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Vendors the world over are grappling with the costs of slow, manual processes and limited remittance detail, and they're not willing to wait around and hope things get better on their own.
One water purification vendor discovered that replacing their existing processes with something better and more efficient was as simple as enrolling in Paymode-X.
“The remittance we get from Paymode-X is the clearest and most specific I’ve ever seen. One of our customers is a local area city. They have our water coolers in many of their departments, spanning more than 50 locations.
We appreciate that they pay us through Paymode-X because we can easily see invoice number, city department and other key details needed to correctly apply the payment.”
– AR Coordinator
WPV’s accounts receivable (AR) department is responsible for applying payments from customers for their water cooler rentals. Monthly billing for these rentals translates into about 90% of the company’s revenue being recurring payments. Before joning Paymode-X WPV received a mix of 70% check, 20% ACH and 10% card payments from its customers. With the majority of these payments coming in without adequate remittance details, applying payments manually can be time-consuming and error prone as employees must match a payment up to the correct account, invoice number and billing cycle. Check-based payments require WPV to go to the bank to make deposits, adding time into the cash application process.
A valued and strategic customer requested that the company enroll in the Paymode-X electronic payment network to receive ACH payments. Paymode-X is a payments network with 450,000+ members enrolled. Payers can send ACH and virtual card payments and remittance details to enrolled vendors through a secure portal, making the transfer of funds fast and efficient with full visibility into the audit trail. WPV found it easy to enroll in Paymode-X and use the service. Once enrolled, the AR team discovered that nearly 30 of their biggest accounts were already enrolled as payers in the network and could begin receiving payments through Paymode-X immediately. This was a win for WPV given their increased focus on reducing paper payments and invoices.
“A payment made through Paymode-X is always in our account one day after I receive the confirmation. I don’t have to guess whether it will be three days or four days, and I don’t need to make a trip to the bank to deposit a check. The availability of funds is a big benefit.”Source: AR Coordinator
In this webinar, Bottomline's Jill McFarland and Melissa Mikulski reviewed the ways accounts receivable teams are being challenged and offered compelling, straightforward advice on how to ensure you're hitting your KPIs this year. This forward-looking presentation is now available as a recording, with the ability to download the presentation for further review.
Getting paid remains as essential today as it was a millennia ago. It’s just that how you get paid is changing, and those changes offer opportunities that have never existed for accounts receivable before. Explore those opportunities with Paymode-X.
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