Paystand Blog

Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.

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Paystand Acquires Teampay: Expanding Network to 1M Businesses

Apr 25, 2024 by Jeremy Almond

Today marks a watershed moment for Paystand and the broader B2B payments landscape. I am thrilled to announce the strategic acquisition of Teampay, an industry-leading provider of spend management software. This significant step forward in our mission not only revolutionizes payments and creates a seamless, fee-free B2B network, but also ushers decentralized finance into traditional spaces.

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Paystand vs. Versapay: Streamline Payments, Save Money and Time

Apr 23, 2024 by Zazil Martinez

For B2B finance leaders, finding the right payment processing software is about more than just convenience. Rising fees, hidden costs, and inefficient processes affect your bottom line. If you're searching for ways to reduce costs and streamline your payments, Paystand and Versapay are two worthy players.

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Unlocking Business Potential: Paystand and Vurbane Announce Strategic Partnership

Apr 22, 2024 by Zazil Martinez

We are thrilled to announce a new partnership with Vurbane, a leading cloud ERP consulting and development provider specializing in NetSuite optimization. This strategic collaboration empowers businesses to achieve unparalleled operational efficiency, streamline processes, and revolutionize payments.

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How to Use the NetSuite Payment Plugin To Email An Invoice with a Digital ‘Pay Now’ Button in your e-Invoice

Feb 23, 2018 by Kenzie Earle

In our last article, we wrote about the features to consider when choosing a NetSuite payment plugin to cut costs, improve efficiency, and eliminate manual processing. These features will help you maximize your NetSuite investment.

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Revenue Recognition, How It’s Changing, and Why It Matters

Sep 12, 2017 by Kenzie Earle

On the surface, revenue recognition is a fairly simple concept: when it comes to presenting the true value of your business to investors, it is important to accurately report your revenue. That means reporting the actual cash earned in the course of your business. In essence, there are standards related to revenue recognition to protect potential investors from fraudulent business practices, which could allow businesses to overstate their value. If discovered, failures to properly document and report actual revenue can be severe and could damage the long-term value of your company. That's why automated accounting is becoming increasingly necessary and even expected in order to protect businesses, their shareholders, and their customers.

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How the Interchange Fee Affects Business Revenues

Aug 15, 2017 by Kenzie Earle

What is the Interchange Fee? An interchange fee is a varied cost that is tied to each credit card transaction. To the consumer, this charge is usually invisible (unless the fee is surcharged). Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"); and for cash transactions the interchange fee is paid from the issuer to acquirer, often called reverse interchange. To the merchant, this is a constant thorn in the side of their ROI. Merchants are constantly seeking the lowest interchange fee. At the same time, the technology associated with interchange has transformed rapidly over the years. Merchants should be aware of this change and how it affects the interchange fee… Currently, an interchange fee includes an upfront charge ranging from $0.30 to a few dollars and then a percentage of the transaction, often between 2% and 4%. The vast majority of this money goes to the bank where your account is held or the credit card issuer. The remaining 10% to 20% of the fee goes to the credit card company with the logo on the card. Currently about $40+ billion per year is spent on interchange fees by merchants and consumers in this transaction. It facilitates over $2 trillion in annual spending.

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Twelve Cloud Technologies Changing the Property Management Industry

Aug 3, 2017 by Kenzie Earle

Property management is defined as the coordination of residential, commercial and real estate structures, including apartments, detached housing, condominium units and shopping centers. The properties are overseen by a property manager, who acts on behalf of the owner to maintain the value of the property while increasing profitability. According to 2017 statistics, the property management industry makes an estimated $73 billion a year. About 60% of residents in San Francisco, Boston and New York are renters and nine million households have become renters in the last 10 years, the greatest increase in housing history. The property management industry has been slow to embrace innovations in technology. But investors watching the market trends are spending huge amounts of resources in cloud-based property management solutions. With mounting pressure to embrace the digital world, property managers are looking for software that is innovative, effective and user-friendly. Cloud-based computing offers both a dynamic and competitive advantage. By eliminating costs from outdated servers and manual processes, along with providing real- time data and remote access, cloud-based property management software is scalable for the future. Listed below are twelve suggested cloud software to utilize for property management in the rising renters market:

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How eCheck Can Shrink Time on Your Accounts Receivables

Jul 26, 2017 by Kenzie Earle

Today there are numerous ways for businesses to accept payments online. Whether it is a credit card, eCash, ACH, or an eCheck, companies have multiple options to choose how they want to receive payments. To the average user, the go-to option for payment is usually a credit card or using a bank account via ACH. However, most users overlook two important differentiators between all four of these payment options: speed and cost. Taking a deeper look into each option can help your company make better, smarter decisions.

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What to Look for When Choosing a Billing Portal

Jun 26, 2017 by Kenzie Earle

In our last look at traditional lockboxes, we learned what is entailed in the involved process and that there is a large margin for error. The current challenges include poor working capital optimization, zero cash visibility and friction in buyer-supplier relations due to frustrating limitations in the payments realm. One of the biggest issues in B2B payment processing is that both buyers and suppliers are comfortable with the way they’re processing payments now – even if the method is antiquated and ineffective. PayStand aims to stand by a progressive methodology in order to promote a higher standard in for players in the world of FinTech and the businesses that are impacted by it.

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How PEOs Can Stay Relevant in the Wake of Digital Reformation

May 17, 2017 by Kenzie Earle

Being in the era of the technological revolution, there are expectations to deliver excellence via digital services. Though customer service is prevalent in the success of many companies, the option to utilize software and have a positive user experience on a digital platform has become equally important – and maybe even more relevant. Enterprises seek the ability to reform their business models with the use of digital technologies, the ability to create new revenue streams and innovative ways to connect with their market place. It has become a requirement for the service providers of today to play a part in the impact of the consumer experience, apply automation platforms, and work with those enterprises to collaboratively solve problems and foster growth. As a PEO, there is priceless value in the human element of your services, but that isn’t the end-all in todays day and age. Fortunately, there are a myriad of options in our software rich nation so that you don’t need to succumb to the inefficiencies that manual processing brings with it. In 2013, the PEO industry and health insurance brokers witnessed opposition emerge when HR software made its debut and inaugurated a new and simple concept - purchase your insurance from them, and they will provide the software to handle the HR element of your business. It was a pitch that investors certainly bought into. The business model became so dominant, that at one point, one of the top HR software companies was valued at $4.5 billion within two years of surfacing. So how to does a PEO marry its traditional business model and the digital reformation that has swept the competitive market place? Let’s take a look into becoming a business that offers the service AND the product.

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6 Cloud Software Platforms for the Solar Industry

Mar 23, 2017 by Kenzie Earle

In the digital age, companies are continually seeking innovative solutions to boost profits, increase systems efficiency, and achieve greater customer outreach. With heightened public awareness around renewable energy and stricter environmental regulations, solar energy is increasing both in value and demand. According to the Solar Energy Industries Association®, solar energy has experienced a compound annual growth rate of more than 60% in the last decade, largely due to the Solar Investment Tax Credit (ITC). Today, nearly 209,000 Americans work in the solar industry, and that number is expected to increase to more than 360,000 workers by 2021.3

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"Since working with Paystand, we’ve saved almost 20 hours of work a week."

See how Motorola reduced costs by 16%.
SOFIA MITCHELL

Accounting Analyst

"Real-time updates and analytics have made it easier to forecast and budget cash flow."

See how Thumbtack reduced their DSO by 40%
CHAD BELLO

Revenue Accounting Manager

“We found Paystand so easy to use; their embedded payment links in our invoices are simple for customers. Our clients and vendors are no longer confused at the critical moment when they’re ready to pay.”

See how Allterra reduced their costs by 51%
JAMES ALLEN

CEO

"Paystand allows us to free up resources, reduce costs, and expedite payments with real-time posting of transactions. It gives us the ability to grow with confidence that our AR process is equipped to handle the pace of our business."

See how Covetrus decreased 98% in Per-Transaction Fees
KRISTEN PARISIEN

Controller, Global Prescription Management

“The Paystand platform has done exactly what we expected it to do. We’re thrilled that the results aligned with our expectations. We’re operating as a well-oiled machine.”

See how Choozle decreased 50% in late receivables
AJ HEFFERNAN

Director of Finance & Operations

“It’s almost creepy how easy Paystand makes my job. It’s unbelievable how automated it is. It’s been an even better experience than we anticipated. . . We just fully trust Paystand.”

See how Edgewood decreased 60% in transaction fees
JOHN DYBWAD

Vice President of Finance & Budget