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How Does Paystand Automate the Accounts Receivable Process?

November 22, 2019 by Eduardo Lopez

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Paystand automates the entire Accounts Receivable process, so you never have to spend hours manually collecting and reconciling payments. The benefits are two-fold: your team removes hours of repetitive tasks from their workload, and tasks are automatically executed error-free on your behalf. Paystand also helps businesses reduce late payments. That's why Paystand customers usually decrease the number of overdue receivables by 62% in the first few months.

You also won't find any transaction fees or markups associated with Paystand's payment network. Instead, you can move money electronically without paying any additional costs. Besides offering a zero-fee payment option, Paystand also accepts legacy payments such as ACH, credit/debit, wires, EFT transfers, virtual cards, and checks. Click on any feature below to see what Paystand can do for you.



Paystand Dashboard

The Paystand Dashboard allows you to quickly see your collected and pending receivables using standard or custom time periods. You can also group your receivables into categories based on status and type. Get the clearest picture of all your receivables, all in one place at your fingertips.

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Smart Receivables

Paystand allows you to create and edit digital receivables so you can capture critical customer data within the receivable itself. Your team can track and securely store information about the Receivable, all tied directly into its associated Collection Plan (standard or custom). Pause or enable associated workflows from with the Receivable and see any associated payment events or communications.

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Payment Links/Request Payment

You can add payment links to invoices, billing reminders, sales orders, and statements to provide easy ways for customers to pay immediately. Paystand also extends Venmo-like functionality to customers, allowing them to request payment and select the preferred payment method. 

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Recurring Billing

Schedule invoices in advance, enable auto-pay, or create your own customized payment schedule to support subscriptions, future invoices, rentals, utilities, and more.

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Payment Portal

Paystand's payment portal lets you fully customize the payment experience, allowing you to easily white-label your checkout, interface, and invoices to your brand's specifications. You can also turn payment rails on or off based on your business model.

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Instant Cash Application

Once you collect a payment, the Paystand SuiteApp instantly applies the transaction against open invoices in your source of trust (ERP System).

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Automatic Reconciliation

Paystand also instantly books payments to your invoices, sales orders, and statements, updates your records in real-time, and sends you automatic transfer reports with details of a deposit, its transactions, and any invoices and sales orders a deposit affects.

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Deposited Fund Status

When Paystand deposits the funds to your account, the Status in your related records tab will automatically update to Deposited.

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Flexible Integrations

Paystand provides a rich, flexible, and restful API to integrate a fully functional payment layer in your product or platform. We support implementations from high growth startups to enterprise OEM partnerships. Best of all, Paystand easily connect to your ERP, eCommerce, mail, CRM, and accounting systems with Paystand integration section.

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Zero-Fee Payment Rail

Accept legacy payment options (ACH, Debit, Credit Card) or use the Paystand Bank Network to eliminate transaction fees. The Paystand 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 payment tracking, so you can immediately check if a customer has sufficient funds to pay an invoice.

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Least-Cost-Routing

Paystand's proprietary Least-Cost-Routing technology helps reduce payment processing costs by steering customers to the payment rail that will result in the lowest cost to the merchant.

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Paystand negotiates wholesale rates on your behalf and lets you control who is responsible for paying the associated fee. You can either absorb the cost, split it, pass it on to your customer, or set a threshold that makes the decision for you based on the invoice amount, customer location, or customer type.

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Virtual Terminals

Paystand's virtual terminals allow your team to make a payment on behalf of customers, when authorized, without leaving the dashboard. You can also enter payment information from previous payments, filled-in forms, or existing contracts.

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Fund-on-File

Aside from virtual terminals, Paystand also offers users fund on file tokenization, a secure method that gives you control to authorize, charge, and re-use your customers' payment methods without accessing their private information directly. As a PCI Level 1-certified payment processor, Paystand adheres to the latest security and fraud prevention standards.

Payment Assurety

Last but not least, every payment made using Paystand's network is recorded on the Assurety blockchain, creating a notarized record trail that is secure, verified, and digitally auditable. These records can't be altered, assuring transactions are valid and free of tampering.

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Elevate your Payments Experience

Today's finance teams are plagued by costly fees, inefficient systems, and paper-driven processes. And yet, many businesses are stuck with payment solutions that charge outrageous fees, sneak in hidden costs, and often add extra steps to your payment process. It's no wonder why businesses are losing up to 25% of new revenue due to poor billing and A/R processes.

Your Accounts Receivable process doesn't have to require hours of manual tasks to manage it effective. Using Paystand, you can automate everything from invoice to reconciliation. Schedule a free demo with one of our experts today!

 

Tags:   Payments, e-invoicing, Accounts Receivable, automation, collections