Finance executives are tasked with reducing costs, streamlining processes, turning AP into a profit center and scaling for business growth. But legacy ERP systems, paper-intensive processes, and manual workarounds aren’t up to the challenge. Forward-thinking leaders are increasingly turning to payments networks to extend their existing technology into the digital future of electronic transactions.
By joining the Paymode-X payment network, organizations of all sizes connect to other members who have streamlined their payments and receivables processes, boosted productivity and reaped cost savings.
Payers use Paymode-X to make electronic payments, mitigate fraud risk, reduce paper and labor-intensive processes, and earn cash rebates. Paymode-X's proprietary Intelligent Engagement methodology takes the burden of Vendor ACH enrollment and bank account maintenance off of the AP staff, and drives the ultimate in electronic payment adoption and cash rebates.
Vendors enjoy an easy-to-use system that empowers them to manage their online payment profile, provides better visibility to upcoming payments and delivers detailed remittance advice that enhances receivables processing.
Benefits for Payers:
- Convert costly, fraud-prone paper checks to secure ACH payments
- Leverage the Paymode-X network and rely on Paymode-X to enroll and support new vendors, reducing the burden on AP staff
- Eliminate the risk of validating and storing Vendor bank account details
- Satisfy Vendor requests for electronic payments and detailed remittance
- Earn cash rebates on ACH spend
Benefits for Vendors:
- Receive fast, secure electronic payments instead of paper checks
- Get detailed remittance in a variety of formats
- Maintain bank account information within the secure Paymode-X portal, and keep details hidden from Payer view
- Electronically exchange key business documentation with clients including W-9s and insurance documentation
- Monitor, track, and report on payments and trading relationships