Your membership gives you the flexibility to receive robust electronic remittance in your preferred format, grants access to tools that allow you to streamline and automate accounts receivable functions and makes collaboration with your customers easier than ever. Your critical bank information is stored securely and every payment from your customers is protected by Paymode, which has processed over $425 billion in payments with no fraud incidents over the past two years.
Paymode offers two digital payment methods that allow you to get paid more quickly than you would by check, with additional fraud prevention capabilities baked in.
Receive secure payments quickly via virtual card. With robust remittance, the ability to easily process the payment via your point of sale system, and a one-time code to prevent the payment from being intercepted or misdirected, virtual card payments from Paymode greatly speed receipt and reconciliation.
CTX, or Corporate Trade Exchange, is commonly referred to as an EDI 820 format and carries several benefits for AR departments.
By enabling CTX functionality on your Paymode membership, you are able to eliminate errors and reduce time associated with manual identification and posting of payments. Paymode can send this format to your bank account to assist in applying incoming payments for easy reconciliation. CTX files contain the information required to auto-post payments and offer detailed remittance data for each payment in the file.
Paymode offers the ability to deliver customized AR files at the time of your choosing. AR files contain detailed payment and remittance information over a predefined time period. You choose the format of the file based on your AR system requirements and Paymode builds and delivers it electronically. Paymode offers format and delivery flexibility. Pipe delimited or comma delimited files are recommended for easy importing into Excel. Or, choose a format most easily imported into your ERP system.
Files are typically delivered on a daily cadence.
Facilitates automatic payment posting straight through to an open invoice
Customizes the file format and delivery schedule
Works with any ERP
Mitigates risk associated with human error
Eliminates soft costs incurred due to manual reconciliation schedules
For organizations that prefer a simpler remittance delivery option, detailed email remittance can be sent 24 hours prior to receipt of payment. This gives you a speedier, simpler path to reconciliation.
Enables you to schedule payment and remittance reporting directly to your inbox, and allows you to choose your preferred file format, frequency and timing. Limit your need to log in to the portal and ensure stakeholders stay in the loop via email. Select whether you’d like reports delivered daily, weekly, or monthly.
Here are some of the ways we maintain a secure electronic payment network for all members.
Premium Invoice Delivery capabilities within your Premium Paymode membership will help you securely manage the delivery, storage and presentation of your invoices. Intelligent analytics give visibility into undelivered and un-actioned invoices that can negatively affect cash flow to help drive real-time decision making and follow-up.
A typical collections strategy revolves around a daily “aged debtor” report which highlights customer invoices that are outside of agreed payment terms. While useful, this approach allows invoices that should have been paid to age unnecessarily thus reducing the likelihood of being paid on time. With Premium Invoice Delivery, your receivables department can drastically improve your collections strategy by ensuring you:
Download the Paymode mobile app to track incoming payments, see new messages, and more using easy voice commands.
To benefit from the features of a Premium Paymode membership, a nominal network fee, will be assessed for each payment received. Paymode offers two options for the collection of these network fees, both of which are outlined below.
