NSTAR Selects PayMode for Electronic Payments

Leading Utility’s Corporate Customers Invited to Enroll Immediately in PayMode to Realize the Benefits of Secure, Information-Rich, Electronic Payments

BOSTON, MA — September 4, 2002 — NSTAR, Massachusetts’ largest investor-owned electric and gas utility company, has selected PayMode to receive electronic payments from its corporate, institutional and public-sector customers. PayMode, currently available to businesses and government bodies throughout the United States, is being utilized by NSTAR for its rich remittance capabilities, ease of use and bank-neutral design.

As businesses continue to investigate options for developing stronger relationships with their customers and suppliers while streamlining business operations, many are realizing the benefits of electronic payments. PayMode is uniquely qualified to meet the demands of NSTAR’s customers by providing a ubiquitous solution for sending and receiving monthly utility payments. A company wishing to begin using PayMode to pay NSTAR or any vendor in this payment network can enroll in the service within ten minutes, regardless of current banking relationships or existing accounts payable systems. Enrollment in PayMode will immediately enable NSTAR customers to send payments along with detailed remittance information, to settle monthly bills.

NSTAR has selected PayMode to alleviate the accounts receivable inefficiencies that arise when single payments are received from customers to settle multiple utility bills generated from dozens, perhaps hundreds of meters across NSTAR’s market area. These customers include chain retailers and restaurants, as well as corporate, educational and government institutions occupying multiple buildings and/or locations. The time required to reconcile these payments impacts NSTAR’s ability to post the payments and apply cash in a timely manner; creating billing and customer care issues. PayMode’s ability to link payments with detailed, digital remittance information will allow NSTAR’s customers to make single payments for services, while providing NSTAR with the information it needs to post and reconcile these payments quickly and accurately.

NSTAR’s existing Financial EDI (FEDI) functionality has already become integrated within the PayMode network. This allows NSTAR to receive all incoming electronic payments and remittance information via a single, integrated electronic channel, regardless of whether NSTAR’s customers are enabled to make FEDI payments.

NSTAR joins more than 100 large or regional utilities and energy services providers engaged to receive PayMode payments from corporate and institutional customers. This includes Dallas-based TXU, Wisconsin-based Alliant Energy and St. Louis-based Ameren Union Electric.

Contact: Ann McCormick , 207-771-3769,   ann_f_mccormick@fleet.com