Paystand’s 2022 New Feature Roundup

Nov 10, 2022 by Sage Thee

It’s been a year of exciting innovation here at Paystand, from our first-of-its-kind DeFi card we launched in March to our brand-new Next-Day Funds Availability feature. This guide will give you a comprehensive overview of each of our new features, as well as further resources to dig deeper.

DeFi Corporate Card

At the end of March, we launched our DeFi Corporate Card, offering increased spend management tools and native Bitcoin rewards on every dollar you spend.

With our DeFi Corporate Card, you can earn Bitcoin points on every dollar you spend, create virtual and physical cards for your employees and payables to control spend limits and auto-lock dates, and earn Satoshi points on every transaction. Unlike cash rebates, Bitcoin points have long-term appreciation potential. You can claim these rewards and earn even more when you make payments with Paystand's DeFi Corporate Card.

  • Learn more: Click here to learn more about our DeFi Corporate Card or to get your own. We can't wait to help your business thrive in the digital economy.

Next-Day Funds Availability

We know the importance of quick and simple payment processing and the huge difference it can make when you get access to your funds tomorrow instead of next week. That’s why we recently rolled out our Next-Day Funds Availability feature for our NetSuite integration, making payments via the Paystand Bank Network available for use in just one banking day. Here’s how it works:

  1. A merchant receives a payment via the Paystand Bank Network
  2. The payment becomes available for use in one banking day
  3. Merchants can instantly transfer available network funds to their Paystand DeFi Card Account
  4. Merchants can use those funds to create prepaid virtual and physical cards to pay their vendors or cover their employees’ expenses

With the new Next Day Fund Availability feature, merchants can access their cash faster, encourage better spending behavior among their teams, and streamline their online vendor payments.

Dynamic Discounting

As companies adjust to the “new normal” and economic inflation, a faster time to cash is critical to keeping their businesses afloat (and to scale and expand). That’s why, in July, we launched the world’s first dynamic discounting application powered by Ethereum smart contracts, incentivizing buyers to pay sooner and giving AR teams quicker access to cash without a cumbersome, manual process.

Dynamic discounting allows you to adjust payment discounts based on time or other factors to get the money faster from the customer. With a truly dynamic discounting application, you can decide to whom you want to give discounts, the amount, and when. These dynamic discount offers are auto-executed via smart contracts, with digital funds transfer available over a verifiable, instantaneous, blockchain-based network.

New & Improved Smart Lockbox

With Paystand’s Smart Lockbox, a next-gen alternative to traditional lockbox services that enables a fully digitized cash cycle, you can say goodbye to the errors, delays, and excessive processing costs previously associated with checks.

Our Smart Lockbox offers automated reconciliation of check payments, options for merchants to send subsequent invoices as email-enabled invoices with online payment options, a centralized collections process and reduced receivables risk with 24/7 payment tracking, and remote remittance options that eliminate the need to even touch a paper check. Eliminate long set-up times and reconciliation efforts — all from within Sage Intacct, your trusted ERP system.

Payer Portal

In addition to our Smart Lockbox, we’ve unveiled our new Payer Portal, an update to our original Sage Intacct integration that empowers merchants with more visibility into their end-customer payers.

Today, AR teams with a high volume of invoices need a persistent and centralized portal where they can track all their past and outstanding invoices without spending countless hours digging through their email inboxes to stay up to date. The Payer Portal makes this possible, empowering AR teams to:

Break free from legacy AR and payment infrastructure

Our engineering team designed these new and improved features to help businesses increase their cash velocity by giving them access to B2B payment processing that’s cashless, feeless, and intuitive.

Join the financial revolution

Are you interested in building a more open, equitable, and accessible financial industry? Are you curious how blockchain technology and digital currency could disrupt how we move money (for the better)? Are you passionate about making the world a better place and believe the economic system plays a big part in it? So do we. It's what we're all about here at Paystand, actually.

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And stay tuned for more exciting innovations to come!