Make and receive secure and convenient electronic payments using a solution trusted by 550,000+ member businesses.
Paymode-X gives you the flexibility to receive electronic remittance in your preferred format, plus an array of valuable features to make managing receivables and collaborating with customers easier through a payment network.
The Paymode-X network is a crucial resource for receiving electronic payments, learn all the ins and outs of the payment network for receiving payments.
Improve cash management and customer relationships with one electronic payment solution.
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-X membership, you are able to eliminate errors and reduce time associated with manual identification and posting of payments. Paymode-X 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.
Enables easier payment reconciliation
Facilitates automatic payment positioning to an open invoice or account number
Enables auto loading of your company's bank file into your AR system
Improves cash forecasting
Eliminates trips to the bank for deposit drop-off
Mitigates risk of check fraud
Lessens the environmental impact of paper
Reduces processing costs
Paymode-X 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-X builds and delivers it electronically. Paymode-X offers Accounts Receivable 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 can be delivered daily, monthly or yearly according to your preference.
Benefits of a Paymode-X Accounts Receivable (AR) File
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.
Premium Invoice Delivery capabilities within your Premium Paymode-X 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 better, more secure collections strategy
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:
Here are some of the ways we maintain a secure electronic payment network for all members.
To benefit from the features of a Premium Paymode-X membership, a nominal network use fee is assessed against each payment received. Paymode-X offers two options for the collection of network fees which are outlined below.
The full invoice amount due from your customer will reach your account within 2 business days. This option provides the easiest processing and reconciliation for your company.
One business day prior to the payment being received, you will receive an email notification with remittance detail for the payment.
The month following the payment, on your preset day of choice, Paymode-X will deduct the Network Fee from your specified direct debit bank account.
The invoice amount due from your customer, less the Network Fee, will reach your account within 2 business days.
One business day prior to the payment being received, you will receive an email notification with the remittance detail for the payment.
Paymode-X deducts the Network Fee directly from the incoming payment as it occurs.
Explore these frequently asked questions about Paymode-X, AP Automation, our supplier network and more! Don't see a question you have on the list? Use our chat to speak with a solution expert.
Stop using fraud prone checks and discover how the Paymode-X payment network can help your organization get paid faster while reducing the risk of fraud.
Whether you need to make adjustments to your existing membership or are signing up for the first time, we are here to help.+1 (800) 331 0974
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