Using a cloud-based payment network eased the transition from costly paper checks to efficient, secure electronic payments.
Sixty-three percent of businesses still make at least half of their AP payments by paper checks,1 a practice that costs more time and money than necessary in the digital age. Switching to electronic payments uses fewer resources, but some electronic payment approaches present technical challenges and costs of their own.
Paymode-X is a secure, cloud-based payment network that helps businesses transition to electronic payments quickly and cost-effectively.
More than 330,000 member organizations make and receive electronic payments to each other. Payments processed by Paymode-X totalled $182 billion in in 2015. Paymode-X integrates easily with existing enterprise resource planning (ERP) systems and bank accounts, and earns companies cash-back rebates on ACH transactions. The biggest hurdle to electronic payment success – vendor adoption – is overcome with the Paymode-X Intelligent Engagement model, which removes the burdens of vendor ACH enrollment and bank account maintenance.