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What does PayMode do?
PayMode® can enable businesses to send and receive electronic payments, along with rich remittance information, to and from suppliers and customers, providing enhanced business performance. PayMode can work seamlessly with any bank and integrates quickly and easily with any ERP system or accounting software. Bank of America also helps ensure that PayMode users realize value quickly by signing up their suppliers, vendors, service providers and customers on their behalf with a proven Accelerated Enrollment Program. PayMode 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.
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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 they potentially expose companies to significant
risk.
PayMode is an all‑digital payment mechanism that allows 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. |
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Can’t companies pay using the Internet today?
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 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. |
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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 today’s commerce. |
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How secure is this form of payment?
Bank of America employs multiple layers of security to protect PayMode users’ accounts and information. PayMode’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. |
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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 users’ 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 can provide secure document
transmission and processing at all times. |
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Are there other systems doing what PayMode does?
There are other 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 many
other systems, there are no restrictions relating to the bank
you use. |
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How long does it take funds to settle once a PayMode payment has been made?
Most payments are deposited into the recipient’s account one day after the final payment approval is received by PayMode; however, PayMode 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. |
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Can everyone at my company access the PayMode system?
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). |
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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. |
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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. |
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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. |
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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. |
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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–
48 hours of enrollment. |
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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
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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. |
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Several of my customers want to pay me using
PayMode. Do I need to enroll more than once?
No, one enrollment enables you to receive payments from all
of your trading partners that use PayMode. Even if you have different receivables accounts for different lines of business,
you can still use a single PayMode membership. Just add a
new PayMode 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 account so that your trading partners can easily determine to which PayMode account their payments should be sent. Remember, PayMode’s service representatives are available to assist you if you have any questions about how to set‑up your PayMode membership for maximum receivables efficiency. |
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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. |
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What browsers are supported?
To use PayMode, you need Microsoft® Internet Explorer 6.0
SP1, Mozilla Fireox® 2.0 or later versions of either browser.
Your browser must support Java® and JavaScript®. |
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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 upon unreliable postal systems to meet payment terms. And sellers can collect and apply incoming funds to their receivables systems much more quickly. |
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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 report filters and specify how they would like to receive notifications. |
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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. |
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Can I pay a consumer?
PayMode 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 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. |
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