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Streamline and secure your accounts receivable function with ACH and virtual card payments through Paymode.

 

Your membership gives you the flexibility to receive robust electronic remittance in your preferred format, grants access to tools that allow you to streamline and automate accounts receivable functions and makes collaboration with your customers easier than ever. Your critical bank information is stored securely and every payment from your customers is protected by Paymode, which has processed over $425 billion in payments with no fraud incidents over the past two years.

But there are even more benefits.

How Paymode works

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Fast, secure payments

Paymode offers two digital payment methods that allow you to get paid more quickly than you would by check, with additional fraud prevention capabilities baked in.

Premium ACH

Get paid via ACH with the benefit of rich remittance data to reduce errors and speed reconciliation, while also enjoying improved speed and visibility through the Paymode portal. Every payment is protected by a secure network.

Virtual cards

Receive secure payments quickly via virtual card. With robust remittance, the ability to easily process the payment via your point of sale system, and a one-time code to prevent the payment from being intercepted or misdirected, virtual card payments from Paymode greatly speed receipt and reconciliation.

Apply Cash Faster with Remittance Your Way

CTX

CTX, or Corporate Trade Exchange, is commonly referred to as an EDI 820 format and carries several benefits for AR departments.

By enabling CTX functionality on your Paymode membership, you are able to eliminate errors and reduce time associated with manual identification and posting of payments. Paymode can send this format to your bank account to assist in applying incoming payments for easy reconciliation. CTX files contain the information required to auto-post payments and offer detailed remittance data for each payment in the file.

Benefits of CTX

  • Enables easier payment reconciliation
  • Facilitates automatic payment posting to an open invoice or account number
  • Enables auto-loading of your company’s bank file into your AR system
  • Improves cash forecasting
  • Eliminates trips to the bank for deposit drop-off
  • Mitigates risk of check fraud
  • Lessens the environmental impact of paper
  • Reduces processing costs

Accounts Receivable (AR) File

Paymode offers the ability to deliver customized AR files at the time of your choosing. AR files contain detailed payment and remittance information over a predefined time period. You choose the format of the file based on your AR system requirements and Paymode builds and delivers it electronically. Paymode offers format and delivery flexibility. Pipe delimited or comma delimited files are recommended for easy importing into Excel. Or, choose a format most easily imported into your ERP system.

Files are typically delivered on a daily cadence.

 

Benefits of a Paymode Accounts Receivable (AR) File

  • Facilitates automatic payment posting straight through to an open invoice

  • Customizes the file format and delivery schedule

  • Works with any ERP

  • Mitigates risk associated with human error

  • Eliminates soft costs incurred due to manual reconciliation schedules


Email remittance

For organizations that prefer a simpler remittance delivery option, detailed email remittance can be sent 24 hours prior to receipt of payment. This gives you a speedier, simpler path to reconciliation.

Scheduled reports

Enables you to schedule payment and remittance reporting directly to your inbox, and allows you to choose your preferred file format, frequency and timing. Limit your need to log in to the portal and ensure stakeholders stay in the loop via email. Select whether you’d like reports delivered daily, weekly, or monthly.

How Paymode protects your business

Here are some of the ways we maintain a secure electronic payment network for all members.

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Secure payments against outside threats

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Prevent accounts takeovers and unauthorized access

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Reduce the risk of check fraud

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Secure your critical bank data

Reduce Days Sales Outstanding (DSO) with Premium Invoice Delivery

Premium Invoice Delivery capabilities within your Premium Paymode membership will help you securely manage the delivery, storage and presentation of your invoices. Intelligent analytics give visibility into undelivered and un-actioned invoices that can negatively affect cash flow to help drive real-time decision making and follow-up.

A better, more secure collections strategy

A typical collections strategy revolves around a daily “aged debtor” report which highlights customer invoices that are outside of agreed payment terms. While useful, this approach allows invoices that should have been paid to age unnecessarily thus reducing the likelihood of being paid on time. With Premium Invoice Delivery, your receivables department can drastically improve your collections strategy by ensuring you:

  • Check that every invoice has been successfully delivered within a secure portal.
  • Identify incorrect email addresses to improve data quality and document delivery
  • Quickly and effectively resolve document delivery issues without IT assistance
  • Contact customers who have not actioned the document before the payment due date
  • Focus on high-value invoices
  • Monitor customer behavior to help identify trends and proactively follow up with those who are slow to act

Paymode mobile app

Download the Paymode mobile app to track incoming payments, see new messages, and more using easy voice commands.

Network Fee Billing Options

To benefit from the features of a Premium Paymode membership, a nominal network fee, will be assessed for each payment received. Paymode offers two options for the collection of these network fees, both of which are outlined below.

Direct Debit

  • The full invoice amount due from your customer will reach your account within 2 business days. This option provides the easiest processing and reconciliation for your company.
     
  • One business day prior to the payment being received, you will receive an email notification with remittance detail for the payment.
     
  • The month following the payment, on your preset day of choice, Paymode will deduct the network fee from your specified direct debit bank account.

Deduct from payment

  • The invoice amount due from your customer, less the network fee, will reach your account within 2 business days.
     
  • One business day prior to the payment being received, you will receive an email notification with remittance detail for the payment.
     
  • Paymode deducts the network fee directly from the incoming payment as it occurs.
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Enroll in Paymode today!

Visit www.paymode.com/join to enroll quickly and securely. Make sure you have the following information ready:
  • Tax ID number (EIN)
  • Bank account number
  • Bank transit routing number
  • Valid email address
For assistance, contact our Vendor Advocate Team at 1-800-331-0974.

Related Solutions

Business Payments Network

Make and receive secure digital payments conveniently through Paymode, the market leading B2B payments network trusted by over 550,000 member businesses.

Receive Payments

Protect your business against fraud, get paid faster, and save time with enhanced remittance details.

How to Enroll

Authenticate your banking information securely, provide your core business information, and we'll have you validated and accepting secure Premium ACH and virtual card payments in days.