Overview

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 with a modular solution.

More than 150,000 companies already make and receive secure payments as Paymode-X network members. And, after seeing that 30 to 50 percent of their strategic vendors are already in the network, a tremendous number of new companies join Paymode-X each day.

With Paymode-X, the old arguments against electronic payments and invoices no longer apply. Unlike the traditional ACH model, Paymode-X includes wrap-around services: a dedicated on-boarding manager will enroll and authenticate your vendors and Paymode-X handles Notices of Change and payment returns at no charge. 

Delivered as a highly secure, Web-based solution (no hardware to install, no lengthy implementation, no IT headache), the Paymode-X integrates with your existing system and allows desktop access for authenticated users.

Automation of the order-to-pay process has never been easier.

History

Paymode-X, what is now the world’s largest and fastest-growing settlement network for business, 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.
• Make it easy by enrolling vendors on behalf of the payer
• Provide support every step of the way

More than 150,000 and Counting

Bottomline’s vendor on-boarding program has progressed to the point where new payers are able to convert 30–40 percent of payments to strategic vendors to electronic on day one. The number jumps to 50–70 percent within three to four months, because of Bottomline’s on-boarding efforts on behalf of the payer.

Additionally, because of the team’s attention to vendor needs, vendors find immediate value in Paymode-X. They can receive unlimited electronic remittance detail in whichever format they prefer. There is no need to switch banks—Paymode-X credits and debits to and from any bank.

The network continues to grow.