Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.
What is a Bank Lockbox Service and How is it Used for Payments
Dec 2, 2021 by Eduardo Lopez
Across the cash management process, bank lockbox services have been around for decades as a way for treasury and finance teams to improve their receivables process for checks and other payments sent through the mail. But in today's digitally connected internet economy, alternatives to traditional lockbox services have emerged.
How to keep your AR team happy this holiday season
Nov 30, 2021 by Brandon Jones
The holiday season often means different things to different people. Many employees enjoy the extra time off to spend with family and friends, others enjoy traveling and new experiences and a few may even want to work a little harder at the office to catch up while it’s quieter. Regardless of your personal preferences, if you’re managing an accounts receivable team, the holidays are an excellent time to tune into what might make this period more meaningful for your employees. Here are a few ideas to keep in mind.
5 Easy AR Automations Your Company Needs
Nov 23, 2021 by Brandon Jones
AR automation simplifies an accountant’s job by taking the most monotonous and repetitive parts of accounting off your schedule. Find out more about AR automation and the five most important automations you should already have. Just want the ebook? Click here.
All Blog Posts
5 Advantages of Blockchain Payment Processing
Oct 28, 2021 by Brandon Jones
To most people, blockchain technology is an enigma that seems to only relate to cryptocurrency. But to us, it’s so much more.
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
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: