Enabling a seamless and secure
digital interaction between your company’s financial
systems and PayMode®, integration helps ensure that your
company
quickly and easily realizes the full benefits of PayMode
electronic payments: cost savings, stronger relationships
with suppliers and customers, and better cash control.
With payables systems, PayMode integration generally consists
of a minor one-time system configuration that enables the
generation of PayMode payment and remittance files during
your company’s regular payment processing. For integration
with accounts receivable systems, no system configuration
is required. Moreover, this work is completed in just a
few days with little or no use of your company’s
internal technology resources. Whether you are running
SAP™,
Oracle®,
PeopleSoft®,
Great Plains®, JD Edwards®,
QuickBooks® or
virtually any other financial system or software, integration
with PayMode makes electronic payments
the rule rather than the exception.
Making and Receiving Payments
PayMode payments are linked with remittance information and securely transmitted
together over the Web. Whether making or receiving payments, PayMode integration
allows your company to send and receive remittance information in the prescribed
digital format of your company’s accounts payable, accounts receivable
or other financial systems. Also, by integrating your financial systems with
PayMode, payment and remittance remain in digital format from one end of
the transaction to the other, avoiding processing errors and unnecessary
reconciliation expenses.
This is not the case when making and receiving payments
in other ways. When utilizing other electronic payment systems,
payments become easily separated from associated remittance
information, and information is often converted from digital
to paper-based formats, and back again. Also, when printing
checks, remittance information must be printed separately,
physically attached to the checks, and mailed to the recipient
for re-keying and manual reconciliation.
Making payments with PayMode becomes part of your company’s
normal disbursement process. Your payment and remittance
files are digitally signed for security and authentication,
and sent to the PayMode transaction engine via secure Internet
connection. PayMode accepts any file format, requires no
software installation and has the ability to merge payment
and remittance files.
PayMode integration makes receiving payments and remittance
equally efficient. Remittance information from your customers
is received in your company’s preferred format and
imported directly into your accounts receivable system for
posting and reconciliation.
| The Benefits
of Accounts Payable Integration: |
| • |
Lowers costs
by adding efficiency and accuracy to the process of initiating,
approving and sending payments and remittance. |
| • |
Strengthens your vendor
and supplier relationships by creating a more efficient
and lower-cost environment in which to conduct business. |
| • |
Enables integrated payment
and remittance flow to all companies in the PayMode® payment
network through a one-time integration process—no
one-to-one vendor negotiations. |
| • |
Minimizes exceptions
caused by missing or inaccurate remittance—reduces
the number of calls and inquiries from vendors requiring
further information or research. |
| • |
Adds a new level of security
and confidentiality to your payables process. |
| • |
Enhances the return on
your company’s existing technology investments—no
changes to your current systems are required. |
| The Benefits
of Accounts Receivable Integration: |
| • |
Lowers costs
by adding efficiency and accuracy to the process of applying
incoming payments to accounts receivable and making corresponding
general ledger entries |
| • |
Gives you a better understanding
of partial payments—and whether additional payments
are required and expected. |
| • |
Minimizes exceptions
caused by missing or inaccurate customer remittance. |
| • |
Adds a new level of security
and confidentiality to your receivables process. |
| • |
Enhances the return on
your company’s existing technology investments—no
changes to your current systems are required. |
| • |
Enables integrated payment
and remittance flow from all companies in the PayMode
payment network through a one-time integration process—no
one-to-one customer negotiations. |
| • |
Allows you to specify
remittance receipt frequency and location through the
PayMode secure Web interface. |
| • |
Strengthens your customer
relationships by creating a more efficient and lower-cost
environment in which to conduct business. |
Once integrated, your company requires no incremental or
redundant processes to send or receive electronic payments
and remittance information. In fact, your company is able
to reduce the amount of resources needed to make, receive,
post and reconcile payments.
For more information about
PayMode contact us toll free at 866-252-7366.
|
