Questions:

What if our vendors refuse to share the account information necessary to receive electronic payments?

Many of your Vendors will already be in the Paymode-X network, already set up to receive electronic payments from you. Your Paymode-X onboarding team will reach out to those Vendors who are not yet enrolled to walk them through the benefits of joining and the easy online enrollment process. Vendors take comfort that their bank account information will remain hidden from view in the secure Paymode-X portal, and that they can update it if it changes to ensure timely receipt of payment.

Will this integrate with our current ERP/back-office system?

The robust file-mapping capabilities of Paymode-X ensure integration with any ERP, accounting, or other back-office application, dramatically reducing the support burden on IT.

Our IT department is already overburdened. What would an implementation of Paymode-X mean for them?

Effortless Implementation
Because Paymode-X does not require a defined file layout, integration is easy. Bottomline can work with the current payment layout/format produced by your AP/ERP system. We can even receive multiple files from various source systems and map them together once the data is received (e.g., data housed in payroll or an inventory system).

Software as a Solution
Only minimal changes are required to the AP/ERP system (adding pay type/method and a Paymode-X ID). As a Software as a Service solution, system upgrades are not required to use Paymode-X.

Who will maintain vendor information?

Paymode-X will execute all of the marketing efforts on your behalf. We even work with vendors to test and deliver remittance detail in various file format, including CTX or direct AR integration. Paymode-X will continue to lead marketing efforts to new vendors over the life of the client relationship.

Can our audit department trust the security of making electronic payments with Paymode-X?

Fraud-proof Protection
No data to or from the Paymode-X systems is transported in plaintext (readable data); all data is encrypted using industry-standard encryption methods.

Multiple Access Levels
Access and approval controls for information maintained and processed via Paymode-X can be set at the membership level, account level and individual user level. Business rules can be established to create separation of duty as well as financial approval hierarchy.

Why would I move my payments to ACH and give up the interest I earn on check float?

At today’s interest rates, the cost-savings realized with electronic payments outweigh the money earned on check float. Users can control payment settlement dates by setting approval protocols.

We have started another ACH program with our vendors. What specific value does Paymode-X bring?

Due to the size of the Paymode-X network and  our experienced Vendor onboarding team, organizations who use Paymode-X see faster conversion from checks to ACH than those who run their own ACH program. Paymode-X customers don’t need to worry about keeping their Vendor bank account information up to date or chasing NoCs and payment returns. Paymode-X also overcomes the e-remittance limitations of many ERP systems  by offering Vendors unlimited electronic remittance detail in their preferred format.

We have many vendors who require more remittance data than can be included in a standard ACH transaction. If I still have to mail paper how does this service help me save money?

No Limit to Detail
There is no character or source file limit on remittance data sent with a Paymode-X payment.

Downloadable Data
Paymode-X offers flexible alternatives for the receiver in terms of how they receive the remittance data - downloadable in .csv, Excel, XML, BAI.v2 and 835 from the Paymode-X Web site. Vendors can also use online reports to reference remittance data, digital remittance via ACH (CCD, CCD+ or CTX), and direct AR integration.