Accounts Payable Payments are essential for businesses and organizations of all sizes. It refers to payments made by an organization or individual for goods or services received from suppliers, vendors, or other third-party entities. In essence, it is the process of settling outstanding debts in a timely and accurate manner. This can involve anything from settling invoices on time to issuing prompt payment of overdue amounts. With the help of accounts payable payment systems, businesses have the tools they need to better manage their finances and maintain good relationships with their creditors and vendors.