Issue #10: The Journey to Zero
Editor’s note: Hello, readers. Welcome to the first newsletter of 2021. To kick off the year, we're setting the stage for what it means to create a new financial infrastructure for the B2B industry. It's something we call: The Journey to Zero. Subscribe now.
🚀 It's Time For a New Approach
Today's payment infrastructure was built with pre-internet vision, using a model that counts on gatekeepers who profit from charging fees to move money. It's covering an old, broken system in a digital veneer with little visibility.
These huge inefficiencies in the financial system were the genesis of Paystand's Payments-as-a-Service model: a fresh approach to commercial finance that moves payments to a cloud-based system, automating back-office accounting processes and replacing transaction fees with a predictable, flat monthly rate.
We leveraged our newly created, zero-fee banking network to build an ecosystem of financial products that would allow businesses to step into a new era of B2B finances. One that is completely digital, with zero fees and an open industry approach favoring transparency between merchants and banks. We call this family of products backed by our #OpenIndustry philosophy the Journey to Zero.
- Bringing the Journey to Zero to Life
- Product Updates
- Industry Articles
- Social Media
- Register for our Upcoming Webinar
✨ Bringing the Journey to Zero to Life
In Over 200,000 businesses are now paying over the Paystand Bank Network and we're seeing more and more adoption of finance and payment automation from B2B companies. Let's take a look at several significant features and benefits of the Journey to Zero.
- The New Banking Network: Instead of delayed, insecure, and costly payment methods, companies using Paystand realize revenue faster, improve margins, eliminate transaction fees, and provide a seamless payment experience to their customers.
- Assurety-as-a-Service: We launched our own approach to enterprise blockchains to add greater security to the Paystand Bank Network.
- The Paystand Virtual Card, the new card for Corporate Expenses: The Paystand Virtual Card is a prepaid virtual expense card that companies can issue to employees to make purchases online and over the phone securely.
- Smart Lockbox: This allows our users to move their entire check workflow into Paystand's zero-fee banking network, streamlining collections, and drastically reducing paper usage for B2B payments.
- ERP Integrations: Most of our customers use ERPs to manage their everyday finances. From systems like NetSuite to Sage Intacct, Paystand has integrations for completing the AR lifecycle in one place: from invoicing to reconciling payments instantly.
- Paystand for Platforms: The Paystand platform also provides marketplaces and software companies an entirely native payment option. Paystand gives those marketplaces the ability to create new revenue streams and monetize payments.
We launch every initiative with one goal in mind: rebooting commercial finance and creating an open, digital infrastructure for B2B payments. Talk to our team to learn more.
Our latest product upgrades are all about making invoices, payments, and accounts receivable as a whole easier to manage digitally.
✨ What's New 🚀
- 💸 Payer Incentives: Our industry-first payer incentives module has been extended to our Built-for-NetSuite SuiteApp. Learn more here.
- 👯 Payer Consolidation: Merchants now have full control over the way they see their payers, including transactions and payment data. Choose a full roll-up or detailed view.
- 🧾 Magento Integration: Payment details for every Sales Order paid with Paystand now appear seamlessly in the Magento Admin Dashboard. Learn more here.
- 💰 NetSuite SuiteApp: Our SuiteApp now natively supports performing refunds on Sales Orders containing multiple Customer Deposits. Learn more here.
✨ Polishes & Fixes 🚀
- ✅ Billing Portal: Our billing portal now contains a field where the payer can specify account type (checking / savings) for an ACH payment.
- ✅ Virtual Terminal: A completely updated UI, ability to populate billing addresses in NetSuite, and several other enhancements highlight upgrades to our industry leading virtual terminal
- ✅ Xero: Paystand now supports the Bank Account account type with our Xero integration, allowing users to book refunds and disputes.
Industry Articles 📚
- Blockchain Beyond Bitcoin: Transforming FinTech, Healthcare, And More: "With $1B in transactions processed by a network of 200,000 payers in 2020, and 1007% three-year revenue growth, I think we'll see more from Paystand." - Forbes
- Pandemic Wake-Up Call Drives Integrated B2B Platforms: We can't stress enough how B2B payment platforms are meaning the difference between healthy finances or going out of business, and now it seems going digital will be the norm for 2021.
- Visa abandons takeover of Plaid after DOJ raises antitrust concerns: In a widely discussed event, Visa backed out of the Plaid acquisition deal after DOJ antitrust concerns.
- Bank On It Podcast: Paystand CEO Jeremy Almond talk B2B Payments: Catch CEO Jeremy Almond discussing his vision for B2B payments and how the lessons he learned throughout his career drive the Paystand mission forward.
Social Media 💬
Internet and banking: Taking out the middleman and offering services directly at a fraction of the price. This is part of what we look for in the Journey to Zero, and we're not the only ones who can see it.
1/ The Internet has many legacies, but its greatest one is disintermediation -- taking out the middleman. And the biggest ever disintermediation -- of financial services -- is coming to an app near you. This is where government should focus:https://t.co/FaTnN8HfuD— Alex Rampell (@arampell) January 15, 2021
Banking-as-a-Service: It's interesting to see more open banking initiatives leveraged by new finTech and insureTech startups. The Journey to Zero is just beginning.
Payments post-pandemic: The second year of the pandemic-era is here. FinTech still plays an important role in the recovery of many businesses, but who exactly are expected to come back stronger? Well, payment processors.
Register for our Upcoming Webinar
COVID-19 accelerated digital transformation in the B2B landscape. As part of that acceleration, the role of finance leaders has changed dramatically, too. Register for our upcoming webinar to learn about key strategies the best finance leaders are employing to future-proof their finance departments.