If you’re looking to set up recurring payments for your business, you might be considering AvidXChange and CoreIntegrator. Both claim to transform your payments system by creating an automatic set up, and significantly reduce the time and costs associated with the recurring billing process.
AvidXChange and CoreIntegrator may seem similar at first glance, but are they?
The goal for this resource is to help you decide which is the best recurring payments software for your company. We’ll share:
- Recurring Payments with CoreIntegrator
- Recurring Payments with AvidXChange
- CoreIntegrator vs AvidXChange
- Who benefits from CoreIntegrator?
- Who benefits from AvidXChange?
If you just want to get straight into a program that works, look no further. Automate your recurring bills by getting set up with CoreIntegrator’s A/P One invoicing solution. Simple, quick and easy!
Recurring Payments with CoreIntegrator
CoreIntegrator is a leading provider of Accounts Payable automation software. The custom-built recurring payments processor in our out-of-the-box solution A/P One is able to totally transform the way that large enterprises and middle market companies work.
Removing the need for manual touchpoints, data entry and back-and-forth approval reminders, A/P One can make dealing with your recurring bills significantly more efficient.
For example, take the Florida-based non-profit, The Children’s Trust. Stephanie Sylvestre, the Chief Programs Officer told us that she wanted to “make her team’s life easier and more productive” by transforming their online payments systems.
So, we worked with Stephanie’s specific requirements, as she called them, “crazy ideas”, to custom-build a new A/P process to make her team’s life easier. And deliver it did, with significant cost savings and instant ROI.
So much so, that Stephanie and The Children’s Trust became one of our 94% of clients that go on to partner with us to automate other business workflows.
How to pay recurring bills (CoreIntegrator)
We find that when most people are making a comparison, it helps to get as much detail as possible. So, here’s a step-by-step guide to paying recurring bills with CoreIntegrator. Later, you’ll find the exact same guide for setting up recurring payments with AvidXChange, so that you can be the judge.
- Log into CoreIntegrator > vendor profile
- Enter the payment details
- Set the payment frequency
- Make the approval rules
Log into CoreIntegrator > vendor profile
As with any payments system, the first step is to log in. Once you’re inside your account in CoreIntgrator’s A/P One software, you’ll head to the section for vendors and find the profile of the supplier you wish to pay.
If the vendor profile is not yet set up, it only takes a few minutes to enter the details. We have a huge focus on security at CoreIntegrator, so can automatically verify the details to ensure that your suppliers are who they say they are. This reduces the risk of payments fraud and gives our customers more confidence when working with new suppliers.
Enter the payment details
Next, it’s time to get into the nitty gritty. You’ll enter details like the amount to be paid, description and choose from the secure payment options.
With our payments solution, your merchants can choose their preferred way to get paid from your bank account. This means they can choose between:
- Wire transfer
- Virtual credit card payments
By choosing what works for them, you build less friction when working with suppliers and can maintain better relationships. And you know what that means… early payment discounts!
Set the payment frequency
Most recurring payments get set up for monthly subscriptions or rent payments. But sometimes, you’ll need to set the automatic payment frequency to settle weekly, or even quarterly recurring bills.
If the recurring payments are based on recurring invoices, once the invoice is received, the relevant information is taken automatically (via cheap and easy data capture technology). But some contracted recurring payments like rent are not invoiced. They simply must be paid. In these instances, A/P One will create a ‘dummy’ invoice for the contracted payment on or before the scheduled due date so that your accounting system will remain perfectly reconciled.
Luckily, you have the ability to set the time frame for payments. So, even if you have a six month contract, for example, you can authorize the payments to stop in six months time. No more forgotten sticky notes or setting reminders in your calendar. Payment schedules including start, frequency, and stop are totally automated.
Make the approval rules
Finally, it’s time to set the approval workflow. This is completely customizable based on the way that your business runs and helps with fraud protection.
Let’s imagine that the CEO must approve invoices of more than $10,000, but anything under can be approved by your VP of Finance. For a $2,000 monthly office rent payment, this bill is automatically sent for approval to your VP of Finance each month. At just a simple click of the mouse, the invoice is then automatically processed and paid.
It’s why managers love invoice approval software. With an all-in-one payment processor, your people have complete visibility over where an invoice sits in the system at all times.
All your records are ready for audit and instead of getting bogged down by daily data entry, your finance department can focus on adding value elsewhere. It’s really that simple!
Paying recurring bills with AvidXChange
AvidXChange offers payments services to middle market companies. Based in North Carolina, the company created its own payment network, called AvidPay. This helps their clients process transactions and pay suppliers and avoid late fees.
With seven offices around the United States, AvidXChange certainly offers an established accounts payable software. But how does the user experience compare to that of CoreIntegrator? Let’s find out.
How to set up recurring payments (AvidXChange)
It’s important to note that we couldn’t find a resource directly related to recurring payments, but that AvidXChange have shared their general invoice to payment process.
Here’s what it looks like:
- Log into AvidXChange > invoice dashboard
- Review the invoice data
- Send the invoice for approval
- Select approved invoice for payment
Log into AvidXChange > Invoice dashboard
The first step to payment processing is by logging into your AvidXChange account.
This system relies on your suppliers emailing their invoices to a personal AvidXChange email address, where the invoice data can be extracted. This is directly comparable to very CoreIntegrator’s automated data capture step.
Review the invoice data
Then, one of your team members will review the invoice data to ensure the automatically-populated sections are correct, and to enter the right coding. You can see where invoice data has been changed in the ‘history’ tab, which might be useful for external auditors.
Send the invoice for approval
Similar to the CoreIntegrator process, you’ll send the invoice to be approved by a predetermined team member. Again, this can depend on the amount. For example, you can send invoices of more than $5,000 to two different senior figures.
Once approved, the invoice syncs with your accounting system. Just like with CoreIntegrator, the AvidXChange software integrates with your current accounting system. So no matter which recurring payments option you choose, your people won’t face hours of training and learning new systems.
Select approved invoice for payment
Next, another team member must send the approved invoices for batch payment before the due date. Here, it’s sent to a payment control center.
PayControl is AvidXChange’s online payment process. Since they created their own payment network, you can pay your bill directly with AvidPay. Alternatively, there are two other payment methods that suppliers can choose from for subscription payments, by check or by mastercard.
CoreIntegrator vs AvidXChange
Here’s a table to show you the similarities and differences between setting up recurring payments with CoreIntegrator and AvidXChange.
|Automated invoice data capture technology|
|Number of payment methods||4||3|
|Dedicated support team|
|Automated supplier verification for security||Unknown|
|Customized approval process|
While on first impression both softwares offer comparable technologies, we think that CoreIntegrator has the edge. Our customers tell us that they love CoreIntegrator’s intuitive and easy to learn and use customer interface.
Plus, by upgrading CoreIntegrator Enterprise, your organization can create totally customized workflows that conform to your existing business process rather than having to change your process to meet the automation solution’s functionality.
Choosing the right recurring payments facilitator for your business
When it gets to the bottom line, these recurring payments software providers are suited to different types of organization.
Who benefits from CoreIntegrator?
While AvidXChange calls out middle market companies, CoreIntegrator works with businesses of all sizes. Our recurring payments software is built to help you become more efficient, with completely scalable features that continue to perform as you grow.
In fact, the more invoices you process, the cheaper it gets.
When you work with CoreIntegrator, you don’t just receive a new software package. Our dedicated support team is available to hold your hand through the process, and provide much-needed guidance into industry-standard best practices. And when it’s time to grow and expand your automation workflows beyond simple invoice processing we’ll be able to customize to your specific requirements.
Finally, at times like these, some businesses will need to operate with a leaner headcount. It’s good to know, then, that we were able to facilitate a 70% reduction in headcount in the AP department at our client Reliant Senior Care.
Who benefits from AvidXChange?
AvidXChange specifically works with middle market companies with its AP automation services. They provide accounts payable services to help these businesses become more efficient and operate effectively.
Of course, the goal for most companies is to scale. So while it can be beneficial to work with a company that knows the current problems you’re facing, would things cripple under pressure if you continued to grow?
If you’ve seen all you need to make an informed decision to automate recurring payments in your business, book a demo with CoreIntegrator.