Water Purification Vendor (WPV) Customer Success Story

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.