Paystand, which claims to be the global leader in blockchain-enabled B2B payments, announced a series of upgrades to its Sage Intacct integration.
Paystand first “unveiled its partnership with Sage in May 2021, expanding the reach of its Payments-as-a-Service model to Sage Intacct customers everywhere.”
Now, in addition to being able to create embedded payment options, streamline cash flow with automatic reconciliation of bank transfer data, and automate critical functions like cash application, Paystand’s latest upgrades “make it possible for Sage Intacct users to increase their cash velocity to the next level.”
With Paystand‘s most recent updates, Sage Intacct customers “will now have access” to the following:
- Multi-entity support for merchants – support for multiple organizational entities, typically based on geographic locations and business units
Automated collections – a series of email reminders pre-set on frequency, tone, and message track open rates - Multiple invoices – send a consolidated payment request with multiple invoices, and enable payers to pay multiple invoices with a single payment
- Virtual terminal – enable AR staff to capture payment methods as reusable tokens and take payment with customers on the go
- Autopay – ensure self-driving payments for invoices and sales orders, enabling faster time to cash
- Payments in Canadian Dollars – enables all merchants to accept and settle payments in Canadian Dollar currency
This follows closely “behind Paystand’s acquisition of Yaydoo and the company’s planned expansion throughout Latin America, its elevation to unicorn status, and its third straight year of being named to the Inc. 5000 list of Fastest-Growing Companies in America.”
Jeremy Almond, CEO of Paystand, said:
“As we move towards an economic environment rife with inflation and uncertainty, Paystand’s top priority remains helping finance leaders using Sage Intacct accelerate their cash velocity through adoption of next-gen B2B payment solutions. The upgrades to our Sage Intacct integration allow us to enable finance teams to step into the future of B2B payments – one that is cashless, feeless, and frictionless.”
Melody Williams, Sage’s head of business development for Sage Intacct, remarked:
“Enabling integrated AR and payments automation for controllers and AR leaders speeds-up time to cash, automates billing, payments and reconciliation, and eliminates transaction fees. The expanded functionality available from the Paystand integration shows their commitment to helping finance leaders save time and money, while increasing their cash velocity.”
Now more than ever, Paystand’s mission “to re-architect commercial finance is desperately needed.”
As the cooling economy continues to incite fear and uncertainty for businesses, Paystand’s ability “to eliminate credit card fees, monopolistic banking practices, and time-consuming, paper-based processes could not be more relevant.”
Over a three-year period, the average Paystand customer realizes:
- 62% reduction in days sales outstanding (DSO)
- 50% savings on the cost of receivables
- 30-75% savings on transaction fees
- $90,000 saving on labor costs