Many of your key customers and industry peers are already exchanging electronic payments, including virtual card and ACH payments, using the 500,000+ member Paymode-X network.
Continue reading or download the guide to learn more.
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.
Paymode-X Membership Benefits
Cash Application and Digital Remittance Details
Decrease DSO with Premium Invoice Capabilities
Network Advertising and Increasing New Business
Network Fee Billing Options
Improve cash management and customer relationships with one electronic payment solution.
Paymode-X Premium membership benefits
Payment tracker
Access to audited payment detail 24x7
Payment notification via email 24 hours prior to receipt
Mitigation of risk of payment fraud, account takeover and email compromise
Ability to update account information online
Voice-enabled mobile app for easy access to payment information
Request payment status online
"My Payers" functionality to track and trend your largest customers
Searchable graphical and list views of payment data
Vendor Spotlight - Advertise with Paymode-X
Vendor Connect - enables Payers in the network to find your business
Rich remittance detail in a format of your choice (Excel, CSV, CTX, XML, BAI.v2, 835, email or custom AR file)
Ability to submit invoices electronically, track status and prioritize customer follow-up by invoice age or amount
Ability to easily share critical documents such as a W-8 and W-9 with your customers via the portal
How Paymode-X works
CTX - apply cash faster with remittance your way
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.
Benefits of CTX
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
WHY Paymode-X?
Apply cash faster with remittance your way.
Accounts receivable (AR) file
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
Email remittance
For organizations that prefer a simpler remittance delivery option, detailed email remittance can be sent 24 hours prior to receipt of payment.
Collections strategy
Reduce days sales outstanding (DSO) with Premium Invoice Delivery
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:
Check that every invoice has been successfully delivered within a secure portal
Identify incorrect email addresses to improve data quality and document delivery
Quickly and effectively resolve document delivery issues without IT assistance
Contact customers who have not actioned the document before the payment due date
Monitor customer behavior to help identify trends and proactively follow up
Focus on high-value invoices
How Paymode-X protects your organization
Here are some of the ways we maintain a secure electronic payment network for all members.
Prevent account takeovers and unauthorized account changes
The network is protected by layered multi-factor authentication and device fingerprinting technology, ensuring accounts are protected if your credentials are compromised and keeping critical bank account changes away from fraudsters.
We eliminate the risk associated with sharing your bank account information, as Paymode-X holds this information in a highly encrypted and secure network that adapts with frequently evolving standards to block security threats.
By providing secure onboarding for your business with cutting-edge digital identity verification methods and manual expert reviews, Paymode-X thwarts business identity theft and fraud attempts by imposters on an ongoing basis.
With high-level security features including warning bands, padlock icons, positive pay, control numbers, and invisible fibers, Paymode-X ensures the checks you're receiving from customers are legitimate.
Network fee billing options
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.
Direct Debit
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.
Deduct from payment
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.
