Paymode-X is revolutionizing payment and invoice automation. The world’s fastest-growing settlement network helps companies convert from paper to electronic payments and invoices. More than 230,000 companies already make and receive secure payments as Paymode-X network members, with new organizations joining daily.
Paymode-X eliminates traditional obstacles to electronic payment success. A dedicated Vendor on-boarding team enrolls and authenticates Vendors on a Payer’s behalf. They also ensure Vendor bank account information stays up to date and handle Notices of Change and payment returns.
The secure, Software-as-a-Service delivery model means no hardware to install, no lengthy implementation and no IT headache. Paymode-X also works with existing back-office systems and bank accounts.
Converting from checks to ACH payments has never been easier.
Paymode-X grew from an electronic payment technology project piloted by the Financial Services Technology Consortium (FSTC) for the U.S. Treasury in 1998.
When the pilot group was dissolved in 2000, a private corporation was formed that built the Web-based, electronic payment and remittance platform today’s Paymode-X was founded upon. After a period of transition, the product found a home at Bank of America, from which Bottomline Technologies acquired it in the fall of 2009. Although the ownership of Paymode-X has changed, the product has never veered from its course of growth and improvement because of the leadership of its core team.
The foundation of Paymode-X is an electronic payment system that was created to answer a very real need—to reduce payment and processing costs for businesses, banks and the United States government. Subsequently, every element of increased functionality has grown from a tradition of true service and usefulness.
That historical foundation and the commitment of the core Paymode-X team combined with Bottomline’s culture of innovation has positioned the team to introduce the benefits of electronic payments and invoicing to an even wider audience.
Building the Network
Years ago, the Paymode-X team realized that no matter how compelling their product was, there would be limited value to the Payer unless the network of Vendors was large. And there would be no incentive for Vendors to join unless there was real, intrinsic value for them.
The solution was clear:
- Add Vendor value—provide features they cannot access with paper processing or other e-payment providers, such as unlimited electronic remittance detail
- Help Payers achieve results quickly by making implementation easy and enrolling Vendors on their behalf
- Continue to innovate and grow the network