Paymode-X^®

Paymode-X^® can enable businesses to send and receive electronic invoices and payments, along with rich remittance information, to and from suppliers and customers, providing enhanced business performance. Paymode-X works seamlessly with any bank and integrates quickly and easily with any ERP system or accounting software. Bank of America Merrill Lynch also helps ensure that Paymode-X users realize value quickly by signing up their suppliers, vendors, service providers and customers on their behalf with a proven Accelerated Enrollment Program. Paymode-X can lower payment costs, create a more efficient business process, strengthen relationships with suppliers and customers, and can enable more effective management of working capital.

Traditional invoice and payment processing offer a number of drawbacks. Invoice approval processing is typically based on manual reviews of paper documents with little to no automation. Check payments are inherently inefficient to process and reconcile — they are easily lost in the mail, difficult to track while en route, and they potentially expose companies to significant risk.

Paymode-X is an all-digital payment mechanism that allows businesses to receive invoices and send payments with cost-saving efficiency, in a completely secure environment. In addition, Paymode-X offers both online and callcenter support for its users.

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-X — the complete electronic business invoice and payment solution created to support the evolving demands of today's commerce.

Some 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-X is there to support them with flexible, universal, electronic payment capabilities. And Paymode-X offers customers robust accounts payable systems integration, access to a large network of companies ready to transact business electronically and a proven and easy method for signing up suppliers, vendors and customers.

Paymode-X employs multiple layers of security to protect Paymode-X users' accounts and information. Paymode-X's robust security features start 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 helps protect users from unauthorized or fraudulent activity.

Paymode-X is built using XML standards for the document structure of payment and remittance information. The system utilizes digital signatures for invoice, payment and remittance data. Paymode-X imports payment and remittance files from accounts payable systems, converting them into digitally signed XML documents. Paymode-X 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 can provide secure document transmission and processing at all times.

There are other players in the business-to-business electronic invoice and payment market, but only Paymode-X can provide the level of ease, control, efficiency and security that businesses require to confidently transact their business online. Paymode-X is also one of the largest and fastest growing business to business order to pay networks. This allows your company to quickly make the switch to electronic invoices and payments. And unlike many other systems, there are no restrictions relating to the bank you use.

Most payments are deposited into the recipient's account one day after the final payment approval is received by Paymode-X; however, Paymode-X clients have a number of flexible settlement options from which to choose, based upon their company's unique payment process, timing requirements or approach to supplier relations. None of these options requires the company's bank to integrate with or implement Paymode-X.

Access is limited to authorized users, but you can enroll as many users as needed to support your company's business procedures and workflow. For more details, see Enrollment (PDF).

Yes, you can create Paymode-X accounts for different departments, locations or other entities within your company, as defined by your company's business procedures. Each Paymode-X account can be linked to different bank accounts for disbursing and collecting payments.

Paymode-X is designed to operate with your existing bank relationships. There is no need to change banks or bank accounts to use Paymode-X. With Paymode-X, your bank is not required to integrate with or implement Paymode-X in any way. This helps ensure that your company gets up and running and begins receiving the value of electronic payments quickly and easily.

Paymode-X users have access to a search function, allowing them to identify their suppliers and customers online.

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.

The enrollment process takes about 10 minutes. Authentication and activation of your membership generally occur within 24-48 hours of enrollment.

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-X 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-X
• The names, phone numbers and e–mail addresses of the people who will oversee your individual Paymode-X accounts

Information required during enrollment ensures that we have everything needed to accurately set up your Paymode-X 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-X quickly so you can start realizing the benefits as soon as possible.

No, one enrollment enables you to receive payments from all of your trading partners that use Paymode-X. Even if you have different receivables accounts for different lines of business, you can still use a single Paymode-X membership. Just add a new Paymode-X account to your membership for each different bank account into which you need to receive payments. Be sure to add all of the applicable remittance addresses to each Paymode-X account so that your trading partners can easily determine to which Paymode-X account their payments should be sent. Remember, Paymode-X's service representatives are available to assist you if you have any questions about how to set-up your Paymode-X membership for maximum receivables efficiency.

You do not need any special software to use our services. Paymode-X is completely Web-based and is accessed through your browser.

To use Paymode-X, you need Microsoft^® Internet Explorer 6.0 SP1, Mozilla Firefox^® 2.0 or later versions of either browser. Your browser must support Java^® and JavaScript^®.

Paymode-X 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 upon unreliable postal systems to meet payment terms. And sellers can collect and apply incoming funds to their receivables systems much more quickly.

Paymode-X is as much an information service as an invoice and payment solution. Users have access to a suite of reporting tools that allow them to track incoming and outgoing transactions, customize report filters and specify how they would like to receive notifications.

The Paymode-X system includes predefined collection and disbursement and invoice reports that you can download and use as input for your accounts receivable and accounts payable applications.

Paymode-X is part of a comprehensive solution for all of your accounts payable payment needs. It is a business-to-business payment solution, and all members are businesses and government entities, so it is not used for general consumer payments. Through Paymode-X for Reimbursement, however, you can make expense reimbursement payments to your employees and other business associates, such as directors and contractors, who may be consumers.