A vendor payment system is a software solution that helps businesses to automate and streamline their vendor payment process. This can include tasks such as:
- Receiving and processing vendor invoices
- Matching invoices to purchase orders
- Approving payments
- Making payments to vendors
Vendor payment systems can help businesses to save time and money, and to reduce the risk of errors. They can also help to improve relationships with vendors by ensuring that payments are made on time and in full.
There are a number of different vendor payment systems available, and the best system for a particular business will depend on its specific needs. Some factors to consider when choosing a vendor payment system include:
- The size and complexity of the business’s vendor payment process
- The types of payments that the business needs to make (e.g., domestic, international, wire transfers, etc.)
- The business’s budget
- The level of support that the vendor payment system provider offers
Some of the benefits of using a vendor payment system include:
- Reduced time and costs: Vendor payment systems can help businesses to save time and money by automating the vendor payment process. This can free up employees to focus on other tasks, and it can also help to reduce the risk of errors.
- Improved accuracy and compliance: Vendor payment systems can help businesses to improve the accuracy and compliance of their vendor payments. This is because they can automate tasks such as matching invoices to purchase orders and approving payments.
- Enhanced visibility and control: Vendor payment systems can provide businesses with enhanced visibility and control over their vendor payments. This is because they can track the status of payments and generate reports.
- Improved vendor relationships: Vendor payment systems can help businesses to improve their relationships with vendors by ensuring that payments are made on time and in full. This can lead to better discounts and terms from vendors.
Overall, vendor payment systems can be a valuable tool for businesses of all sizes. By automating the vendor payment process, businesses can save time and money, improve accuracy and compliance, and enhance visibility and control.
There are a number of vendor payments applications available in the market, each with its own unique features and benefits. Some of the most popular vendor payments applications include:
- Bill.com: Bill.com is a cloud-based vendor payments application that helps businesses to automate their entire accounts payable process. It offers features such as electronic invoice processing, invoice approval routing, and online payments.
- Payables.net: Payables.net is another cloud-based vendor payments application that offers a variety of features to help businesses automate their accounts payable process. These features include electronic invoice processing, invoice approval routing, and online payments.
- Expensify: Expensify is a popular expense management application that also offers vendor payments features. It allows businesses to pay vendors directly from the app, and it also offers features such as electronic invoice processing and invoice approval routing.
- Brex: Brex is a corporate card that can also be used to make vendor payments. It offers features such as electronic invoice processing, invoice approval routing, and online payments.
- AtoB: AtoB is a vendor payments application that specializes in making international payments. It offers features such as competitive exchange rates, low fees, and the ability to track payments in real time.
In addition to these vendor payments applications, there are also a number of enterprise resource planning (ERP) systems that offer vendor payments features. Some popular ERP systems that offer vendor payments features include:
- SAP ERP: SAP ERP is a comprehensive ERP system that offers a variety of features, including vendor payments.
- Oracle ERP Cloud: Oracle ERP Cloud is another comprehensive ERP system that offers a variety of features, including vendor payments.
- Microsoft Dynamics 365: Microsoft Dynamics 365 is a suite of business applications that includes an ERP system that offers vendor payments features.
The best vendor payments application for a particular business will depend on its specific needs and requirements. Factors to consider when choosing a vendor payments application include:
- The size and complexity of the business’s vendor payment process
- The types of payments that the business needs to make (e.g., domestic, international, wire transfers, etc.)
- The business’s budget
- The level of support that the vendor payments application provider offers
It is also important to note that some vendor payments applications offer free trials, so businesses can try out the application before they commit to paying for it.