When you pay bills online, you may be able to reduce friction in your payment approval process. Communication is where errors may be commonly made, so it may be best to use a digital platform that can manage your bill payments instead. Accounts payable teams can handle bill payments via one centralized dashboard and login to the system to ensure that payments have been received and are being processed. This in turn may reduce the risk of payments being made late.
With this in mind, AvidXchange’s online bill pay services can allow your company to make fast and secure B2B bill payments to suppliers. We have an expansive supplier network and can create custom workflows for your company using our software. We understand that not all suppliers have the same needs and may require different payment methods. As such, you can automate bill payments using AvidXchange according to your suppliers’ preferences.
Your workflow can have 24/7 visibility into bill payment status and approvals, which means that your accounts payable team can view the statuses of each payment. By using online bill pay services, you could also potentially reduce the bill payment processing costs by eliminating check printing, the cost of envelopes, the cost of postage, and the time spent following up on uncashed checks.
This method of paying bills online could allow you to dedicate time to more important tasks regarding your business. By saving your accounts payable team the time that they would have spent on clerical tasks, they may be able to complete tasks that involve their skill more.
Pay Bills Online With Bank Account
When it comes to paying suppliers, businesses may sometimes find themselves quibbling over the difference between paying bills with checking account vs debit card. In truth, the preferable method may vary from one supplier to the next. That is why AvidXchange offers to automate the bill payment process for you based on the payment methods that most closely match their suppliers’ needs. Some prefer companies to pay bills online with a bank transfer while others opt to accept credit card payments.
If you link your bank account to the software platform, then AvidXchange will send an ACH transfer from your business bank account to an AvidXchange trust account. From there, AvidXchange can complete the payment process on your behalf. Our system could also automatically record the payment in your accounting software. After that, we would file a digital record on your AvidXchange account that will have all the information you need for when the end of the year comes and you need to gather information for reconciliation of payment. This is one way that you can choose to handle payments through AvidXchange.
How to pay bills online with credit card occurs somewhat differently than the process of paying bills online with a bank account. For one, the costs may vary. Nonetheless, suppliers who prefer to be paid via this method will often be able to have that need fulfilled with a solid online bill payment system.
To pay bills online with a bank account or credit card can be a simple and straightforward process with the right online bill pay services. The ultimate goal of such services is to ensure that your payments reach their destination without issue and that security measures are upheld to ensure that all sensitive information remains safe.
Best Way To Pay Bills Online
AvidXchange may be able to help streamline the process of paying bills online. Software can help transactions become more secure, and it can help payments reach their intended suppliers without delay or confusion. The best online bill pay service operates with efficiency of payments as a main priority.
This is also true for the best app to pay bills online.
You will likely be able to pay your bills from anywhere you work with an internet connection. This makes accessibility flexible, so that you can access your accounts payable information when you may need it most. Whether you want to take a look at your bills to view activity or send a payment, the platform allows access around the clock.
Paying bills online through AvidXchange may also be able to cut down on fees and streamline the process of paying bills through one service. Moreover, the most secure way to pay bills online can also often be among the more convenient of choices, which can in turn save the accounts payable team from having to attend to more tedious tasks.
Bill Pay Check
Bill pay service is a service whereby a third-party software or online bill pay check system handles your bill payments. Some suppliers receiving a bill payment may prefer to accept a bill pay paper check, and others would prefer to accept a digital payment. In either case, there are strategies to accommodate the preferences of your suppliers without obstructing your own workflow too much.
In the cases where the recipient would prefer to receive a check, then a paper check can be used. With AvidXchange, you can send a payment file to AvidCreate-A-Check and the AvidPay Network can automatically complete the payment process for you based on your supplier’s preferences.
If your suppliers prefer receiving checks in the mail, AvidXchange will print a check with our check-printing software for you to send in the mail. We work alongside both you and your suppliers to find a solution that works for both parties so the end result is something that you’re both satisfied with. This is how to pay bills by mail in a safe, reliable manner.
You may be able to improve how you pay bills using checks. When your suppliers want to get paid with paper checks, that cost can add up once you deal with a high volume of bill payments. It is not a free bill pay system, but AvidXchange can help cut costs by printing MICR checks on blank check stock so you can lower processing fees.
When you choose to send a payment electronically instead of by mail, you can also potentially reduce risks. You may also be able to improve payment protection by using encrypted digitized signatures.
Automatic Bill Pay Service
Automatic bill pay service completed by AvidXchange can potentially reduce the risk of accounts payable teams overlooking important bills. You can opt for the payments to be made on your behalf if that is the most practical method of payment for your company. Otherwise, you can login to the system and make the payments from one centralized platform. You have control over who completes your bill payments.
Electronic bill pay services may allow your accounts payable team to spend less time on your bill payment process. Moreover, this online bill pay service may be more efficient overall, as the process is automated and generally does not require much manual effort.
With AvidXchange, there is a lot of opportunity to automate bill payments. That is because the electronic system tends to be more streamlined and does not often require perfunctory steps that can potentially delay payments from being processed. Additionally, such online pay services often offer a level of transparency that allows you to monitor the statuses of payment.
With electronic bill pay services, you may be able to save more time in your accounts payable overall. At AvidXchange, our automated service may help you to streamline the process as a whole so that the accounts payable team can focus on other matters.
Disadvantages Of Online Transaction
As with most processes associated with finances in business, there are disadvantages of online transaction. These disadvantages often involve security and accuracy and bill pay problems like the bill pay check not received on the recipient’s end. As such, some suppliers and companies may worry that the disadvantages of digital payment method options outweigh the benefits.
That said, even though such bill pay problems may arise, there may be some practical solutions to consider. You can address these problems with advanced internal control features that may help you ensure that you are meeting your own internal control standards.
At AvidXchange, we also boast a network of over 700,000 suppliers in our AvidPay network. Because we have so many suppliers in our network already, companies may find that they do not have to struggle when it comes to paying their suppliers and finding a viable payment method. You can find help with the bill pay process.
The disadvantages of this digital payment method, though they exist, do not not necessarily mean that paying digitally is not a practical option. With the right software, you can overcome the disadvantages of using online bill payment methods. You could make paying online more secure and efficient so that accounts payable companies can ensure bills are paid on time without any significant trouble. Online bill pay services such as those offered by AvidXchange may be able to provide guidance.
