We recently announced a $6M Series A round led by BlueRun Ventures with participation from Cervin Ventures, Serra Ventures, TiE, LEAP and Capital for Founders. You can read the full press release here. Alongside the funding we also are announcing a new free product line in beta called AP. Read on to get the insider take on why we raised the capital, why we are building AP, and what's in store for the future at PayStand.
As companies grow, small-mid sized business accounting software doesn’t always cut it. If your business is outgrowing your current accounting software, it may be time to consider adopting an enterprise resource planning (ERP) software. ERP systems provide companies the ability to manage every aspect of their business, from accounting to supply chain management to marketing. Plus, with many of today’s companies moving to the cloud, ERP systems are too, providing better security and more flexibility for how businesses operate. There are a number of new cloud ERP tools on the market that are being adopted. Listed below are the most promising software companies for ERP enterprise customers:
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.
Surcharging, a topic we discussed in our previous blog post, is when a merchant adds a fee to a customer’s credit card transaction. The practice is an attempt to compensate merchants for the credit card processing/interchange fees they have to pay credit card companies when customers use those types of payment rails. However, consumer attitudes towards surcharging varies by demographics. Credit card companies also have policies on surcharging. But with 50 state consumer laws to contend with, the legality of surcharging also varies on a state-by-state basis. To help, we’ve put together an overview of surcharging and its legality across the country.
For businesses that accept credit cards, processing fees are a constant pain. Varying pricing models, vague regulations and new technology often create unwanted expenses. In fact, 55 percent of America's 27 million small businesses do not accept credit cards. But with credit and debit cards being nearly as common as cash, merchants are starting to pay attention to accepting credit card transactions. Surcharging offers businesses a means of defraying costs associated with credit card acceptance by recovering the higher costs from the customer.
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.
Insurance providers, carriers, MGAs, brokers and agents all need software to make the process of buying and selling insurance an easier process for all parties involved. In recent years, automation within the insurance industry has expanded to include digital options for the way the modern insurance consumer lives his life today. The most helpful software products for insurance professionals are ones that are rated highly in the areas of customer service, ease of use, value for money and features and functionality. Here are some of the latest innovative software products revolutionizing the insurance industry.
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:
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.