Water Purification Vendor (WPV) Customer Success Story

Overcoming an inefficient AR process

WPV’s accounts receivable (AR) department is responsible for applying payments from customers for their water cooler rentals. Monthly billing for these rentals translates into about 90% of the company’s revenue being recurring payments. Before joning Paymode WPV received a mix of 70% check, 20% ACH, and 10% card payments from its customers.

With the majority of these payments coming in without adequate remittance details, applying payments manually can be time-consuming and error prone as employees must match a payment up to the correct account, invoice number, and billing cycle. Check-based payments require WPV to go to the bank to make deposits, adding time into the cash application process.

“The remittance we get from Paymode is the clearest and most specific I’ve ever seen. One of our customers is a local area city. They have our water coolers in many of their departments, spanning more than 50 locations. We appreciate that they pay us through Paymode because we can easily see invoice number, city department and other key details needed to correctly apply the payment.”

– AR Coordinator

Convenience and Faster Access to Cash

A valued and strategic customer requested that the company enroll in the Paymode electronic payment network to receive ACH payments. Paymode is a secure B2B payments network with 550,000+ members enrolled. Payers can send ACH and virtual card payments, as well as remittance details, to enrolled vendors through a secure portal. This makes the transfer of funds fast and efficient, with full visibility into the audit trail.

WPV found it easy to enroll in Paymode and use the service. Once enrolled, the AR team discovered that nearly 30 of their biggest accounts were already enrolled as payers in the network and could begin receiving payments through Paymode immediately. This was a win for WPV, given their increased focus on reducing paper payments and invoices.

“A payment made through Paymode is always in our account one day after I receive the confirmation. I don’t have to guess whether it will be three days or four days, and I don’t need to make a trip to the bank to deposit a check. The availability of funds is a big benefit.” 

- AR Coordinator