PAYSTAND BLOG

Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.

Why Paper Checks Remain the Dominant Method of Payment in the B2B Realm

Despite widespread availability and development of digital payment methods, paper checks are still alive and well in the world of Enterprise. The phrase "paperless society" is thrown around without much weight and may have many believing that swipes of plastic, insertion of chip readers and cash transfers at the click of a mouse are the predominate means of paying bills. Where this presumption may be more relevant on a B2C basis, the reality is that in 2016, 97% of companies that participated in a research study are still using paper checks to pay vendors and receive payment from customers. Looking at this from a sheer numbers standpoint, this means that there is $550 Billion stuck in pre-Internet paper, plastic, & manual processes. The Financial Revolution is here, so what is making the paper check so seasonable?

Kenzie Earle Kenzie Earle on April 20, 2017

Paper Checks, Payment Solutions, Digital Payment, B2B, B2B Payments

What is a Bank Lockbox Service and How is it used for Payments

Across the cash management process of many businesses, Bank Lockbox Services have been around for decades as a way for treasury & finance teams to improve their receivable process for checks and other corporate payments sent through the mail. But in today's digitally connected Internet economy, electronic alternatives to traditional lockbox services have emerged. Today we'll explore a little bit about the advantages and disadvantages of a lockbox services and how electronic lockbox alternatives such as an online billing portal may be the next step in the evolution to a traditional commercial lockbox service.

Kenzie Earle Kenzie Earle on February 9, 2017

Payments, B2B, Accounts Receivable, Lockbox Services

What Makes For a Great B2B Ecommerce Store?

When it comes to ecommerce, you may be surprised to learn that there are many similar requirements between B2B and B2C – such as the need for quality product images, intuitive navigation and a seamless customer journey. But B2B businesses also face their own unique challenges; factors like high sales volumes, long buying cycles and multiple decision makers getting involved along the way. This means they require a slightly different approach to the standard B2C business plan.

Scott Campbell Scott Campbell on November 29, 2016

B2B, Payments, ecommerce, WooCommerce, magento

Introducing Blockchain Certified Payments

Today PayStand, is introducing a completely new way for enterprise payments to leverage the blockchain. For the first time in the industry, PayStand customers have the option to certify and notarize payments on the blockchain (from payment requests & invoices to completed payment receipts) to ensure that the history of payments are secure, auditable, independently verifiable, and free of tampering.

Erica Zeidenberg Erica Zeidenberg on October 26, 2016

B2B, e-invoicing, cloud, e-billing, blockchain, Payments

5 Smart B2B eCommerce Strategies For 2018

Frost and Sullivan predicts that B2B eCommerce sales will reach $12 trillion by 2020. That's up about 400% from the $5.5 trillion spent in 2012.

That kind of growth offers a great opportunity for businesses in the B2B space. However, it also opens up the potential for significant competition.

Here are 3 strategies that B2B companies should employ in 2018: 

Scott Campbell Scott Campbell on May 18, 2016

online payments, One-Click Checkout, Payments, WooCommerce, B2B, Enterprise payments, b2b ecommerce

Ensuring You Get Paid: Business to Business Strategy for Steady Cash Flow

While you may be a billion dollar enterprise with a dedicated accounts receivable team, or you may be on your own as one of 54 million freelancers, it doesn’t necessarily mean that getting paid on time is easy. According to a study conducted by Censuswide, nearly 81% of businesses have received late payments despite having completed their work within the time agreed upon.

Scott Campbell Scott Campbell on April 29, 2016

ACH, eCheck, electronic checks, B2B, e-invoicing

Top 5 Cloud Software Offerings for B2B Companies

In the old software model, a B2B company could expect a number of cash flow obstacles from software purchases. After they purchased computers for their employees, they would discover a purchase of Microsoft Office was also required. Later they would need to complete a full purchase of an accounting software. Perhaps they need two copies of an illustration software. This software may even require an IT tech to set them up. Each of these pieces of software may be used a lot at first, followed by not at all for a long stretch of time. This made it difficult to start a business. In today's software model, software can be "rented" as a cloud offering by the month. If the software is not used or not needed, the "rent" can simply be terminated, usually without any penalty. Here are the top 5 cloud offerings that can save a lot of money.

Scott Campbell Scott Campbell on March 7, 2016

B2B, e-invoicing, cloud, CRM, e-billing, accounting, ERP

Four Keys to Adding Payments to Your Software Platform

It’s been said that “software is eating the world” - and it’s true. Software platforms for businesses (aka B2B software platforms) are proliferating at an accelerating rate, serving a dizzying array of business needs including accounting, project management, time tracking, billing, CRM, and many others. Developers are racing to fill the needs, creating broad-based “generic” platforms as well as highly specialized tools that cater to the specific needs of particular industries. So whether a company sells organic beverages to corner groceries or horse feed for thoroughbreds, there are probably multiple tools available to help them to better manage their business. The abundance of tools creates an imperative for platform providers to continuously add new capabilities to deliver value to their users. Increasingly, B2B software platform providers are turning to payment services as a key area of innovation.

Jeremy Almond Jeremy Almond on February 11, 2016

tools, online payments, One-Click Checkout, Payments, payments-as-a-service, SaaS, B2B, Enterprise payments, e-billing

The Top 5 Myths about Accepting Paper Check Payments

Here in Silicon Valley it’s easy to forget that not every business process has been transformed by tech’s magic wand. Case in point: over half of all business-to-business payments still take place by paper check, sent via snail-mail. Even more surprising is that many of the companies we talk to are perfectly satisfied with a process that works exactly the same as it did 75 years ago. Are check payments a perfect example of “If it ain’t broke, don’t fix it?” Or has the gospel of digital payments just not reached the traditional business world yet?

Scott Campbell Scott Campbell on November 17, 2015

ACH, eCheck, electronic checks, B2B

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