Many accounts receivables departments are tasked with reducing costs, streamlining receivables processes, and ultimately reducing Days Sales Outstanding (DSO). Homegrown accounting systems, paper intensive processes and manual work-arounds aren’t up to the challenge. Payment networks are increasingly becoming the payment method of choice serving as a single source solution bridging the gap and delivering payment details needed in many formats as well as additional value-adds to drive efficiencies.
By joining the Paymode-X payment network, organizations are able to receive electronic payments, mitigate fraud risk, and reduce paper and labor-intensive processes. Vendors leverage a secure, easy-to-use online portal that empowers organizations to manage an online payment profile, provides better visibility to upcoming payments, delivers detailed remittance advice in a variety of ways that enhances receivables processing as well as historical reporting availability to assist with reconciliation. Included in the Paymode-X Premium membership is access to an invoicing platform for creating, sending and tracking invoices to any organizations.
Paymode-X is a cloud-based payment network that delivers prompt, secure electronic payment information to more than 385,000 participating businesses. Paymode-X gives you the flexibility to receive electronic remittance in your preferred format, an array of valuable features to make managing receivables and collaborating with customers easier as well as the peace of mind knowing your banking information is stored securely.
"88 percent of businesses receive remittance data in a format that requires re-keying," according to a survey conducted by the Federal Reserve Bank of Minneapolis and the Remittance Coalition.
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