PAYSTAND BLOG

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

How much is it costing your business to accept paper checks?

Paper checks are one of the most costly ways you can collect payments from your customers. Many businesses think getting paid by check is free, but this couldn’t be further from the truth. Paper checks are loaded with labor costs, processing fees, and hidden markups. Last year alone, North American businesses processed over $18 trillion in paper checks, and it cost them a staggering $550 billion in profit due to delays, labor, and errors.

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Eduardo Lopez Eduardo Lopez on September 4, 2019

Payments, Paper Checks, Digital Payment, Paystand Bank Network

The Four Pillars of Modern B2B Payments

Creating a modern B2B payments experience comes down to one idea: transactions should be frictionless.

There's no reason a customer should worry about how much they're being charged or whether a transaction is secure. Vendors shouldn’t spend time thinking about what payment methods to accept, how quickly they'll receive payment, or how to integrate those payments into their overall cash cycle. All of those things should be automatic.

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Eduardo Lopez Eduardo Lopez on July 9, 2019

payments-as-a-service, blockchain, Digital Payment, automation

What to Look for When Choosing a Billing Portal

In our last look at traditional lockboxes, we learned what is entailed in the involved process and that there is a large margin for error. The current challenges include poor working capital optimization, zero cash visibility and friction in buyer-supplier relations due to frustrating limitations in the payments realm. One of the biggest issues in B2B payment processing is that both buyers and suppliers are comfortable with the way they’re processing payments now – even if the method is antiquated and ineffective. PayStand aims to stand by a progressive methodology in order to promote a higher standard in for players in the world of FinTech and the businesses that are impacted by it.

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Kenzie Earle Kenzie Earle on June 26, 2017

SaaS, blockchain, Billing Portal, AR Solutions, Digital Payment, Payment remittance, Payment as a service

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?

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Kenzie Earle Kenzie Earle on April 20, 2017

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

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