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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A Review of B2B Payments in 2024
Jan 25, 2024 by Zazil Martinez
The COVID-19 pandemic prompted a shift towards digital payments that continues to evolve. Businesses faced new challenges and adapted their payment processes to meet changing demands. Considering the post-pandemic landscape, we provide valuable information on payment trends in 2024.
5 B2B Digital Payments Trends and Stats to Know in 2024
Jan 3, 2024 by Zazil Martinez
Discover the future of B2B digital payments in 2024 with our insightful exploration of key trends and statistics. Stay ahead of the curve by understanding these trends and positioning your business for success in the digital payments landscape.
The Benefits of Digital Payments for B2B
Dec 12, 2023 by Kelsey Banerjee
The shift towards digital payments has led to fast and efficient business growth opportunities. However, most business accounting and finance departments still need to catch up in adopting this payment method. By eliminating paper checks, the AR process becomes more effective, leading to faster payment cycles and efficient collections. Today, a B2B transaction is no longer a back-office-only process. Businesses view the payment experience as another customer touchpoint. One study found that the checkout process influences whether a customer will make another purchase from the vendor in the future. Still, technological shifts have proved that digital payments bring fast and efficient growth opportunities for businesses. Consumer payments have seen a digital revolution so drastic that people hardly set foot in a bank anymore. Most money transfers happen via apps and online platforms. Contactless payment is the present, not the future of digital payments. However, business accounting and finance departments still need to catch up when adopting this payment method. According to PYMNTS, 40% of B2B payments are still done manually, using paper-based methods. Due to the pandemic, we've seen many challenges confronting the digital B2B payment space. The sudden shift to digital solutions and remote processes exposed the costly infrastructure gaps and inefficiencies of a financial system worth hundreds of trillions of dollars. Yet, businesses depend mainly on in-person processes, slow-moving checks, and expensive paper invoices. If, like many CFOs and AR managers, you're looking into digital payment platforms and electronic remittance solutions, you can read on as we walk through the benefits of shifting to digital payment solutions.
What’s the Difference Between ACH and EFT Payments?
Sep 29, 2023 by Zazil Martinez
Digital transactions have revolutionized B2B payments, changing the landscape completely. At first, people were unsure about sending money online. But now, it's essential to understand that digital payments have become much safer and faster. To know how ACH and EFT differ and how this knowledge can impact your business, delve into this insightful exploration.
A Simple Guide to ERP Payment Gateways and Portals
Sep 28, 2023 by Zazil Martinez
Integrating front- and back-end systems is vital as online business transactions surge. Traditional fund transfers can be cumbersome and costly. The solution? Enterprise Resource Planning (ERP) systems.
Merchant Account vs. Payment Gateway
Sep 8, 2023 by Zazil Martinez
Are you ready to optimize your payment strategy in the lightning-fast physical and online payment processing world? Understanding the details between a merchant account and a payment gateway is crucial for businesses looking to streamline their payment methods in their industry.
Power Up Your AR with Dynamic Discounting
Aug 23, 2023 by Daniel Escudero
In today's fast-paced business environment, cash flow is king. At Paystand, we understand this and offer a revolutionary tool called Dynamic Discounting. This tool empowers accounts receivables teams to optimize their cash cycles by incentivizing early payments. More than just a service, it's a game-changer for AR teams.
Business Disbursements: The Essential Guide
Aug 22, 2023 by Kelsey Banerjee
What is a disbursement? And what is the disbursement of funds? Understanding these definitions — and knowing how disbursements differ from other types of cash outflow like reimbursements and payments — is critical to ensuring your business avoids accounting errors that could be detrimental to your bottom line.
Overcoming Payment Digitization Challenges
Aug 16, 2023 by Zazil Martinez
In an era where technology reshapes everyday activities, a profound transformation in financial transactions is no surprise. Traditional payment methods relied heavily on cash and paper-based processes but gave way to a new digital frontier. This wave of digitization brings countless opportunities, yet it has its share of challenges. Payment digitization challenges stem from internal and external pressures, and with the B2B payments landscape shifting, organizations need help to adapt. The last thing a CFO wants is to invest in new digital solutions and train the team, only for their new software to shut down or change to another within a year. As we embark into the digital finance era, we face questions demanding thoughtful consideration and strategic planning. How do we ensure the security and privacy of sensitive financial data in an increasingly interconnected world? What measures must be taken to bridge the gap between tech-savvy individuals and those still adapting to digital platforms? How can businesses and financial institutions collaborate to create a seamless payment ecosystem? This article will cover some of the biggest challenges of payment digitization today and how to overcome them.
What is a Virtual Expense Card?
Aug 4, 2023 by Zazil Martinez
Virtual Expense Cards are digital payment tools that simplify and enhance B2B transactions. Unlike physical credit or debit cards, these virtual cards operate online, making them ideal for card-not-present purchases. Incorporating them into your financial toolkit can revolutionize expense management, control spending, and streamline payment processes.