SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Please replace the release issued May 25, 2022, at 08:00 AM Eastern Daylight Time with the following corrected version due to multiple revisions.
The updated release reads:
PAYSTAND LAUNCHES THE FIRST INDUSTRY-LEADING, SELF-DRIVING AR SOLUTION THAT PUTS THE CASH CYCLE ON AUTO-PILOT FOR FASTER, SIMPLER PAYMENTS
Paystand’s industry-leading AR solution enables fast, efficient, and profitable payments, delivering advanced features for accepting deposits for Quotes & Estimates, auto conversion of Quotes to Sales Orders, instant Cash Sales for Sales Orders, and AutoPay upon Fulfillment.
Paystand, the leader in blockchain-enabled B2B payments, and the maker of the fastest-growing and most innovative payment AR solution, today announces new automatic billing and payment features to provide a faster, simpler, and better customer and user experience. The new offerings work with Paystand’s current industry-leading AR solution to speed up time to cash, simplify complex billing processes, and eliminate transaction costs.
The new Paystand features provide advanced functionality for accepting minimum deposits for Quotes & Estimates, automatic conversion of quotes to sales orders upon payment receipt, allows instant cash sales for sales orders, and efficient auto-payment at shipment, receipt, or fulfillment completion.
“Mid-size businesses are struggling to grow in the current inflationary environment, rife with economic and political uncertainty, and supply and cash constraints,” said Jeremy Almond, CEO, Paystand. “In order to thrive, they need a paradigm shift from human-centric AR processes to the next generation, self-driving AR that delivers instant and automated payments. The new solution builds on our core business payments network and allows AR teams to scale using automation, rather than adding to the size of their organization.”
Collectively, the new features allow Paystand customers to supercharge their AR teams, increase productivity and provide end customers with an exceptional payments experience. Essentially a collection of self-driving AR capabilities — the features are available to customers over Paystand’s feeless network.
New features for industry-leading AR solution
- Quickly win business with Advance Deposits for Quotes & Estimates
The new Paystand Advance Deposits for Quotes & Estimates quickly secures customer commitments and unlocks working capital and efficiency by speeding up time to cash. Currently, AR teams using Quotes & Estimates (“Q&E”) are unable to accept advance payments from prospects at the early Q&E stage of the sales cycle. However, with the new Advance Deposits feature, AR teams can configure a minimum deposit and accept advance payment. Upon payment receipt, the Q&E is instantly converted to a Sales Order.
- Serve new customers with Cash Sales for Sales Orders
The Cash Sales for Sales Orders feature allows merchants to accept instant payments from one-time, walk-in, and cash basis customers, quickly unlocking new revenue. AR teams have otherwise been unable to receive instant payment against a Sales Order, forcing them to send an invoice and wait for 30 to 60 days. AR teams can now accept Cash Sale payments and settlement (of short pay invoices) against Sales Orders.
- Receive payments efficiently with AutoPay Upon Fulfillment
The AutoPay upon Fulfillment feature accelerates the cash cycle, minimizing repetitive work, errors, and omissions by AR specialists and ultimately enhancing the customer experience. AR teams today cannot automatically trigger payment charges at the time of shipment or receipt, or fulfillment, without manual intervention. With Paystand’s new functionality, auto payment can happen at specific times, such as shipment, delivery, or when fulfillment is complete.
Paystand’s launch of the first self-driving AR solution enables customers to achieve fast, efficient, and profitable payments. The launch is yet another milestone in Paystand’s journey to promote commercial payments that are instant, self-driving, cash-less, fee-less, and open and programmable.
About Paystand
Paystand is on a mission to create an open and equitable commercial finance system, starting with a zero-fee network for B2B DeFi payments. Using blockchain and cloud technology, Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. In August of 2021, Paystand was named to the Inc. 5000 List for the second year in a row. Paystand has raised $86 million and was named to the CB Insights Fintech 250 as one of the most promising privately held fintechs in the world. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.
