SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Paystand, the only feeless B2B blockchain-enabled payment platform, today brings its automated payment solution to Acumatica, an all-in-one cloud-based ERP system for business management that includes finance, inventory, CRM, and payroll. Now, finance departments using Acumatica can accelerate AR processes to reduce days sales outstanding (DSO) and speed time-to-cash, all with zero transaction fees.
Acumatica users, who number in the thousands across multiple industries from construction to distribution and retail, will be able to fully leverage digital finance and automation as part of a modern Payments-as-a-Service model. Finance departments looking to move away from antiquated, expensive payment methods that delay settlement can use Paystand tools to incentivize customers to change financial behaviors including earlier payment. Additionally, AR staff can utilize full reconciliation automation and feeless bank-to-bank payment options that eliminate card fees.
“Many SMB finance AR departments are still stuck in a time-consuming and error-prone manual accounting mode where spreadsheets must be reconciled and emails are sent independently of the ERP system, creating tracking headaches,” said Jeremy Almond, CEO and co-founder, Paystand. “With the new Acumatica integration, accounting teams can achieve accelerated payments, synchronize payment data and achieve more efficiency that serve to increase margins and operational cash flow.”
Paystand’s Acumatica native integration allows users to take advantage of multiple time-saving tools and processes:
- It enables access to Paystand’s Bank-to-Bank Network – the only zero-fee, real-time payment rail available for business
- It unlocks Paystand’s profitability behavior model
- It creates smart invoices and flexible email templates with embedded payment options that incentivize customers and to make earlier payments, while sending them through the Paystand Checkout experience
The Paystand Checkout experience allows payers to choose payments via the zero-fee Paystand Bank Networks, via ACH or credit card. Acumatica users have the option of setting convenience fees, or creating incentives that encourage earlier payment. When payers complete the Checkout experience, the cash is immediately applied as well as any merchant-set convenience fees, enabling CFOs to have the cash on hand immediately.
“By embracing complete digital automation and integrating blockchain technology in finance, Paystand empowers companies to scrap the constraints of outdated systems. This shift allows for significant cost reductions and the advantage of near-instantaneous transactions,” said Bindu Gakhar, head of product at Paystand. She estimates that Paystand can save Acumatica users 50% or more on receivables costs by eliminating transaction fees. She adds that finance departments can also speed up time to cash by up to 60%, which is important for helping them scale and increase ROI.
The integration with Acumatica helps users to move their entire chain and customer environments into a fully digital B2B payments structure – providing all businesses within the Acumatica ecosystem a way to streamline processing of receivables and revenue.
The Acumatica integration is Paystand’s fourth native integration, expanding its proven record and its reach to SMB finance departments. Paystand first integrated with NetSuite, then Sage in 2021 and Microsoft Dynamics 365 Business Central in 2023.
The Acumatica Paystand integration is available for Acumatica users as of January 31, 2024.
About Paystand
Paystand is on a mission to create an open commercial finance system, starting with a zero-fee network for B2B payments. Paystand is the largest B2B receivables, payables and payments network running on a commercial blockchain. The company 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.
