back Back

Paystand launches NetSuite self-driving AR solution for faster, simpler payments

By Edlyn Cardoza

May 26, 2022

  • Auto-payment
  • Automatic Billing
  • B2B Payments
Share

Paystand, B2B Payments, Automatic Billing, Payment SuiteApp, NetSuite AR, Instant Cash Sales, Auto-payment, Instant Payments, USAPaystand, 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.

Previous Article

May 26, 2022

Mastercard and HyperPay sign a strategic partnership

Read More
Next Article

May 26, 2022

Kennek announced the launch of the ‘lender-in-a box’ offering on Mambu

Read More









IBSi Daily News Analysis

Banks, UK banks, Britons

December 06, 2023

Auto-payment

Most Britons think big banks prioritise profits over helping savers, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Mastercard teams up with MDP for digital payments in MENA

Read More

Today

FortressPay launches enterprise-ready biometric payment platform

Read More

Today

SDK.finance partners with Marqeta for seamless card issuing

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2023

£1,500.00 / year

Know More
Next-Gen Debt Collection Systems Growing Importance of Collections Q4 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023