| FOR IMMEDIATE RELEASE |
19 April 2010 |
Bottomline Technologies’ Order-to-Pay Network Grows to 100,000 Suppliers
Network Size Accelerates Migration from Paper to Electronic Payments and Invoicing
PORTSMOUTH, N.H. – April 19, 2010 – Bottomline Technologies (NASDAQ: EPAY) today announced that PayMode®, its electronic order-to-pay network for business, has exceeded 100,000 enrolled suppliers. Once enrolled in the network, suppliers can receive electronic payments from their customers using the network, streamline the accounts receivable process and gain visibility to cash flow.
The PayMode network allows for electronic payments and invoicing on a Software as a Service (SaaS) platform. Supplier adoption is typically one of the biggest obstacles for a business considering a transition from paper checks to electronic payments. The scale of Bottomline’s 100,000-plus supplier network means that one in three potential customer’s most important suppliers are already enrolled and instantly able to receive electronic payments. Bottomline’s custom supplier enrollment program helps customers convert more than half of their payments from paper checks to electronic within the first 12 weeks.
Transitioning from paper to electronic processes with PayMode reduces costs, increases efficiencies and optimizes working capital. Additionally, corporations, banks and financial institutions are increasingly turning to electronic payments and invoicing as a way to reduce paper usage and lessen their environmental impact.
“We are committed to making our customers’ paper-to-electronic transition seamless,” said Rob Eberle, Bottomline’s president and CEO. “Bottomline is invested in driving the growth of our network and enhancing the order-to-pay solution to bring the benefits of electronic payments to more organizations.”
Bottomline acquired PayMode from Bank of America last year. At that time, the two organizations entered a multi-year agreement to deliver next-generation solutions for integrated payables automation.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company’s solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Company Contact:
Alana Burns
Bottomline Technologies
(603) 501-6601
aburns@bottomline.com