Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.
Why You Need an Accounts Receivable Process Flowchart
Feb 28, 2024 by Zazil Martinez
Consider creating a flowchart if you're looking for ways to improve your accounts receivable process. An accounts receivable flowchart visually represents the collection process, highlighting areas of inefficiency and opportunities for automation. Accounts receivable flowcharts are excellent for helping accounts receivable departments to visualize their processes. They often help pinpoint which areas are ripe for automation or improvement. Not only can they effectively keep your team on the same page and train new employees, but they can also help you see areas of inefficiency.
How to Find the Best AR Automation Software for Your Business
Feb 23, 2024 by Zazil Martinez
Finance professionals always search for ways to enhance efficiency and streamline financial operations. One powerful solution to address these challenges is finding the best AR automation software. But what exactly does this mean for CFOs and finance teams? Imagine that tedious tasks of manual invoicing, chasing payments, and reconciling accounts are in the past. The best AR automation software offers a solution that automates and optimizes accounts receivable management. This lets finance professionals focus on strategic initiatives rather than mundane administrative tasks. But with so many available options, choosing the best AR automation software can be daunting. Here's a comprehensive guide on what to look for to select the best one for your business.
Top Challenges Accounts Receivable Teams Face and How to Solve Them
Feb 20, 2024 by Zazil Martinez
In today's fast-paced digital marketplace, accounts receivable (AR) teams face numerous challenges that impact a company's cash flow and growth. Even with an optimal rhythm, some remain significant. Common accounts receivable challenges include high DSO, ledger disorganization, poor communication, and inadequate policies. Streamlining processes, offering multiple payment options, going paperless, updating customer information, and automating AR can overcome these. A structured credit policy can help identify suitable customers. A weak accounts receivable management process can cause several other unintended consequences, including:
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Improve Your Collections With Recurring Payments
Nov 17, 2022 by Zazil Martinez
Managing customer collections is not always easy, and there is often no protocol for consistent control in this aspect. One of the main problems of not having a clear collection strategy in the company is late payments. Around 20% of customers are late in their payments or do not pay their debt, significantly reducing the company's gross income.
7 Benefits of a Merchant Account
Nov 15, 2022 by Kelsey Banerjee
Today, businesses need to accept more than cash, checks, or a customer's debit card. Even credit card payments are getting left behind with the seamless processing of ACH and bank-to-bank transfers. But to leverage these options, a small business owner needs to invest in a merchant account.
Higher Conversion Rates with Online Payment Optimization
Nov 10, 2022 by Zazil Martinez
Delivering the right payment experience to customers is crucial. A huge transformation has already occurred, but the pace is constantly accelerating. New payment methods are appearing, and security standards and consumer demands are increasing.
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.
The Inside Scoop on our Dynamic Discounting App for NetSuite
Nov 4, 2022 by Sage Thee
What if there was a way to incentivize your clients to pay faster? Everyone from AR clerks to VPs of finance knows early access to cash is key to the survival of the enterprise. Unfortunately, many industries and buyers are known to be slow to pay, DSO feels unnecessarily lengthy, and businesses need more tools to speed up their time to cash. To put it bluntly, many AR departments feel they are officially “at the mercy” of payers and have little-to-no recourse in accelerating their payments to improve cash flow.
How Professional Services Companies Can Increase Cash Velocity with Sage Intacct
Nov 3, 2022 by Zazil Martinez
It’s well known that the greater the variety of customers a company handles, the more elaborate the collection processes must follow. Professional Services companies (such as legal firms, digital marketing and advertising agencies, IT services and consulting, HR services, research, engineering, or another specialized service) face a more diverse mix of clients and projects –which leads to increasing billing and Accounts Receivable complexities.
Paystand Named a Fastest-Growing Private Company by Silicon Valley Business Journal Two Years in a Row
Nov 2, 2022 by Sage Thee
SCOTTS VALLEY, Calif.--Nov. 2, 2022--Paystand – the fastest-growing, blockchain-enabled B2B payments network – today announces that the Silicon Valley Business Journal has named it one of its fastest-growing private companies. Paystand placed third for the second consecutive year. The company has grown 876% year-over-year for the past three years, doubling annual revenues every year it’s been in business.
Attracting Merchants with PaaS Solutions
Nov 1, 2022 by Sage Thee
First things first, what is Payments-as-a-service (PaaS)? PaaS upends the traditional fee-based payment model, utilizing a subscription-based software model instead. That means you pay a flat monthly rate to use PaaS software instead of losing a cut of every transaction to processing and transaction fees.
Which of These Common Mistakes in the Credit and Collections Area are You Making?
Oct 27, 2022 by Zazil Martinez
While collections is a complicated area in which we frequently run into obstacles, such as delinquent customers that slow down the corresponding processes within our company, there are several internal mistakes that we are probably making in the administrative area that affect financial liquidity.
Introducing our New and Improved Features for Sage Intacct Customers
Oct 21, 2022 by Sage Thee
We recently announced our latest upgrades to our Sage Intacct integration. Paystand’s improved Smart Lockbox and Payer Portal provide Sage Intacct users with enterprise-grade multi-entity support, automated collections, multi-invoicing, virtual terminal, and auto-pay.