Make and receive secure and convenient electronic payments using a solution trusted by 550,000+ member businesses.
Many accounts payable departments benefit not only from the tremendous efficiency gains and earned rebates that virtual cards provide, but also from significantly reduced fraud risk. In fact, only 3% of businesses report payment fraud attempts via virtual card, compared to 74% for check and 33% for ACH.
The good news is it’s never too late to incorporate paying your vendors by virtual card into your AP payment mix – and Paymode-X is here to help.
Virtual card transaction value is expected to increase by >350% over the next 5 years.
Checks are the #1 targeted payment method for fraud within B2B payments.
Virtual card payments will exceed $1 trillion this year, resulting in tens of billions of dollars in AP rebates.
Virtual cards are a valuable payment method to include in your overall B2B payables strategy, with benefits for your AP department and your vendors alike. However, it is just one of multiple payment types that your AP team will likely utilize.
It’s no secret that maximizing cost savings and streamlining the AP process means adopting an integrated payment strategy that combines ACH, virtual card, and check payments, as well as business-to-consumer payments – all using a single AP automation solution.
The Paymode-X approach streamlines payment processing and reconciliation and allows you to adopt a flexible PCI-compliant payment strategy that aligns with different use cases, vendor preferences, and global payment needs. You gain the agility to adapt as your business evolves and grows by using Paymode-X.
Paymode-X makes it easy to send virtual card payments to vendors.
Step 1: Your AP staff sends the payment instruction file to Paymode-X.
Step 2: Paymode-X generates a unique 16-digit tokenized virtual card number that can only be charged once for a specific amount. The virtual card is automatically sent to your vendor by email.
Step 3: Your vendor’s AR staff receives the one-time use card number along with rich remittance details and processes the virtual card payment like a standard credit card transaction.
Businesses are missing out on hundreds of thousands of dollars in savings and rebates if they’re not using virtual cards.
How can you save and earn, you ask? Here’s an example:
We are sincere when we say that your vendor relationships matter to us. The Paymode-X team will work with you to define a vendor enablement plan that fits your business culture and makes life easier for your team. We’ll then work on your behalf to recruit and onboard more of your vendors with outreach across phone, email, mail, and social media touchpoints that are in-line with your preferences. With Paymode-X as your business partner, you can be confident that your valued suppliers will be treated with the courtesy and respect they deserve.
Nearly 50% of the vendors you do business with are likely already using Paymode-X to receive payments. As new vendors enroll, on behalf of any trading partner, your business benefits. This means that 40-60% of your checks can convert within 12 months to an electronic payment, which has significant and immediate security and efficiency benefits. The Paymode-X network effect for vendor enrollment leads to more card acceptance and greater rebate potential.
Paymode-X is the largest B2B electronic payment network, with 500,000+ vendors accepting over $275B in virtual card and ACH payments every year, all with zero fraud. Now is the perfect time for you to minimize the burden and risks associated with paper checks by adding virtual card payments and potentially automating your full invoice-to-pay process.
By converting from check to virtual card payments, AP contributes over $500,000 of ROI per year.
Listen in as Bottomline's VP of Product Management Gunita Bindra and Mark Brousseau of Brousseau & Associates talk through how you can convert inefficiency to opportunity and secure AP against payment fraud by modernizing your invoice-to-pay process.
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