Paystand Blog

Aug 12, 2021 by Mark Fisher

One of the biggest challenges for CEOs today is not only finding the best-of-breed technology for various business operations, but also determining how they can work together efficiently and effectively to meet overarching goals and objectives.

Aug 10, 2021 by Mark Fisher

ERP systems have revolutionized how accounting departments track payments, but these digital systems aren’t without their challenges. These systems often fall short when it comes to user experience and analytics, and that’s where integrations come in.

Aug 5, 2021 by Mark Fisher

Aug 3, 2021 by Mark Fisher

Interchange fees are inherently tied to the legacy payment system. In fact, if you're a business owner, there is a 100% chance that at some point you've been paid with a credit card, and – you guessed it – that means you've also been subjected to pay a transaction fee for the process of accepting that payment from your customer. While most merchants accept interchange fees without batting an eye, the truth is that very few businesses truly understand what interchange rates are or how they work. As a result, that means most of them are missing out on critical information that can help boost their company's margins, ROI, and revenue in the long run.

Jul 29, 2021 by Kelsey Banerjee

With 92.6% of businesses reporting late payments among B2B customers in the US alone, CFOs and controllers need more than a financial ERP to reduce their DSO. A payments app integrated with your Sage Intacct instance is one of the easiest ways to automate your AR department’s payment process and improve your cash flow, but it can be challenging to decide on the best option – especially if you use Sage Intacct.

Jul 26, 2021 by Jeremy Almond

On Friday, we announced our $50-million Series C round of funding. We’re thrilled to add incredible new investors like NewView Capital, SoftBank’s Opportunity Fund, King River Capital, Transform Capital, and Industrious Ventures as long-term shareholders who will be joining us on our mission to reboot commercial finance, starting with B2B payments. But, beyond a funding announcement among numerous capital raises in the tech industry, I wanted to take a moment to share what this means not only for Paystand, but for the vision behind our commitment to building an open commercial finance industry.

Jul 7, 2021 by Mark Fisher

TL/DR; Implementing Paystand's Payer Incentives module creates significant shifts in payment behavior away from cards and saves businesses an average of 67% on punitive transaction fees.

Jul 6, 2021 by Daniella Bourguetts

Introduction Progressive companies have been investing in Accounts Receivables automation to achieve sustainable growth and optimize their team's most valuable resource: time. As advanced as some ERPs are, they don't automate many of AR's manual processes associated with payments like reconciliation, mailing invoices, and processing paper check payments. Automating these manual and arduous tasks allows an AR team to focus on more impactful and strategic issues that add greater value to the organization. In 2019, a study conducted by Mastercard and PYMTS titled "B2B Payment Automation Innovation Playbook" stated that 74% of companies haven't yet adopted payment automation but plan to do so by 2022. In a more recent 2021 study, these numbers increased to 76% of respondents wanted to automate banking activities and 80% of respondents planned to automate their payments and reconciliation processes. Though payment automation has been focused of cost saving and efficiency, the pandemic has highlighted the need to manage their AR processes remotely plus build a scalable payment process that facilitates the evolution from legacy (paper checks, cash, etc) to digital payments. In this blog, we will demonstrate how evolving your payment strategy with B2B payments automation can be the key ingredient for growth and embracing the benefits of digital payments. After all, it took a relatively short time for consumers to adopt digital payment apps like Paypal and Venmo. We can be confident that the business payment evolution won't be far behind the consumer's shift away from paper payments. How automation puts your finance team on path to success At Paystand, we sometimes hear from companies hesitant to change to an automated payment system. It's difficult to change when some people have used the same processes for many years that have "worked". Thankfully with some coaching these same people understand that change is inevitable and companies either evolve or else. While new payment technologies aren't revolutionary, using paper checks and credit cards and their associated fees can and will consume resources for those unwilling to change. Those companies who continue to resist the shift toward digital payments will be at the mercy of card networks and their tendencies to increasingly raise processing fees. Besides the cost and efficiency savings involved in this new digital payment paradigm, there's the benefit of quickly accessing all AR data in one integrated system plus there's no more waiting for the post office to deliver the mail or in the rare case, tracking down a lost envelope. In summary, the benefits of B2B payment automation are:

Jun 9, 2021 by Mark Fisher

“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” ― Buckminster Fuller

May 3, 2021 by Daniella Bourguetts

Editor’s note: Hello! 2021 is proving to be quite the year for a financial revolution – and now, in the middle of Q2, most companies are still in the process of adjusting to the new, post-COVID era. 78% of finance professionals predict that all future accounting methods will be automated, and we're seeing these changes happen sooner rather than later. This month, we're covering the rise of EIPP, a software that is moving the B2B payments industry forward. Subscribe now.