Since the Internet was created in the 1960s, it’s changed people’s lives in different ways, including the way we do business. In the past businesses used to be brick-and-mortar and served locals only.
Now, thanks to the Internet, businesses of all sizes and in every corner of the world can reach more audiences. No matter whether they’re small e-commerce stores or big-name companies, they all benefit significantly. They promote their brands, get more international sales, and earn higher profits.
To keep going on the right track, businesses have to diversify their products and services to fit their customers’ needs. This includes getting more vendors, but unfortunately this leads to more complicated payments.
It’s overwhelming to manage multiple vendor profiles and ensure that everything works out 100%, especially when it comes to the payment process. That’s when payment software management comes in.
Payment management software allows businesses to manage their payment more effectively. In this article we’ll learn more about payment software management and how it works. We’ll also look at reviews of the four most popular software that every business must know in 2021.
What is payment management software?
Payment management software are applications and/or programs designed to help a business deal with its payments. Payment management software automates payments; therefore it’s also known as payables automation software. Payment management software lets you know which bills need to be paid, whether they’re one-time bills or recurring invoices, and how much to pay.
If you’re a small company that only has a dozen vendor, of course it’s possible to process all payments manually on time and precisely. Yet imagine you’re a big company that has a long list of vendors; it’s impossible to handle the payment process manually. That’s when you reach out for a tool that will get you through the process seamlessly.
You can even schedule the payments so that you can pay on time or in advance. If you control the timing of payments it’ll reduce additional fees for payments that need to arrive to suppliers as fast as possible. You can also ensure that there are no overdue payments.
With payment management software, everything is done with just a few clicks. Such payables automation software takes care of tasks that are often done manually, which are time-consuming and inconvenient, and turns them into automatically completed steps. It also increases payment security and reduces payment oversight.
What features does payment management software have?
Payment management software is offered by various providers and offers a range of benefits. However, there are key features that every payment management software always includes.
You can generate and track any payment for customers by using such software.
First, you customize a board and input all relevant data such as invoice number, vendor, due date, payment amount, and so on. Once you receive a bill from a vendor, you fill in each blank to complete an on-demand payment. The software allows you to track every step of the process until it’s completed. This allows you to double-check all information you input at every stage.
Invoices and transactions storage
Invoices and transactions are all important documents related to payment management. Therefore they should be stored in a safe, accessible place. But keeping paper documents on-site leads to risks including fire, a poor work environment, and even theft.
That’s when effective payment management software comes in. Digitizing and storing documents on the cloud is much safer than keeping them in a file cabinet.
Payment management software allows you to manage outgoing/incoming invoices, and to record payments made or received. More to the point, it provides visibility into pending transactions or payments that are due, which allows you to avoid missing anything or having unexpected withdrawals from business accounts.
Reporting is an essential feature that every software should have, and payment management software is no exception. An effective payment management software collects and analyzes data, and then creates clean, easy-to-understand reports.
A report interface is so important because then every relevant party in the business can understand the main points clearly. This allows businesses to have a complete picture of the outgoing cash flow. Knowing the current situation, businesses can make more precise decisions.
Four popular payment management software in 2021
When choosing a payment management software, it’s important to consider more than just the price of the services. Here we’ll look at the three most recommended software for all businesses.
What is Bill.Com?
Bill.com provides payment management software that streamlines your business payables automation. The software developed by Bill.com promises to reduce data entry and human error by leveraging AI and machine learning.
Bill.com is committed to helping you spend 50% less time on your accounts payable process.
What do people like about Bill.com?
Many users claim that Bill.com is easy to use and set up, according to G2. Bill.com simplifies your payment process in 4 steps. From entering your bill to completing a payment, the process takes just a few minutes.
What industry is Bill.com for?
Businesses of all sizes use Bill.com, but mostly small and mid-sized companies. This software is especially prevalent in the accounting, non-profit organization management, and computer software industries.
What is Sage Intacct?
The Sage Intacct is a system that includes accounting, cash management, purchasing, vendor management, financial consolidation, and so much more.
The company vision is to transform your business strategy and processes with an Intelligent GL (General Ledger), slash your close time by half, and accelerate finance team productivity by 40% or more.
What do people like about Sage Intacct?
According to user ratings, Sage Intacct is user-friendly software because it’s easy to use and has great customer support. Sage Intacct is a comprehensive system that has so many different functions. You can use it for many different projects easily.
What industry is Sage Intacct for?
Sage Intacct is favored by businesses of all sizes in many industries, ranging from non-profit organization management to hospital and health care.
What is Stampli?
Stampli is a complete accounts payable automation (AP automation) platform that brings together accounts payable communications, documentation, corporate cards, and payments all in one place.
It claims to be the only AP Automation software that centers communications on top of the invoice so that the AP team collaborates better with approvers, vendors, and anyone involved with purchases to quickly resolve issues and questions, which results in 5x faster approvals.
What do people like about Stampli?
Stampli users have rated the software much higher than average in terms of being easy to use, simple to set up, and having excellent customer support.
What industry is Stampli for?
Stampli is used by businesses of any industry due to its awesome service. Small and mid-sized companies claim that Stampli is the ideal software solution for them.
What is Stripe?
Stripe is one of the biggest payment platforms with a $35.3 billion valuation. It embraces APIs technology (Application Programming Interface) that accepts many payment methods and moves money globally.
Stripe provides a fully integrated payment suite and aims at building the payment infrastructure for the Internet.
What do people like about Stripe?
Stripe is the best payment management platform for online businesses or any businesses that want to scale globally. The software supports 135+ currencies and dozens of payment methods, allowing customers to pay with their preferred payment option and improve conversion.
What industry is Stripe for?
Stripe claims that millions of companies of all sizes, from startups to Fortune 500s, are using their software. Big-name organizations such as Google, Amazon, and Unicef are all Stripe’s patrons.
A large population of Stripe customers is SaaS companies. These companies use Stripe to process payments from their recurring customers automatically. But before Stripe can jump in and collect payments, SaaS companies first have to spin the wheel by sending invoices to bulk customers. This tedious task, unfortunately, isn’t supported by Stripe service.
If you’re seeking a solution, we recommend trying out AccountDock. AccountDock supports Stripe account users and allows them to send receipt notification emails to more than 5,000 paying customers. Integrate AccountDock with Stripe to complete your payment processing cycle!
The Bottom Line
Payment management software reduce the heavy workload of payment processing. Knowing how they work and the key features of the various software options allows businesses to make the right purchase decision about which one works for them.