10 Ways Paymode is Better Than Other AP Automation Solutions

1) Converts more AP spend into digital payments

Paymode is the largest B2B electronic payment network, with 635,000+ vendors accepting virtual card and ACH payments.

The average customer reports that about 50% of their vendors are already in the Paymode network when they go live with Bottomline’s payables automation software. This translates to a significant number of your payments being automated on day one – and a near immediate reduction in that stack of checks that need to be signed, sealed, and sent.

We also add around 3,000 new vendors every month to our electronic payments network, thanks to our continuous vendor enrollment.

2) Improves security of invoices and payments

When you trust your vendor payments to Bottomline, you’re protected by built-in security that is also used by some of the world’s largest banks. This proprietary software validates vendors against 300+ data points and blocks suspicious activity. No other AP automation company has the same caliber of monitoring tools in place.

Plus, Bottomline helps mitigate the risk of invoice fraud. Its AP Automation solution automatically identifies potentially fraudulent invoices through risk scoring, custom business rules, and supervised machine learning. Every invoice also has a full online audit trail that shows every activity, status update, and user comment

3) Provides real value to vendors

We know vendors are critical in keeping your business humming, so we constantly innovate our vendor portal and offerings to keep vendors happy. In fact, the Paymode network has a 97% retention rate because of all the vendor perks it offers, including multiple formats for remittance data and customizable reporting.

Vendors also appreciate receiving virtual card and ACH payments through Paymode, since they arrive faster than paper checks and can help improve cash flow. Multiple payment options to choose from don’t hurt, either.

"Receiving payments using Paymode is much better than waiting for a paper check."

- Lance Hullet, CEO, Northside Services of Faribault, LLC

5) Enables collaboration - even with distributed teams

Your whole team can see where invoices and payments stand simply by logging in to the secure Paymode portal. This means every stakeholder can be on the same page, regardless of whether you’re centralized, de-centralized, remote, or hybrid. Vendors get a shared view of data in their own secure portal and can use one login to transact with multiple customers.

Bottomline’s AP Automation integrates with top ERPs/GLs across industries.

6) Speeds up check payments (if there's still a need for them)

It would be great if all B2B payments could be made electronically, but we know that’s not always possible because some vendors still insist on checks. Instead of writing those checks in-house, let us do it on your behalf.

Just include check payments in your regular payment file exported from your ERP and send to Bottomline. We’ll mail all check payments the next business day, which will help protect your vendor relationships. We never hold on to your funds, as some AP automation providers do.

7) Combines all payment types into a single workflow

With Bottomline, you can take care of payments to consumers in the same place as your vendor payments. No more disparate systems for different payment types – and all the inefficiencies and costs that come with them.

Group all payment types into one single file from your ERP, send it to Bottomline, and we’ll take care of issuing the various payment types for you.

One file for all payment types - including B2B and B2C

8) Works with existing card programs

We know you probably already have card programs in place with your bank that are working well, and that you want to keep your banking relationships intact.

You can retain any existing payment process and simply add on Bottomline’s Paymode network and payment methods. By doing so, you’ll automate more of your processes, strengthen vendor relationships, and improve your payments security.