Fintech Paystand Introduces NetSuite Self-Driving AR Solution

Paystand, a key player in blockchain-powered B2B payments, and the maker of the fast-growing Payment SuiteApp for NetSuite AR, has announced new automatic billing and payment features “to provide a faster, simpler, and better customer and user experience.”

The product offerings work with Paystand’s current NetSuite AR solution “to speed up time to cash, simplify complex billing processes and eliminate transaction costs.”

The Paystand features for NetSuite AR “provide advanced functionality for accepting minimum deposits for Quotes & Estimates and automatic conversion of quotes to sales orders upon payment receipt.”

Paystand also allows instant cash sales “for sales orders and efficient auto-payment at shipment, receipt or fulfillment completion.”

Jeremy Almond, CEO, Paystand, stated:

“Mid-size businesses are struggling to grow in the current inflationary environment, rife with economic and political uncertainty, and supply and cash constraints. 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 for NetSuite 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 NetSuite AR 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.”

The new Paystand Advance Deposits for Quotes & Estimates feature “quickly secures customer commitments and unlocks working capital and efficiency by speeding up time to cash.”

Currently AR teams using NetSuite’s 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 payments. Upon payment receipt, the Q&E is instantly converted to a sales order.”

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 using NetSuite 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) payments against sales orders.”

The AutoPay Upon Fulfillment feature “accelerates the cash cycle, minimizing repetitive work, errors and omissions by AR specialists, and ultimately enhances the customer experience.”

AR teams using NetSuite 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 NetSuite 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, cashless, feeless, and open and programmable.”

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