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COMPANY SNAPSHOT

Industry

Construction and
chemicals industry

Location

Lakeville, MN

Business

Polyaspartic-based
floor coating

ERP

NetSuite

Solution

Paystand
Accounts Receivable

$65,300

Saved in fees in six months

$15.6M → $30.4M

Annual transaction volume, nearly doubled

21% → 13.7%

Share of transactions paid by credit card

~12 hrs

Administrative time saved every month

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The Challenge

Manual AR Processes Were Costing Penntek Time, Accuracy, and Margin

Penntek Coatings manufactures and distributes high-quality floor coating solutions for residential and commercial use. Its polyaspartic-based base coats, color chips, and topcoats are known for durability and ease of application, which has made Penntek a trusted choice among DIYers and certified installers across the U.S.

The finance side of the business had not kept pace. Many of Penntek's customers still preferred to pay by check, and processing those checks by hand was labor-intensive, time-consuming, and left room for errors. Every manual step made it harder to keep accurate financial records, and month-end adjustments had become a common occurrence rather than an exception.

Card payments created a different problem. Customers who paid by credit card brought high processing fees with them, which cut into profitability and weighed on cash flow management

Penntek wanted to pass card processing fees on to customers, but its previous system made that a challenge.

Penntek also needed to modernize the customer payment experience. Manual check handling and costly card payments were straining customer experience along with financial accuracy and cash flow.

Key challenges

Customers still paying by check, with manual processing that consumed staff time and created errors
Extra time and effort to keep accurate financial records
Recurring month-end adjustments and discrepancies
High credit card fees reducing profitability
No easy way to pass card processing fees on to customers in the previous system

The Solution

Paid Faster, Cash Applied, Inside NetSuite

"The automation features in Paystand have streamlined our financial processes, saving us time and reducing the risk of errors."

Bob Thonet, CFO, Penntek Coatings

Penntek switched to NetSuite for better financial management and to Paystand for digital payments. By integrating Paystand's digital payment platform inside  NetSuite, Penntek moved to an automated payment system that streamlined check processing. The move also made it possible to share card costs with customers and gave customers easy, faster ways to pay.

The foundation is payment automation inside the ERP. Paystand's SuiteApp for NetSuite handles automatic cash application and deposit reconciliation, so payments post to the right records without the manual adjustments that used to pile up at month-end.

On the customer side, the focus was making the better option the easier one. Smart Check helps customers transition from paper checks to efficient digital payment methods. The Open Invoices function lets customers see all of their open invoices and pay per line item, and an embedded "Pay Now" link lets them pay with a single click directly from the emailed invoice.

Tokenization protects every transaction by converting sensitive payment data into secure, encrypted tokens.

Paystand also gave Penntek control over payment costs. Customers can choose from the zero-fee Paystand B2B Network, legacy ACH, or credit card, which makes costs easier to forecast. When customers choose a card, Penntek can now pass the processing fee on to them, and the payment interface shows what other methods, like ACH, would cost. That transparency nudged customers toward less expensive, more instant payment rails.

Solution

NetSuite SuiteApp for automatic cash application and deposit reconciliation
Smart Check digital checks to replace paper check processing
Open Invoices for line-item payment and embedded "Pay Now" links for single-click payment from emailed invoices
Payment flexibility across the zero-fee Paystand B2B Network, ACH, and credit card
Convenience fees to pass card processing costs to customers, plus tokenized payment security

Customer Results

Penntek Cuts Card Costs and Nearly Doubles Transaction Volume with Paystand
Penntek Coatings
"Paystand’s digital payment solution has saved us money and improved our customer experience. It's been a game-changer for our operations."
Bob Thonet
CFO
65K
Saved in fees in six months
~2x
Annual transaction volume ($15.6M → $30.4M)
21% → 13.7%
Share of transactions paid by credit card
~12 hrs
Saved monthly on administrative tasks
See how convenience fees work →

Month-end stopped being a cleanup project

With Paystand built into its workflow, the manual adjustments Penntek used to make at month-end stopped. Automated reconciliation improved the accuracy of its financial records, reduced the risk of errors, and gave the team back approximately 12 hours every month.

The online payment experience made it easier and safer for customers to pay, so fewer of them reached for a checkbook. At the same time, transparent convenience fees steered customers away from cards: credit card transactions fell from 21% to 13.7% of the mix, and Penntek saved $65,300 in fees.

The bigger story is scale. Since implementing Paystand, Penntek's annual transaction volume has nearly doubled, from $15.6 million to $30.4 million. Twice the payments coming in. Fewer of them by card. None of them reconciled by hand. 
"Our cash flow management has improved dramatically with Paystand. It's made a big difference in our day-to-day operations."

Bob Thonet, CFO, Penntek Coatings

Ready to make payments
the easy part?

Move customers off checks and costly cards without changing how your team works in NetSuite.
Talk to a Paystand expert about payment automation.

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