Make and receive secure and convenient electronic payments using a solution trusted by 475,000+ member businesses.
“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
It's mission critical for your accounts payable and accounts receivable teams to work together with their counterparts in other organizations to ensure smooth processes, better visibility, and enhanced security for both parties. How do you get there?
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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