Ready to uplevel Sage Intacct? Here’s how you can accept payments and automate AR right from your ERP

Aug 12, 2021 by Mark Fisher

One of the biggest challenges for CEOs today is not only finding the best-of-breed technology for various business operations, but also determining how they can work together efficiently and effectively to meet overarching goals and objectives.

Although collecting payments in a timely manner is a pillar of every successful business, modern payment and accounting processes can be incredibly complex and laden with high credit card fees and cumbersome, pre-internet processes and infrastructure. To help customers tackle this challenge, Paystand, powered by blockchain and cloud technology, and Sage, a leading provider of cloud business management solutions, recently announced a partnership to enable a “Venmo-for-business” offering that makes B2B payments cashless, feeless, and intuitive – all from within your ERP system.

The B2B payment problem today

Even though automation of consumer payments has become more commonplace over the last several years, the landscape of B2B payments today is still tied to antiquated systems that involve high fees, unintegrated applications, dozens of spreadsheets, and cumbersome manual processes.

This pre-internet payment infrastructure adds unnecessary costs and countless hours to today’s AR departments. Credit card fees alone can add up to 3.5% per transaction while ACH payments are slow and prone to fraud, errors, or chargebacks due to insecure and outdated infrastructure. On top of that, paper checks involve many manual steps for finance teams, including significant time spent checking lockboxes, processing and organizing checks, and tracking lost and received payments – not to mention resolving all the problems associated with bounced payments.

Many accounting solutions are available on the market, but the failure to integrate effectively often leads to accounting professionals juggling spreadsheets, paper, and multiple software platforms to perform basic tasks. Not only can this decrease job satisfaction, it also opens the door for costly human errors.

Cost and labor-saving opportunities abound for businesses that are ready to embrace integrated solutions offered by platforms such as Paystand and Sage, which have implemented proven solutions to reinvent the B2B payment and collections process.

Here’s what you can access with the Paystand-Sage integration

If you’re currently a Sage Intacct customer, Sage’s integration with Paystand will open myriad capabilities, which will make daily AR and payment operations run more efficiently and effectively. Here are some of the most important improvements you can expect:

Manage, reduce, and eliminate payment processing fees

Roughly two-thirds of all businesses rely heavily on credit cards to accept payments. There’s no doubt that credit cards are one of the most convenient ways to pay, whether it be for consumer goods or B2B transactions. However, it’s also standard practice today for credit card companies to charge roughly 3% per transaction, which can translate to an annual cost of $90,000 on $3 million in revenue. In addition, that total assumes no additional interest or penalties for late payments, which can quickly increase costs further.

The Paystand-Sage integration allows customers to accept zero-fee, direct-bank payments over the Paystand Bank Network as well as take payments via credit cards, debit cards, and ACH at wholesale rates. The solution helps steer customers to the lowest-cost payment option for the business by adding convenience fees to offset transaction costs and generate new revenue. As a result, customers can still choose to pay with credit cards, but the burden of the fees is shifted to them instead of the business itself.

Streamline the collections process and reduce DSO

Businesses carrying a high number of days sales outstanding (DSO) struggle with cash flow issues. In fact, roughly 92.6% of U.S. businesses reported late payments among B2B customers. CFOs and controllers realize they require more than a financial ERP to reduce their DSO.

The Paystand-Sage integration streamlines the collection process by adding payment links and “pay now” buttons to invoices and billing reminders, making it easier for customers to pay quickly. Sage Intacct customers are also provided with self-service options to select and pay invoices. Virtual terminals can also be used to process payments on behalf of customers via the Paystand dashboard.

Processing B2B payments quickly is critical to maintaining healthy cash flow as well as minimizing human errors that may result from heavily manual systems. This integration provides Sage Intacct customers with the ability to do just that.

Apply and reconcile payments instantly within Sage Intacct

The reconciliation process is a necessary evil for business and is often still performed by manually moving between different software platforms and spreadsheets, resulting in high labor costs and frustration for finance teams.

The Paystand-Sage integration allows customers to seamlessly reconcile payments and daily bank transfers and automatically applies partial and full payments to invoices and sales orders. The system receives automatic transfer reports and ledger updates with details of a deposit, its transactions, and any affected invoices and sales orders. Refunds, fees, convenience fees, discounts, disputes, and adjustments are easily reflected in the system.

This also means that Sage Intacct reports are immediately populated with this data, making periodic reviews more accurate for management. It’s easy to see collected and pending receivables as well as receivables grouped into categories based on status and type – something that can lead to making better overall business decisions.

Improve security and compliance with built-in assurety

Data governance and security must be the top priority in managing payments and AR for businesses. The Paystand-Sage integration uses a PCI DSS Level-1 certified payment processor, enables two-factor authentication and role-level access, and securely stores customer payment data with Fund-on-File tokenization.

You can rest assured that your company and customer financial information is securely being used for the sole purpose of making and accepting payments.

Here’s how to integrate payments into Sage Intacct

Paystand has a direct plugin into Sage Intacct, providing a robust payment capability within the ERP. In addition, the solution offers multi-currency billing support. Using the Paystand-Sage integrated solution is simple. Here’s a step-by-step primer on how to do so:

  1. Send an invoice to your customer from the Sage Intacct system that is now embedded with the Paystand “pay now” button.
  2. When payers select this button, they are directed to your privately labeled portal and asked to choose their payment method. Credit card payments include a 3% convenience fee. Customers may also pay through the system’s zero-fee bank-to-bank network, ACH, or other methods.
  3. Through this system, customers are highly encouraged to use the free bank-to-bank method, which bypasses credit card fees, postal time, lockboxes, and manual entries. The payment portal is integrated into the Sage Intacct system, making, posting, and reconciling deposits automatically.
  4. The payment information is now immediately available in any Sage Intacct report or dashboard.

The solution can easily schedule payments, set automatic alerts, and initiate autopay and recurring billing as well.

Now, get ready for the benefits

With Paystand, Sage Intacct customers can put their receivables and revenue on autopilot, accessing payments instantly across Paystand’s zero-fee bank network. This Payments-as-a-Service model allows Sage clients to move off the legacy payment infrastructure, which in turn unlocks scalability and helps finance teams improve margins and growth.

As a native integration to Sage Intacct, Paystand’s solution helps customers create smart invoices with embedded payment options and streamline cash flow management with an automatic reconciliation of daily bank transfer data. In addition, customers save time through automated cash applications and the ability to easily reconcile deposits, refunds, disputes, fees, and adjustments.

Eliminating transaction fees alone can save businesses 50% or more on the cost of receivables. The partnership can help Sage customers also speed up time to cash by 60%, helping them scale and boost margins significantly.

Besides removing hours of manual AR tasks from the accounting department’s workload, the combination of the Sage extension and Paystand’s dashboard also offers advanced merchant services like recurring billing for subscriptions, virtual terminals, and built-in fee management controls.

Finally, the Paystand-Sage integration provides customers with the ability to brand the checkout, interface, and payment portal while requiring minimal maintenance. The system includes fail-safes in case insufficient balances are discovered, and both knowledgeable and accessible troubleshooting support and service are available.

By taking advantage of the integration between Paystand and Sage, companies can break free of the status quo, experience a more open financial landscape, and take control of the movement of money.

B2B payment solution providers promise to make a significant contribution in reducing operating costs and improving payment processes into the future.

Ready to integrate Paystand with Sage Intacct? Click here to get your free demo today.