Paystand launches NetSuite self-driving AR solution for faster, simpler payments
By Edlyn Cardoza
Paystand, the leader in blockchain-enabled B2B payments and the maker of the fast-growing and most innovative Payment SuiteApp for NetSuite AR, recently announced 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 NetSuite AR solution to speed up time to cash, simplify complex billing processes and eliminate transaction costs.
The new 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 fulfilment 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 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 organisation.”
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.
New features for NetSuite AR
- Quickly win business with Advance Deposits for Quotes & Estimates
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, AR teams can configure a minimum deposit and accept advance payments with the new Advance Deposits feature. 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 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.
- Receive payments efficiently with AutoPay Upon Fulfillment
The AutoPay Upon Fulfillment feature accelerates the cash cycle, minimising 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 shipment or receipt or fulfilment without manual intervention. With Paystand’s new functionality, auto payment can happen at specific times, such as shipment, delivery or when fulfilment 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.
IBSi Daily News Analysis
December 06, 2023
Most Britons think big banks prioritise profits over helping savers, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage