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Paymode-X Payment Network For Vendors

Receive electronic payments and remittance information to streamline receivables, reduce DSO and improve visibility to cash. Easily collaborate and exchange information with customers with the secure online portal.

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Anchor: Overview

The Challenge

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.

Our Solution

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.

Anchor: Resources

White Paper

How Electronic Payments Ensure You DSO (Don’t Sacrifice Opportunity)

Brochure

Paymode-X: Premium Benefits Guide

Datasheet

Paymode-X: Premium Invoice Delivery

Anchor: Benefits

Benefits

  • Rich remittance detail distributed via email, thru the portal or uploaded directly into your financial system
  • Payment tracker showing a snapshot of all currently scheduled payments
  • Ability to request the status of a payment not yet submitted to Paymode-X
  • Email notification prior to payment receipt – indicating that a payment is on its way
  • Intuitive graphical views of payment history to assist with cash forecasting and reconciliation
  • The ability to electronically send, track and trace invoices helping to reduce DSO
corporate customers
Anchor: Functionality
cloud based payment

Functionality

Paymode-X is a cloud-based payment network that delivers prompt, secure electronic payment information to more than 365,000 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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Customer Testimonials

"Our vendors have been pleased because they have been getting priority in terms of the payment process. They've also received the benefit of electronic remittance information."
Allyson Hicks, Director of Finance, Wentworth-Douglass Hospital
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