Bottomline, BofA in $1m commission deal
Bottomline Technologies will pay Bank of America $1 million, plus a commission, in order to get BofA customers using travel commission services to use PayMode, the electronic payment system that Bottomline acquired from BofA last year, the company disclosed Wednesday in a Securities and Exchange Commission filing.
The Portsmouth N.H,-based financial software company said in the filing that most of the commission costs will be spent at the end of this year. That’s when more than two dozen major travel and hospitality companies and tens of thousands of travel agents -- who use the BofA travel commission payments service for commission payments, remittance and reporting -- upgrade to PayMode.
But once those commissions are paid, the customer’s fees go to Bottomline. Bottomline would not disclose any other financial details of the arrangement. – BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW