PORTLAND, Maine and BOSTON, Sept. 12, 2002 — Investor-owned utility NSTAR has selected Clareon Corp.’s PayMode to receive electronic payments from its corporate, institutional and public-sector customers.
PayMode, currently available to businesses and government bodies throughout the United States, is being utilized by NSTAR for its rich remittance capabilities, ease of use and bank-neutral design.
As businesses continue to investigate options for developing stronger relationships with their customers and suppliers while streamlining business operations, many are realizing the benefits of electronic payments. PayMode is uniquely qualified to meet the demands of NSTAR’s customers by providing a ubiquitous solution for sending and receiving monthly utility payments.
A company wishing to begin using PayMode to pay NSTAR or any vendor in Clareon’s network can enroll in the service within ten minutes, regardless of current banking relationships or existing accounts payable systems. Enrollment in PayMode will immediately enable NSTAR customers to send payments along with detailed remittance information, to settle monthly bills.
“Rather than developing individual electronic payment solutions based on specific customer requirements, NSTAR and its customers will be able to take advantage of one complete, broadly accepted and easy to use solution,” said Penni Conner, vice president of Customer Care for NSTAR. “PayMode will provide us with a seamless connection to our business customers, improving relationships and streamlining our accounts receivable process.”
NSTAR has selected PayMode to alleviate the accounts receivable inefficiencies that arise when single payments are received from customers to settle multiple utility bills generated from dozens, perhaps hundreds of meters across NSTAR’s market area. These customers include chain retailers and restaurants, as well as corporate, educational and government institutions occupying multiple buildings and/or locations.
The time required to reconcile these payments impacts NSTAR’s ability to post the payments and apply cash in a timely manner; creating billing and customer care issues. PayMode’s ability to link payments with detailed, digital remittance information will allow NSTAR’s customers to make single payments for services, while providing NSTAR with the information it needs to post and reconcile these payments quickly and accurately.
Clareon has integrated PayMode with NSTAR’s existing Financial EDI (FEDI) functionality. This allows NSTAR to receive all incoming electronic payments and remittance information via a single, integrated electronic channel, regardless of whether NSTAR’s customers are enabled to make FEDI payments.
NSTAR joins more than 100 large or regional utilities and energy services providers engaged to receive PayMode payments from corporate and institutional customers. This includes Dallas-based TXU, Wisconsin-based Alliant Energy and St. Louis-based Ameren Union Electric.
“As our network of businesses, institutions and public-sector organizations continues to expand, we’re able to accelerate our customers’ receipt of value from PayMode,” said Paul Walsh, chairman and CEO of Clareon Corporation. “The adoption of PayMode by widely used service providers, such as utilities, enables Clareon to present an even stronger value proposition to our customers. We welcome NSTAR to the PayMode network, and invite all of its corporate customers to realize the benefits available with electronic payments.”
NSTAR Electric and Gas delivers electricity to more than one million customers and natural gas to about 300,000 customers in more than 100 communities in Eastern and Central Massachusetts. NSTAR was formed in 1999 through the merger of Boston Edison and Commonwealth Energy System. For more information, go to www.nstaronline.com.
About Clareon Corporation
Clareon’s market- PayModeâ„-, and PayModeâ„- for Reimbursement, enables businesses to send and receive electronic payments, along with rich remittance information, to and from suppliers, customers and employees, providing enhanced business performance.
PayMode works seamlessly with any bank and integrates quickly and easily with any ERP system or accounting software. Clareon also ensures that its customers realize value quickly by enrolling their suppliers, vendors, service providers and customers on their behalf with its proven Accelerated Enrollment Program.
PayMode strengthens relationships with suppliers and customers, enables more effective management of working capital and lowers payment costs by creating a more efficient business process. Clareon’s growing list of PayMode users now includes more than 95 Fortune 500 enterprises. Clareon is headquartered in Portland, Maine. For more information on Clareon, visit www.clareon.com.