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Accounts Payable Managers and other financial executives know that receiving paper invoices and making payments by check is highly inefficient, labor-intensive, time-consuming and expensive. The vast majority of finance professionals recognize that converting paper to electronic transactions would greatly streamline payables operations and substantially reduce costs.
For most organizations, however, the conversion process is daunting, with obstacles such as contacting vendors and other payees for their consent, obtaining and maintaining payee bank information, and delivering remittance detail electronically in specified payee formats. These steps combined with the payables system changes required to support the program result is an effort that few organizations have the resources to handle.
The paper-to-electronic payment migration does not have to be this difficult. PayMode® is an easy-to-implement and cost-effective B2B settlement solution delivered via Software-as-a-Service. Buyers and suppliers enroll in the PayMode network to make or receive payments from any other members. 80,000 businesses have already joined the PayMode network (on average, 1 in 3 of a new client’s payees are already enrolled). Bottomline helps you onboard the rest of your strategic trading partners —just provide us with a vendor list. In a matter of weeks, the efficiencies and cost-savings of an electronic payment system will be evident.
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