can find high customer satisfaction rates. Larger payment software companies often seem too large and anonymous to their customers, to the point that they feel more like an impersonal number and less like a client with unique needs. On the other hand, our customer service teams make an effort to ensure that AvidXchange remains one of the top digital payment companies in terms of meeting the specific needs of our customers.
When it comes to choosing online service providers, AvidXchange may be different from similar online payment service providers in that we prioritize helping you pay your supplier on time in a way that is feasible for both you and them.