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PayMode® is the electronic business-to-business
payment solution that can lower costs, build stronger relationships
with suppliers and customers, and provide a way to better
manage cash and working capital.
The
PayMode Process:
In the following example,
assume you are making payments against a number
of outstanding bills and invoices as part of
your regular accounts payable pay run.
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| 1. |
An authenticated
PayMode User (see Enrollment) imports
a payment file directly from your accounts payable system
into PayMode. The remittance information associated with
each payment is also accessed directly from your accounts
payable and other systems, and imported into PayMode. |
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| 2. |
PayMode creates a digital
payment authorization (DPA) for each payment in
the file, and includes details such as your company’s PayMode
Account ID, the payment amount, your
desired disbursement bank account, and the PayMode
Account ID of the company being paid. |
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| 3. |
After reviewing the
transaction details, the PayMode User (or other authorized
signer), clicks the "sign and send" button.
The user's digital signature is applied to the DPA, the
DPA is encrypted, and the payment is securely transmitted
to the PayMode transaction engine. |
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| 4. |
The DPA is received
and the settlement process is initiated. The DPA is authenticated
against your company’s previously established business
rules and the digital signatures are validated. |
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| 5. |
Payments are then sent
through established interbank settlement networks, where
your specified bank account is debited and your suppliers’ bank
accounts are credited. Upon settlement, notification
emails are sent to you and each supplier you have paid. |
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| 6. |
While payments are moving
through the PayMode and settlement networks, both you
and your suppliers can view and track the payments from
beginning to end through the PayMode secure online reporting
function. |
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| 7. |
At the time
of settlement, suppliers receive the remittance information
associated with each payment, as well as notification
of settlement. Suppliers can download remittance files
in a number of file formats or upload them directly into
their accounts receivable systems for posting and reconciliation. |
For more information about PayMode
contact us toll free at 866-252-7366.
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