Paymode-X

Paymode-X automates the entire invoice-to-pay process, delivering greater security, visibility and speed for accounts payables and accounts receivables. This AP automation software streamlines the invoicing and payment processing process by eliminating manual steps.

Paymode-X uses machine learning, AI and OCR to extract invoice data from any source and capture all necessary information. It also notifies users of any discrepancies between the data it extracts and what's already in their ERP system to ensure data consistency.

For secure vendor payments, Paymode-X offers two electronic payment options: virtual card and Premium ACH. Both options generate rebates and can be tracked through a dedicated portal. The platform also verifies vendors using over 300 data points before making a payment.

Interactive analytics dashboards and real-time reporting allow users to track invoice KPIs, including invoice matching statistics, processing time and vendor network data. The platform also offers mobile app support for managing and tracking vendor payments on-the-go.

Paymode-X integrates with any GL, allowing users to connect through API or automate data exchange in their preferred file format. With over 550,000 businesses using the platform, it is likely that a large number of your vendors are already part of the network.

Pricing is not publicly disclosed, but customers can estimate their annual savings by calculating their total AP spend, number of AP payments and number of invoices processed. This calculation will help determine the potential annual rebates and cost savings that can be achieved by digitizing payments.

Paymode-X is available for businesses in a variety of industries, including construction, healthcare and retail, to help mitigate the risks of manual AP processes and improve efficiency. The platform is particularly useful for companies looking to automate accounts payable and accounts receivable, reduce fraud risk and generate rebates through electronic payments.

Published on July 28, 2024