If a company still manages its payments to suppliers manually, ensuring that suppliers are paid on time and according to their needs could be a stressful task. One mistake can delay a supplier payment, which could potentially hurt the relationship between the company and its suppliers. Errors aside, a company that relies on traditional methods to pay its suppliers could be putting itself at risk of losing more than its reputation due to financial fraud.
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There are online payment solutions companies can adopt so they can possibly eliminate errors and strengthen their relationships with suppliers. These solutions could also streamline the payment process as a whole, which could in turn mitigate fraud risk.
Delayed payments and check fraud are just a few problems accounts payable teams may face when they manually process their supplier payments. The time and money required to complete such processes manually could ultimately affect a company’s bottom line.
The average accounts payable team takes twelve minutes to manually process an invoice by hand, costing their company $22 from start to finish—and that is the cost of just one invoice. An online payment solution like AvidXchange could help accounts payable staff cut that twelve-minute processing time down to as little as two minutes and reduce the physical cost by 50 percent.
AvidXchange could offer accounts payable teams an online payment solution that can possibly reduce the amount of time and money that it takes to ensure that suppliers are paid on time. Online payment solutions like AvidXchange could also offer companies 24/7 visibility into their invoices. Fewer payment errors may be one benefit to using such a platform. When inputting data into the system manually, data-entry errors could potentially occur. An online payment solution could potentially reduce the risk of such errors from occurring in the first place.
AvidXchange could help solve accounts payable problems by using optical character recognition (OCR) to convert invoices into digital formats. This technology allows invoices to be securely scanned and routed to the appropriate people for approval. A platform like AvidXchange can help produce effective results for middle-market businesses.
Despite the popularity of digital payment methods, some middle-market companies may be reluctant to adopt an electronic solution for paying their bills to their suppliers. They might worry that sensitive supplier information may be exposed, potentially putting them at risk of fraud. They may also worry that a digital solution could not be integrated with the system they already have in place, forcing them to completely learn how to navigate a new way of completing accounts payable.
Companies can complete bill payments using different payment methods, including some of the most popular online payment methods, when they pay through the AvidXchange platform. Suppliers may also prefer to accept bill payments via different methods. AvidXchange offers both sides several types of online payment methods. These online payment methods include Mastercard, AvidPay Direct, or checks.
By offering several payment methods, AvidXchange can help pay suppliers the way they want to receive payment. The best online payment methods could ideally allow middle-market companies to ensure that their suppliers are paid on time and can be paid according to their preferences. Such online payment solutions could also take into account that there are different payment methods for businesses and that no two suppliers may be the ame. Presently, AvidXchange has a robust network of over 700,000 suppliers. This network could help ensure that suppliers can be paid according to their preferences.
The best online payment methods could offer companies numerous ways to pay their suppliers. Not every supplier can accept the same form of payment, and one supplier may vary from the next in this regard. Effective online payment services can provide payment options so businesses do not have to be concerned with how they pay their suppliers. On the other side, suppliers could feel more assured that they will be paid on time according to their preferences.
Payment services examples include Automated Clearing House (ACH), virtual credit cards (VCCs), and e-wallets. ACH is a payment method where money is digitally transferred from one bank account to another. VCCs are single-use credit cards that customers can create when they log into their bank accounts. E-wallets let customers enter their credit-card information into an app and pay with the touch of a screen wherever such payment is accepted. These payment services are usually common throughout different industries.
AvidXchange features the AvidPay network. This payment services network has over 700,000 suppliers in their supplier network. This means that over 700,000 bill payment preferences are integrated into AvidXchange’s automation platform. That way, accounts payable teams may not have to worry about how suppliers will want to accept payments. A list of online payment methods include AvidXchange’s own enhanced direct-deposit option, AvidPay Direct. Suppliers can receive payments within three business days of payment approval. Transactions are monitored for fraud. Invoice payment services like AvidPay can give companies peace of mind by automating the payment process so that accounts payable teams can ensure suppliers get paid on time according to their preferences.
Businesses might find it advantageous to use the services of a payment solutions company like AvidXchange. That way, they may be able to bolster the efficiency of paying suppliers while also potentially reducing costly errors. Online payment companies can help accounts payable departments enhance and streamline their invoicing workflow.
Digital payment companies could offer accounts payable teams software that allows invoices to be scanned into a system where the AP team can then track them while also ensuring that they are sent to the proper person for approval. AP staff could also be able to quickly move invoices through the payment process, possibly expediting payments to their suppliers.
Online payment service providers could also give accounts payable teams control and visibility into all transactions. Monitoring transactions can help them to catch mistakes and other irregularities, hastening any corrections or other actions that need to be made in order to rectify these situations. These issues could result in late payments, which could weaken relationships with suppliers as a result. A company that pays its suppliers late on a regular basis could risk losing the trust of that supplier. If this becomes a regular occurrence, suppliers in general may become reluctant to partake in business with such a company.
AvidXchange could replace manual invoicing and bill payment. Companies might find that automating their accounts payable procedures saves them time and money in the long term. Adopting such a solution could reduce expenses, especially those associated with heavy loads of paperwork, such as the cost of postage, envelopes, and paper check processing.
Many middle-market companies may be able to benefit from adopting an online payment solution. Managing invoices and ensuring that suppliers are paid electronically could save money, as businesses may not have to devote so much of their budget to expenses such as stamps, envelopes, and check printing.
Online payment systems could help assist with this transition. Companies that employ an electronic payment system can see a cost savings of nearly 50 percent. This figure may include reductions in physical supplies and labor costs. Invoicing via online payment systems can potentially reduce a company’s expenses.
Online bills payment solutions could help companies that wish to utilize remote workers as well. This is because cloud-based platforms can securely store all invoices and payment information electronically. At the same time, accounts payable teams may access information via the cloud-based system at any time of day. Some platforms offer fraud protection for e-payments and checks, which may lower the chances of criminal activity adversely affecting a company. Opting for an online payment solution could also help decrease the amount of paper that needs to be processed and stored, not to mention increasing data security by allowing for one centralized platform to access invoice and payment information. Companies of all sizes can research invoice payment options online and find the one that best fits their needs.
Middle-market companies may take into consideration many different factors when selecting an online payment software solution. Some may want to find online payment apps to help ease the payment process to suppliers. While AvidXchange does not offer a phone app, we do provide a dashboard that can be accessed twenty-four hours a day, seven days a week from any location where there is an internet connection available.
AvidXchange could also help accounts payable teams pay their companies’ bills via digital payment methods. Suppliers may differ in the payment methods they prefer. AvidXchange could take these differences into account, thanks to a network of over 700,000 suppliers. AvidXchange could ensure that suppliers are paid according to their preferences.
Accessibility and flexibility are two traits that many accounts payable teams may seek from an online payment platform. An accounts payable team can oversee the statuses of invoices from either a desktop computer or an electronic device, thanks to AvidXchange’s cloud-based system. Approving, submitting, and monitoring digital payments to suppliers can be done via this platform any time of day, any day of the week. As long as the user has an active internet connection, they can use AvidXchange’s suite of online tools to improve and maintain their accounts payable workflow. This practice can ensure that suppliers get paid on time while also taking their payment needs into account.