Note: terms in bold are defined within this glossary.

Accelerated Enrollment Program – proven program that quickly and easily enrolls a company’s suppliers, vendors, service providers and business customers in the PayMode® network. Once enrollment is completed, companies can begin making or receiving payments electronically using PayMode.

account — used to make collections and disbursements with PayMode. Companies can have multiple accounts for different departments, locations, or to accommodate other entities and business rules. Each PayMode account can be designated to work with multiple bank accounts for disbursements and/or one bank account for collections.

account ID — a number used to uniquely identify each of your PayMode accounts within the system.

account user(s) — the person or persons in your company who make PayMode payments and view transaction information. The actual activities performed by the PayMode account user are defined by the user privileges assigned to them. Generally, account users can view transaction information for the PayMode accounts to which they are assigned. For disbursement accounts, account users may be able to create, approve or review payments. Each PayMode account must have at least one account user.

ACH — Automated Clearing House; a financial network that conducts electronic funds transfers from a bank account at one bank to another bank account at another bank via the Federal Reserve System. Direct deposit payroll is an example of a function that utilizes the ACH network. Fleet settles PayMode transactions between companies by linking into the ACH network. ACH is a very efficient way of electronically moving funds between bank accounts, and now with PayMode, this method of funds transfer can accommodate the digital flow of virtually limitless remittance information.

A/P — accounts payable; an amount owed to a vendor or supplier for services performed or merchandise sold. Accounts payable also refers to a function or department within a company responsible for tracking incoming invoices and for disbursing funds to settle and reconcile those invoices.

A/R — accounts receivable; anticipated payment for services performed or merchandise sold. Accounts receivable also refers to a function or department within a company responsible for tracking outstanding invoices and for collecting funds to settle and reconcile those invoices.

authentication — the process of validating the identity of a PayMode user or the integrity of payment information.

authorization — a process of validating that PayMode users have been approved to make and/or receive payments based on their companies' business rules.

authorized signer — the person in your company who is authorized to sign the PayMode Terms of Use Agreement. The authorized signer may also update information about your company and bank accounts, add employees to the membership or establish new PayMode accounts.

B2B — business-to-business; communications and transactions conducted between businesses. PayMode also supports G2B, or government-to-business payments, which is a variation of B2B. The system does not support business-to-consumer, or B2C transactions.

bank neutral — independent of any particular bank or financial institution; PayMode payments are settled via efficient interbank clearing systems, such as ACH, and therefore do not require companies to change banks or bank accounts when enrolling or using PayMode. Also, banks themselves do not have to enroll in PayMode.

browser — a software program that reads files posted on the Web and displays them on a user's computer; Microsoft Internet Explorer and Netscape Communicator are examples of browsers. PayMode is accessed through a user's browser and requires no installation of software.

collecting account — a PayMode account used to receive payments from customers. Also see disbursing account.

collecting/disbursing account — a PayMode account used to both receive payments from customers and make payments to vendors and suppliers.

collection — a payment received by your company from a customer. Also see disbursement.

collector — a PayMode account user who receives remittance documents and notification of payment pertaining to a transaction. Also see disburser.

credit — a payment authorized by the buyer in a transaction that places funds into a seller's account. Also see debit.

debit — a payment authorized by the buyer in a transaction that pulls funds from the buyer's account. Also see credit.

digital certificate — a certificate, issued to a PayMode user, that uses an encryption system to guarantee that PayMode users exchanging payment and remittance information are who they say they are. A certificate authority, such as Digital Signature Trust, issues digital certificates.

digital signature — an authentication method based on encryption and authorization codes to "sign" electronic documents, such as a PayMode DPA. A digital signature has the same legal force and effect as a manual or "wet" signature.

disbursement — a payment made by your company to a vendor, supplier or other entity. Also see collection.

disbursing account — a PayMode account used to make payments to vendors and suppliers. Also see collecting account.

disburser — a PayMode account user who generates and digitally signs payment and remittance documents. Also see collector.

DPA — digital payment authorization; an XML Payment instruction that is authorized using a digital signature. PayMode users create and send DPAs in place of paper-based checks or other payment mechanisms.

EFT — electronic funds transfer; the movement of funds by non-paper means, usually through a payment system such as the ACH network.

enrollment — The process of a company joining the PayMode network and enabling itself to use PayMode to make and receive electronic payments. The enrollment process is accomplished completely online and takes about ten minutes to complete.

encryption — the conversion of information into protected code to provide data security and privacy. To read or "decrypt" the encrypted information, a special key, also known as a public key, is required. Unencrypted information is often known as plain text or clear text. Encrypted information is known as cipher text.

ERP — enterprise resource planning; software used in many companies to integrate functions and departments, regardless of operational, geographical, or division barriers. ERP systems enable departments within a company to share information and communicate in an easy, streamlined function. Some examples of companies that produce ERP systems are SAP, Oracle, Great Plains, J.D. Edwards and PeopleSoft. PayMode is easily integrated with any ERP system, including companies' A/P or A/R systems.

PayMode® — Fleet’s electronic payment solution that allows companies to make payments to suppliers, vendors and service providers, or receive payments from business customers, along with detailed digital remittance information.

PayMode® network —the growing base of businesses that are enrolled in PayMode and are able to make and receive electronic payments to and from suppliers and customers electronically.

reconciliation — the process of verifying the charges shown on a statement or invoice.

Terms of Use — the legal document issued by Fleet and agreed to by the authorized signer that delineates the terms and conditions of using PayMode to make and receive business payments.

transaction — an action or set of actions occurring between two or more persons relating to the conduct of business, such as transferring financial data across a network.

transaction settlement — the point in time when a financial transaction is complete and money has been successfully transferred from buyer to seller (or buyer’s bank account to seller’s bank account). PayMode enables transaction settlement in a variety of timeframes depending on unique customer requirements. All of these transaction settlement options are bank neutral and do not require changes to banking relationships or bank accounts.

user privileges — the functions that someone is authorized to perform in the PayMode system.