Why pay vendors with virtual card? What benefits do vendors receive when you pay them via ACH?
Understand how joining Paymode and making payments can be streamlined effectively to help you build better relationships with this informative, brief infographic highlighting the benefits and core functionality of each payment type we offer.
Virtual Card
Virtual card payments are hyper-secure and provide rebates to payers, and are widely accepted by vendors who also gain access to improved remittance and Paymode AR tools through that acceptance.
Payers
- Secured against fraud and usable through your vendor’s existing card processing solution
- Robust vendor authentication, eliminating need for you to hold vendor bank account information
- Monthly rebate based on card spend volume, offsetting costs of other payment types
Vendors
- Reduce DSO and better manage working capital with efficient processing
- Rich remittance detail in the format of your choice allows for easy, flexible cash application
- Gain access to host of high-end AR tools, including enhanced reporting and automation
Premium ACH
Payers realize rebates, both parties enjoy the benefits of paying and being paid through the secure Paymode network, and vendors enhance remittance and access accounts receivable tools.
Payers
- Protected against fraud with unique vendor ID number and secure storage of vendor bank account information
- Robust vendor authentication, OFAC checks and account validation
- Provides monthly rebate based on ACH spend volume, offsetting costs of other payment types
Vendors
- Reduce DSO and better manage working capital with efficient processing
- Enhanced remittance detail in the format of your choice for easy, flexible cash application
- Gain access to host of high-end AR tools, including enhanced reporting and automation
International Payments
Gain access to a safe, effective and easy way for businesses to pay international vendors. The offering provides support for payees across 53 countries and 26 currencies.
Payers
- Securely and efficiently pay vendors any supported country and currency
- Bring domestic and international payments into one integrated process
Vendors
- Can be paid securely in the currency and format of their choice
Directed Check
Automate the drawdown of funds from your financial institution by sending a single file and your bank will receive a positive pay file, while vendors receive familiar check payments. Access customized templates that allow you to add signatures, logos and more.
Payers
- Securely and efficiently pay vendors for a small per transaction fee
Vendors
- No change to familiar check payment processes
Managed Check
Automate the drawdown of funds from Paymode's financial institution by sending a single file and receiving remittance at your preferred cadence to your ERP, while vendors receive familiar check payments. Access customized templates that allow you to add signatures, logos and more.
Payers
- Securely and efficiently pay vendors for a small per transaction fee
- Protected against fraud with vendor OFAC checks
Vendors
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No change to familiar check payment processes
