Bottomline Technologies’ Paymode-X Meets Integrated Payables Needs for a Growing Number of Businesses
Growth in New Payer Members Underscores Leading Payment Automation Capabilities
PORTSMOUTH, NH (July 6, 2018) – Bottomline Technologies (NASDAQ: EPAY), a leading provider of financial technology that helps make complex business payments simple, smart, and secure, today announced 46% year-over-year growth in new customers that have joined its Paymode-X network to take advantage of integrated payables capabilities for more efficient, secure, and environmentally-friendly payment processes.
The record-setting number of new Paymode-X customers spans a variety of industries, including healthcare, property management, and manufacturing. The majority of customers signed on to Paymode-X through Bottomline’s bank channel partners, who offer the solution to deepen customer relationships by providing market-leading integrated payables capabilities.
“Integrated payables capabilities are critical to businesses making the transition from fraud-prone, costly paper checks to greener, more streamlined, secure and cost-effective electronic processes,” said Jessica Moran, General Manager, Paymode-X Business Solutions, Bottomline Technologies. “Paymode-X delivers these capabilities uniquely well, as evidenced by our significant year-over-year customer growth.”
According to the 2018 B2B Payments and Working Capital Management Survey conducted by Strategic Treasurer, only 30% of businesses make more than 70% of their payments electronically, reinforcing the fact that the way many businesses approach B2B payments fails to achieve desired automation levels and leaves them with a large remaining stack of paper checks.
Paymode-X is the largest electronic payment network for businesses, providing customers with full payment automation through streamlined integrated payables capabilities. Unlike standalone card or ACH programs with disparate implementations and payment files, Paymode-X offers a simpler approach that enables payers to make card, ACH, check and wire payments to vendors in a single process. Paymode-X manages payment preferences across its 385,000+ member businesses, and leverages intelligent payment optimization to settle transactions using the most beneficial payment type for each trading relationship.
“We are thrilled to welcome a record-setting number of new customers to Paymode-X,” said Moran. “As Paymode-X continues to innovate and become the way business pay and get paid, we look forward to adding additional businesses and their banks to our network.”
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) helps make complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific. For more information visit www.bottomline.com.
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