What does PayMode
do?
PayMode® enables
businesses to send and receive electronic payments, along
with rich remittance information, to and from
suppliers and customers, providing enhanced business
performance. PayMode works seamlessly with any bank and integrates
quickly
and easily with any ERP system or accounting software.
Fleet also helps ensure that PayMode users realize value
quickly
by signing up their suppliers, vendors, service providers
and customers on their behalf with its proven Accelerated
Enrollment
Program. PayMode can lower payment costs, create
a more efficient business process, strengthen relationships
with
suppliers and
customers, and enable more effective management of working
capital.
What problem is PayMode solving?
Traditional payments offer a number of drawbacks. Check
payments are inherently inefficient to process and
reconcile– they
are easily “lost in the mail,” difficult
to track while en route and potentially expose companies
to significant
risk.
PayMode is an
all-digital payment mechanism allowing businesses to send
and receive payments and remittance
data with cost-saving
efficiency, in a completely secure environment. In
addition, PayMode offers both online and call center
support for
its users.
Can’t
companies pay using the Internet today?
Few Internet payment options exist. Business currently
lacks a high-value electronic payment mechanism that
truly leverages
the power of the Internet. As companies move quickly
to take advantage of that power, PayMode® is
there to support them with flexible, universal electronic
payment capabilities. And
PayMode offers customers robust accounts payable
systems
integration and a proven and easy method for signing
up suppliers, vendors
and customers.
How did PayMode
come about?
Born in the mid-1990s, the first generation of this
electronic payment technology was developed to
reduce payment and
processing costs for businesses, banks and the
U.S. government. In 1998,
the technology was used successfully to transact
secure payments between the U.S. Treasury and its
vendors
over the Internet.
Since then, the original technology has been surpassed
with the development of PayMode -- the complete
electronic business
payment solution created to support the evolving
demands of modern commerce.
How secure is
this form of payment?
Fleet employs multiple layers of security to protect
PayMode users’ accounts and information.
PayMode security starts with a rigorous authorization
and authentication
process. To
maintain confidentiality, all payments and information
are encrypted with the highest encryption standards
currently available.
Authentication with robust, tamper-proof digital
signatures help protect users from unauthorized
or fraudulent
activity.
What is the technology
behind PayMode?
PayMode is built using XML standards for the
document structure of payment and remittance
information.
The system utilizes
digital signatures for payment and
remittance data and digital certificates for the reliability
of the user’s
data. PayMode imports payment and remittance
files from accounts payable systems, converting
them into
digitally
signed XML
documents. PayMode can also integrate directly
with accounts receivable systems for automated
receipt and
posting of payments.
In addition, there is a comprehensive, three-tiered
security architecture that provides highly
secure document transmission
and processing at all times.
Are there other
systems doing what PayMode does?
There are other, new players in the business-to-business
electronic payment market, but only PayMode
can provide the level of ease,
control, efficiency and security that businesses
require to confidently transact their business
online. And
unlike other
systems, there are no restrictions relating
to the bank you use.
How long does
it take funds to settle once a PayMode payment has been made?
You have a number of flexible settlement
options from which to choose, based on
your company’s unique payment process,
timing requirements or approach to supplier
relations. PayMode payments can be settled
on a next day, two-day, three-day,
or “good funds” basis. None
of these options requires your bank to
integrate
with or implement PayMode.
Can
everyone at my company access the PayMode system?
Access is limited to those users who
have been enrolled, but you can enroll
as many
users as
needed to support
your company’s business procedures
and workflow. For more details, see
the document Enrollment.
Can I have multiple
PayMode Accounts?
Yes, you can create PayMode Accounts
for different departments, locations
or other
entities within
your company, as defined
by your company’s business procedures.
Each PayMode Account can be linked
to different bank accounts for
disbursing and
collecting payments.
Do I have to change
my bank to use PayMode?
PayMode is designed to operate with
your existing bank relationships.
There is
no need to change
banks or
bank accounts to use
PayMode. With PayMode, your bank
is not required to integrate with
or
implement PayMode in any way. This
helps ensure that your company gets
up and
running and begins
receiving
the value
of electronic
payments quickly and easily.
How do
I find out who is using PayMode?
PayMode users have access to a
search function, allowing them
to identify
their suppliers
and customers online.
How do I
start making PayMode transactions?
You must first complete our easy
enrollment process. The information
you enter
is used to set up your
company and
identify the individuals
who will serve key roles in the
process.
How long does
it take to set up my PayMode account?
The enrollment
process takes about 10 minutes. Authentication
and
activation of your membership
generally occur
within 24 hours of enrollment.
What
do I need to enroll?
To enroll, you need the following
information:
|
| • |
The name,
phone number and e-mail address of the person at your
company who has the authority to sign the PayMode Terms
of Use Agreement |
| • |
Your company’s DBA ("doing
business as") name |
| • |
Your company’s
physical address (street, city, state/province, ZIP Code/postal
code and country) |
| • |
Your company’s
main phone number |
| • |
Your company’s
federal employer identification number (EIN) |
| • |
The transit routing
numbers (TRNs) and bank account numbers for each bank
account that you will be using with PayMode |
| • |
The names, phone
numbers and e-mail addresses of the people who will oversee
your individual PayMode Accounts |
Why is this enrollment
information required and how is it used?
Information required during
enrollment ensures that we
have everything
needed to accurately
set up your
PayMode membership.
Enrollment is an easy process
that you complete once. By
asking you for this information
up front, we can
get your company
up and running with PayMode
quickly so you
can start realizing the benefits
as soon as possible.
What
type of software do
I need to use PayMode?
You do not need any special
software to use our services.
PayMode
is completely Web-based
and
is accessed through
your browser.
What browsers are supported?
To
use PayMode, you need
Internet Explorer 4.0,
Netscape Communicator
4.5 or later
versions of
either browser.
Do I
have to worry about the timing of
my payments?
PayMode can actually
improve cash flow
for all parties.
Because the
transactions
are
electronic, companies
can time their
payments more accurately
and have more visibility
into their
cash
flow and working
capital. Buyers no
longer
need to
depend on unreliable
postal systems to
meet payment
terms. And sellers
can collect
and apply incoming
funds to their
receivables
systems much more
quickly.
How will
I know the status
of my transactions?
PayMode is as much
an information
service as a payment
solution.
Users have access
to a
suite of reporting
tools that allow
them to track incoming
and outgoing transactions,
customize
reports
and specify how
they would like
to receive
notifications.
What
types of reports
are available
to me?
The PayMode system
includes predefined
collection and
disbursement
reports that
you can download
and use
as input for
your
accounts receivable
and accounts
payable applications.
Our
flexible reporting
tool also gives
you the ability
to customize
these
reports
and even define
your
own.
Can I pay
a consumer?
No, PayMode is
a business-to-business
payment solution,
and all members
are
businesses
and government entities.
