3 Ways Paystand Optimizes Your NetSuite Payment Process
Paystand's Built-for-NetSuite SuiteApp has become one of the most potent payment integrations available for NetSuite users. It allows you to accept multiple payment options and streamlines the collection process to reduce payment delays and time spent on manual data entry, remittance matching, and reconciliation.
While there are many ways to streamline and optimize your NetSuite payment process, Paystand offers the complete solution for B2B businesses. You can easily add "Pay Now" buttons to invoices, set up self-service payment portals, and schedule one-time or recurring payments. But the most popular features often center around automating cash application and reconciliation. And if that wasn't enough, Paystand can even move your paper checks to digital channels so they can be managed and tracked from a dashboard in real-time!
In this post, we'll address ways that Paystand's SuiteApp can optimize your NetSuite payment process for faster, easier, more efficient accounts receivable.
How Paystand Optimizes the NetSuite Payment Process
33% percent of mid-size businesses report payment processing time as a significant issue. Payment delays can result from a delay in payment from suppliers/buyers or slow processing methods (Deloitte, 2019).
When a company chooses to switch to an ERP system like NetSuite, automation becomes the foundation on which growth is built. In our experience, finance and AR departments are still reliant on archaic payment processing methods that require too much manual labor and are error-prone, costing businesses up to 25% of new revenue due to poor billing and A/R processes.
Choosing to automate your payment process in NetSuite with Paystand carries benefits on all fronts:
1. Depending upon the company's size, a business can save $16/invoice or more via AP automation, and the solution it starts paying for itself within an average of 6 to 18 months. Paystand's fixed monthly-rate pricing plans are custom made for each business to ensure a predictable cash flow and profit for our customers.
2. Reduce the time and costs around your AR team by automating manual process. Set up recurring electronic invoices, speeding up collection time. Our Instant reconciliation feature means your team will never spend hours conciliating payments and invoices again.
3. Cut down on aging receivables using Paystand's banking network to allow customers to pay with their preferred method in a few clicks.
Reduce Collection Costs and Payment Fees
- Guide your merchants to the best payment option with Paystand's proprietary Least-Cost-Routing technology steers customers to the payment rail that will result in the lowest cost to your customers.
- You can choose to offset transaction costs. You can either absorb the cost, split it, pass it on to your customer, or set a threshold that decides for you based on the invoice amount, customer location, or customer type.
- Zero fees: Paystand's Bank Network is a zero-fee, digital payment rail that gives you access to real-time fund transfers and automated payment settlement. It also offers real-time fund verification and tracking, so you can immediately check if a customer has sufficient funds to pay an invoice.
Cut Down Aging Receivables
SuiteApp payment integrations like Paystand are helping companies reduce their DSO by 30 to 70%. Paystand's features make the receivables process nearly effortless.
- Set up smart processes by creating digital receivables and capturing essential customer data within the receivable itself. NetSuite users love using this feature to attach meta-data and custom fields to open receivables.
- Automate invoices, schedule them in advance, enable auto-pay, or create your customized payment schedule to support subscriptions, future invoices, rentals, utilities, and more.
- Add payment links to your automated invoices, billing reminders, sales orders, and statements to provide easy ways for customers to pay immediately.
Automate Cash Application and Reconciliation
One of the most significant benefits our customer experience when integrating Paystand is automating the whole payment process, from invoicing to reconciliation. By optimizing this, collection time is significantly reduced, and cash flow is overall improved.
- Paystand's integration Instantly reconciles payments to your invoices, sales orders, and statements.
- Once payments are received, our integration updates your records in real-time. It sends you automatic transfer reports with details of a deposit, its transactions, and any invoices and sales orders a deposit affects.
Start optimizing payments in NetSuite.
Automating your payment process can help you future-proof your accounting operations. Now more than ever, It's time to move away from archaic payment methods that cost thousands of dollars in processing fees and move to a cloud solution for optimizing your AR operations.
With the Paystand SuiteApp, you can automate everything from sending invoices to reconciliation from one place: your NetSuite Dashboard.
There's much more to learn about Paystand's SuiteApp integration. Read more about choosing the right payment app for your business in this guide for choosing the best payment integration in NetSuite.
If you're looking to accept new payment methods or need help finding ways to get paid faster and more efficiently, our payment specialists can help you identify ways to quickly reduce fees, streamline collections, and shift customers to zero fee options.Request a demo today.