Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.
5 Reasons to Move From QuickBooks to Sage Intacct
Jun 23, 2022 by Sage Thee
QuickBooks has served your needs since day one and still (mostly) gets the job done. So why move from something familiar and functional like QuickBooks to a next-level accounting solution like Sage Intacct? The reasons may be more compelling (and urgent) than you realize:
5 Methods You Can Use to Reduce Late Payments
Jun 22, 2022 by Julia Duarte
In any industry, maintaining a steady cash flow is essential to running a business. When a company receives consistently late payments, day-to-day operations and overall progress slows down. By understanding why your customers are paying late, you can take steps to create an actionable plan to reduce your number of late payments and thrive as a business.
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How to choose the best payment integration for Sage Intacct
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.
Our Series C and how we’re building the future of commercial finance
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.
How Payer Incentives Puts Money Back Into Your Business: A Case Study
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.
How to Automate B2B Payments
Jul 6, 2021 by Daniella Bourguetts
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 on 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:
It's The End Of Interchange As We Know It (And I Feel Fine)
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
EIPP Software's Future is in Blockchain: Issue #13
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.
How to Evaluate Your Cash Flow Health
Apr 15, 2021 by Daniella Bourguetts
The way you measure your cash flow should always be tied to your business goals and operational needs. Every company has different needs, so it’s only natural that indicators in cash flow statements vary accordingly.
Paystand Receives The Startup Weekly’s 2021 Financial Services & Insurance Companies to Watch Award
Apr 7, 2021 by Mark Fisher
We’re excited to announce that, on April 5, 2021, we received Startup Weekly’s Financial Services & Insurance Companies to Watch award – an honor reserved for businesses that showcased strong growth and excellence in 2020.
Issue #12: Software is Eating the Banks
Apr 1, 2021 by Daniella Bourguetts
Editor’s note: Hello there, readers. In this month's newsletter, we invite you to take a pause and think of all those aspects in your life that have become software in the last ten years. From the way we consume content, to the sophisticated digital tools we use to manage daily complex financial transactions. It's no longer a material world, it's a digital one.
Why CFOs are Betting on AR Automation for Survival
Mar 17, 2021 by Mark Fisher
For most CFOs, the COVID-19 crises caused a shift in priorities, leaning towards employee safety and cutting down expenses to survive the unexpected economic shock that unfolded. In this environment, Accounts Receivable automation became more than wishful thinking and turned imperative for continuing operations in remote situations. But more broadly, last year's events ushered in an acceleration of digital transformation across the Finance organization in companies of all sizes.