What’s the difference between full-service and self-managed payments?

What’s the difference between full-service and self-managed payments?

Intacct’s best-in-class cloud ERP solution, the only one the AICPA acknowledges as the preferred provider of financial applications brings you the functional depth to automate complex processes and deliver the insights your organization needs. And it’s the only solution that’s built to connect with other best-in-class applications, like AvidXchange’s AP and Payment Automation solution.

What makes a best-in-class solution?

Best-in-class solutions are solutions that create great experiences for users. AvidXchange believes that a great experience is a combination of software and service. They have been developing solutions for over 17 years, and what really sets them apart are the service teams they have available to create a very supported experience for the software. Their payment application facilitates 100% of payments with a full-service solution that eliminates manual tasks associated with processing payments, which reduces processing costs, on average, by 60%. The software application enables your company to pay a batch of invoices, or a single invoice, with the click of a button with the same controls you have in place today. The application is integrated with Intacct so that Intacct remains your system of record. Within the application, you have 24/7 access to the status of payments. You can see if they are in process or complete, and, once complete, you can see the method in which they were paid.

On the service side, once a payment has been submitted, AvidXchange does all the heavy lifting for you. Their service teams contact all suppliers to verify and update their information, identify their accepted payment types, and also perform due diligence on any outstanding payments to get them resolved quickly. As a result of the service teams reaching out to all suppliers, customers experience an average supplier conversion to electronic payments of 45%. Part of this success rate is also due to the fact that AvidXchange has different payment methods available, such as virtual card and enhanced ACH.

There are other companies that are also integrated with Intacct, but the options they provide are self-managed. This means that you’ll have to do outreach to every one of your suppliers to see what payment types they accept. That’s a lot of time spent on supplier management. Additionally, your company is responsible for maintaining and housing the supplier data, which is a huge liability. Also, with the full-service option, there is an established payment timeline for all transactions, which mitigates float. With self-managed options, it can take up to four days for an ACH payment to post after the money is drafted from your account.

Your company is only 45 days away from a completely paperless AP and payment process, with a proven and easy implementation model for AP and payment automation. AvidXchange’s dedicated implementation specialists will ensure that your transition is easy and that you’re fully automated in 45 days or less. Learn more about AvidXchange.