Paystand – the fastest-growing, blockchain-enabled B2B payments platform – today announced its Gold sponsorship of Sage Transform, Sage’s premier event for the Sage Intacct community of customers and partners. Sage is holding the event from Oct. 10 to Oct. 14 in Orlando, Florida – bringing together finance leaders and visionaries from across the globe.
At Sage Transform, Paystand will be unveiling two new solutions designed to make it possible for Sage Intacct users to increase cash velocity and access B2B payment processing that’s cashless, feeless, and intuitive: Smart Lockbox and a new Payer Portal. Smart Lockbox is a next-gen alternative to traditional lockbox services that enables a fully digitized cash cycle for paper check payments. Today, 50% of all B2B payments are still made via paper checks – a payment option that is painfully slow and drains the economy of more than $550 billion in errors, delays, and processing costs each year. On top of that, after finance teams were forced to risk exposure to COVID-19 because processing paper checks necessitated trips to the office at the height of the global pandemic, it became clear that digitizing check transactions is crucial.
“Paystand is committed to creating a self-driving money experience for finance teams, and our partnership with Sage is a critical component of making that goal a reality,” says Jeremy Almond, CEO and co-founder of Paystand. “Paystand continuously sees record-breaking growth – and we’ve been recognized by the Inc. 5,000 list of fastest growing companies for three consecutive years. Our goal with Smart Lockbox and our new Payer Portal is to give a whole new class of companies the opportunity to step into the future of B2B payments by eliminating manual tasks and lowering operational costs.”
Now, for the first time, finance teams who use Sage Intacct will be able to eliminate long set-up times and reconciliation efforts that elongate the end-to-end cash cycle time – all from within Sage Intacct, their trusted ERP system. Paystand’s Smart Lockbox offers automated reconciliation of check payments, options for merchants to send subsequent invoices as email-enabled invoices with online payment options, a centralized collections process and reduced receivables risk with 24/7 payment tracking, and remote remittance options that eliminate the need to even touch a paper check.
In addition to Smart Lockbox, Paystand will also be revealing its new Payer Portal at Sage Transform – an update to its original Sage Intacct integration that empowers merchants with more visibility into their end-customer payers.
Today, AR teams with a high volume of invoices need a persistent and centralized portal where they can track all their past and outstanding invoices without spending countless hours digging through their email inboxes to stay up to date. The Payer Portal makes this possible, and also empowers AR teams to do the following:
- Reference all invoices when reconciling their invoices and payments, in a single portal
- Offer payers the option of paying instantly by clicking on any invoice that is visible in the portal
- Access increased visibility into the payment process through a completely secure system
- Retain the flexibility of sending individual, email-based PayNow requests
Smart Lockbox and the new Payer Portal follow Paystand’s original partnership announcement with Sage in May 2021, and underscore Paystand’s commitment to Payments-as-a-Service: the company’s solution to legacy banking infrastructure that unlocks unmatched scalability, improves margins, and puts receivables and revenue on autopilot.
About Paystand
Paystand is on a mission to create an open and equitable commercial finance system, starting with a zero-fee network for B2B payments. With its acquisition of the Mexico-based Yaydoo, Paystand has attained unicorn status and is the largest B2B receivables, payables and payments network running on a commercial blockchain. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221011005472/en/
Contacts
Erica Zeidenberg
PR for Paystand Inc.
erica@hottomato.net
925-518-8159
