The Paymode-X Pulse helps you stay current on industry best practices and insights, as well as tips to maximize the benefits of your Paymode-X membership.
Embracing the Possibilities for Accounts Receivable
We don’t have to tell you the world is changing. With remote processes becoming necessary, fraud rising in frequency and complexity, and traditional payment types becoming more challenging, you already know how much work is ahead. What might get lost in all the fear and hard work involved with those changes is that they also present opportunities.
In this infographic, we will share some of the truths of this new accounts receivable landscape, and some of the ways you can use Paymode-X and your own team to find a better way forward for all your AR processes.
Cyber-Security Best Practices: Don't Fall Victim to Fraud
More than likely your organization, or one you know of, has fallen victim to cybercrime, leading to damaged reputations and strained customer relationships that can be difficult to repair. In fact, over 50% of respondents to the Strategic Treasurer’s 2020 Treasury Fraud & Controls survey reported that their organization has been a victim of fraud. This reiterates the importance of staying informed about fraud, how it can impact your business, and what you can do to protect your organization.
According to Strategic Treasurer’s report, 82% of respondents experienced some form of BEC fraud in the past year, with 15% showing a loss of funds as a result. Furthermore, 21% reported attempted ransomware attacks with a 5% loss of funds.
So, what can your organization do to prevent fraud? Find out the three security best practices to keep in mind for preventing fraud in the digital age.
User Tips for Business Continuity
In these challenging times, we’d like to reassure you that you have Paymode-X’s support. We are committed to ensuring our solution and services remain available, responsive and helpful to your business, no matter what happens.
This guide highlights steps you can take to ensure your AP and AR operations are as streamlined and secure as possible. In addition:
- Paymode-X is always securely available from any location. Take a moment to update your permissions and ensure your vital staff can monitor payment status, send invoices, and other critical tasks.
- The solution can help you gain real-time visibility into payments and cash flow via reports easily accessible from your account.
- New payers may be waiting to pay you, so take advantage of more opportunities to automate your receivables by checking your payer acceptance screen and clicking approve on any outstanding requests.
EXPANDING YOUR MEMBERSHIP
- If you're looking to expand your membership to make electronic AP payments, please contact us at firstname.lastname@example.org
- We have a range of capabilities including invoice automation, B2C payments, and more, which may provide additional value amid remote work and beyond. Please contact us if you’d like to learn more.
MEET YOUR PAYMODE-X TEAM
Paymode-X General Manager
Tom Dolan became Paymode-X’s General Manager for many reasons, but familiarity and opportunity topped the list. Dolan has spent his entire career working with companies like yours with a focus on cybersecurity and saw the chance to bring that expertise to bear to a company and solution he says is “maniacally focused” on protecting customers from fraud.
“We are trusted by customers and banks we serve, and it’s because, within Paymode-X, we’ve done a great job of mitigating payment fraud. We haven’t had a fraudulent payment in over two years, and we stopped 15 fraudulent enrollments just in the last month. This is a program we’re going to continue to invest in and grow to ensure it remains secure.”
While cybersecurity remains priority number one for Bottomline and companies like yours, Dolan is also committed to ensuring Paymode-X makes life easier for accounts receivable and accounts payable departments alike. That means a strong focus on expanding options for the way vendors like you get paid in the short term, as well as enhanced automation, ERP integration and single stream payment processing in the months and years ahead.
In the spring, vendors should expect to see expanded automation and reporting offerings, including self-service augmentations that will make Paymode-X easier and more seamless to use.
“We’re thinking strategically about how we can integrate cash application and collections into the future of the solution,” Dolan said, “And I’m excited to be able to work with our team to bring that value to our vendors and payers.”
Control your payments on the go
To access the app, Upgrade your Membership to Premium and log in with your Paymode-X account credentials.