This release is found in Business Wire and discusses a new capability from the California-based fintech Paystand, which uses blockchain and cloud technology in a PaaS model across the cash cycle, including receivables processing. In this particular release, the company is announcing additional features to existing capabilities found in their NetSuite AR solution. Once again, many readers will already know about the general rush to digital processes for financial operations during the pandemic timeframe as cash flow rose to the top of priority lists, and that has particular emphasis within the corporate middle market space.
‘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 fulfillment 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 organization.”’
We cover this space consistently and certainly find the increasing use of cloud models to be evident in the B2B financial services space, although discretionary approaches are also emphasized by certain industry observers. In any event, while in past years the investment dial was clearly more in the payables side of the operations, the accounts receivable asset ledger has gained a greater mindshare as of late, and companies are looking at payments as more of an end-to-end financial flow as opposed to traditionally siloed approaches. The new features mentioned are highlighted below and readers should link out to view the full description.
New features for NetSuite AR
• Quickly win business with Advance Deposits for Quotes & Estimates
• Serve new customers with Cash Sales for Sales Orders
• Receive payments efficiently with AutoPay Upon Fulfillment
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.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
