Paystand Blog

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

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9 Types of NetSuite Keyboard Shortcuts You Need to Know

Sep 22, 2023 by Zazil Martinez

Speed up and improve your NetSuite experience by using important keyboard shortcuts. You can use them when searching for data, speeding up data entry, or navigating reports. Make your work faster and easier by using these nine NetSuite keyboard shortcuts.

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Push-to-Card (P2C) Payments | B2B Finance Glossary

Sep 21, 2023 by Zazil Martinez

What is a Push-to-Card (P2C) Payment? A push-to-card (P2C) payment – also known as a push payment, a digital disbursement, or a debit card disbursement – is a type of payment solution that allows a cardholder to send or, in other words, “push” money to another cardholder. This is the opposite of a pull payment, which enables funds to be pulled from one account and sent to another. In a pull payment, the payee is authorized to collect or “pull” money from another account and move it to their account. In this way, payers are not responsible for moving funds themselves, and they allow payees to take money from their accounts automatically – something that contrasts with push-to-card payments.

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Payment Failure | B2B Finance Glossary

Sep 21, 2023 by Zazil Martinez

What is a Payment Failure? A payment failure is when a payment being made from one party to another doesn’t go through. Payments can fail for many different reasons. While many payment failures result in the loss of legitimate business, some payment failures are for a good reason and actually work to minimize the possibility of fraudulent transactions.

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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.

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Simplifying Transactions with Virtual Terminals

Aug 1, 2023 by Kelsey Banerjee

Are virtual terminals significantly better than other payment processing systems? For most merchants, yes. It's an efficient, flexible, and organized way for a business owner to process and monitor payment details. And when looking for a payment solution, these factors are critical. The end goal of any payment processing system is to offer a convenient way to transfer economic value securely. This is a crucial step in any business, as customers must trust the system to buy services or products. And companies don't just need to build trust with their customers but also with business and tax authorities. The detailed records of virtual terminal transactions facilitate relationship-building behind the scenes. And make filing and reviewing processing issues easy for the merchant. In other words, Virtual Terminals provide better overall value than traditional Point of Sale (POS) systems. They are easier to use and understand and involve easy setup while maintaining flexibility and providing better value for merchants and customers.

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Everything You Need to Know About Convenience Fees (and How to Avoid Them)

Jul 25, 2023 by Kelsey Banerjee

We are at a time when money is digital. Cash and check payments are declining, and credit or debit card payments remain preferred. Yet, many merchants absorb a significant payment method.

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What is Least-Cost-Routing?

Jul 24, 2023 by Kelsey Banerjee

Least-cost-routing (LCR), sometimes called merchant-choice-routing, enables merchants to save money on every debit card transaction. This process ensures that when a customer makes a contactless debit card transaction, it will be routed through the most affordable option for the merchant. This type of transaction is often linked to Australia, where over 90% population has preferred contactless payments since 2017. In addition, most consumers use a dual network debit card. This enables merchants to process debit card transactions in two ways. For example, they can route the debit transactions through Visa or the EFTPOS network, the Australian electronic payment system. Or they can use Mastercard or EFTPOS. With lead-cost-routing, merchants don't have to decide which to use. Instead, the debit transaction is automatically processed using the cheapest option. Some merchants are wary of LCR, believing this system will increase the merchant fees associated with debit card interchange processing rates. However, the Reserve Bank of Australia found that an LCR contactless transaction may incur a reduced fee and that non-LCR processing tends to generate higher costs.

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Unlock the Power of WooCommerce: Email Invoices with Pay Now Link

Jul 14, 2023 by Zazil Martinez

Discover how to optimize WooCommerce's WordPress extension to improve your eCommerce functionality. Learn how to generate invoices, email them with payment links, and enable customers to make online payments in this practical guide.

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What is a Short Payment?

Jul 13, 2023 by Zazil Martinez

Short payments occur when customers delay payment or express dissatisfaction. Handling them is challenging, but strategies like electronic invoicing and clear payment terms can cut issues. Streamlining payment processes and using automation can also help improve cash flow.

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5 Benefits of Digitizing Month-End Close Processes

Jun 20, 2023 by Kelsey Banerjee

Digitizing month-end close processes offers several benefits that can significantly improve the efficiency and accuracy of financial reporting. By eliminating manual processes like data entry and paper-based transactions, digitization reduces the risk of human error and data loss. The end of the month can be stressful for your financial team. Between calculating employee wages, paying bills, and balancing budgets, there is a lot of financial data to keep track of. And unfortunately, due to human error, that data can easily be lost. 78% of finance professionals believe that manual processes result in more mistakes, such as lost documents and compliance breaches. But all of these issues associated with financial reporting can be avoided with digitized month-end accounting. Digitized (and automated) month-end close processes reduce human error, improve account visibility, and boost cash flow. This approach to financial reporting saves your accounting team money and time—making room for high-level, strategic tasks.

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Benefits of Splitting and Passing Credit Card Fees

Jun 16, 2023 by Zazil Martinez

If you're a B2B company heavily reliant on credit card payments, you understand the impact of fees on your revenue. By passing on or splitting credit card fees with your customers, you can cover this cost while minimizing the impact on your bottom line.

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What is Straight Through Processing (STP)?

Jun 9, 2023 by Zazil Martinez

Accelerating the pace of financial transactions and revolutionizing accounts receivable processes, straight-through processing (STP) is the driving force behind transforming laborious manual tasks into efficient, automated workflows.

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Managing Accounts Payable

Jun 6, 2023 by Kelsey Banerjee

Managing accounts payable (AP) in today's landscape is more challenging than ever. Streamlining cash flow is crucial for efficient AP management, and manual processes slow operations and waste resources. By optimizing your AP workflow with innovative payment solutions, you can empower your team, strengthen relationships, and drive business growth.

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"Since working with Paystand, we’ve saved almost 20 hours of work a week."

See how Motorola reduced costs by 16%.
SOFIA MITCHELL

Accounting Analyst

"Real-time updates and analytics have made it easier to forecast and budget cash flow."

See how Thumbtack reduced their DSO by 40%
CHAD BELLO

Revenue Accounting Manager

“We found Paystand so easy to use; their embedded payment links in our invoices are simple for customers. Our clients and vendors are no longer confused at the critical moment when they’re ready to pay.”

See how Allterra reduced their costs by 51%
JAMES ALLEN

CEO

"Paystand allows us to free up resources, reduce costs, and expedite payments with real-time posting of transactions. It gives us the ability to grow with confidence that our AR process is equipped to handle the pace of our business."

See how Covetrus decreased 98% in Per-Transaction Fees
KRISTEN PARISIEN

Controller, Global Prescription Management

“The Paystand platform has done exactly what we expected it to do. We’re thrilled that the results aligned with our expectations. We’re operating as a well-oiled machine.”

See how Choozle decreased 50% in late receivables
AJ HEFFERNAN

Director of Finance & Operations

“It’s almost creepy how easy Paystand makes my job. It’s unbelievable how automated it is. It’s been an even better experience than we anticipated. . . We just fully trust Paystand.”

See how Edgewood decreased 60% in transaction fees
JOHN DYBWAD

Vice President of Finance & Budget