Here's why Paymode-X is the invoice-to-pay automation software used by leading manufacturers, healthcare companies, higher education institutions and many others.
1. Improves B2B payments security
When you trust your vendor payments to Paymode-X, you’re protected by built-in security that is also used by some of the world’s largest banks. This proprietary software (sold by Bottomline) validates vendors against 300 data points and blocks suspicious activity. No other AP automation company has the same monitoring tools in place. That's how Paymode-X processes $400B in payments a year without any instances of fraud.
2. Converts more AP spend into digital payments
Paymode-X is the largest B2B electronic payment network, with 550,000+ vendors accepting virtual card and ACH payments. On average, our customers report that 50% of their vendors are already in the Paymode-X network when they go live with our payments software. Plus, we add north of 3,000 new vendors a month to our electronic payments network.
3. Provides real value to your vendors
We know your vendors are critical to your business, so we constantly innovate our vendor portal and offerings to keep them happy. In fact, Paymode-X has a 97% retention rate because of all the vendor perks it offers, including multiple formats for remittance data and customizable reporting.
4. Doubles your rebate opportunity
You’ll earn more rebates using Paymode-X for vendor payments as we offer multiple payment types to give both your business and your vendors choices. Two of these generate significant rebates back to you: virtual card and Premium ACH (which functions like ACH but offers a rebate). Plus, Paymode-X offers a higher rebate percentage on ACH and virtual card payments than most other payment networks.
5. Enables collaboration across teams
Using a shared view of data, Paymode-X gives you 100% visibility into all invoices and payments. That means your whole team will see where invoices and payments stand within a secure portal. This ensures that everyone – including your vendors – can be on the same page. All they have to do is log in to view critical data. Vendors can even use the same login for multiple customers.
6. Speeds up check payments
It would be great if all B2B payments were made electronically, but we know that’s not always possible because some vendors still insist on checks. For these situations, Paymode-X offers outsourced check payment options that will mail your check payments the next business day instead of holding the funds, as many competitors do.
7. Scales easily
Should you acquire more companies or change ERPs, Paymode-X grows with you. It integrates with any ERP, so your accounting data syncs automatically. In addition, we make connecting to your system of record simple and seamless, no matter how many acquisitions or changes you go through.
8. Works with your other virtual card programs
We understand that you may already have a payments program with your bank. Keep existing card programs in place and expand it with Paymode-X payments automation. You'll add more vendors who can receive electronic payments, automating more of your processes and improving your payments security.
9. Helps you eliminate late payments and fees
Our AP automation solution enables you to process and pay invoices faster. Invoices are captured by Paymode-X electronically and coded using AI and machine learning. Early pay discounts can be realized, as your electronic payments arrive far faster than paper checks.
10. Gives you peace of mind
Paymode-X is part of Bottomline, a global company that enables banks and corporations to pay and get paid. As a result, Paymode-X has access to innovations, resources, and technology to make B2B payments faster, more secure, and visible throughout the invoice-to-pay process.
