Paystand goes beyond being just another automated cash application for NetSuite. While traditional solutions focus solely on automating cash application, Paystand offers a comprehensive suite of features designed to optimize the entire payment process within NetSuite. From accepting multiple payment options to automating invoicing and reconciliation, Paystand provides a complete solution tailored for B2B businesses.
But what exactly is an automated cash application, and how can it help your business thrive? Keep reading to learn more about it and discover why Paystand makes the difference.
What is Automated Cash Application?
Automated cash application refers to automatically matching payments to outstanding invoices within an accounting system. This streamlines the reconciliation process, reducing manual effort and errors associated with manual data entry. This automation enhances the accuracy and efficiency of accounts reconciliation, offering advantages like:
Reduced Manual Data Entry
- Eliminates repetitive, time-consuming manual data entry tasks, freeing up valuable employee time for more strategic activities.
- Minimizes the risk of human errors such as incorrect data entry, missing invoices, or duplicate payments.
Improved Accuracy
- Utilizes advanced algorithms and artificial intelligence (AI) to match payments to invoices accurately and consistently.
- Reduces the likelihood of misapplied payments, ensuring timely and accurate reconciliation.
Faster High-Payment Volume Processing
- Automates the processing of large volumes of payments, handling a significantly higher number of transactions than manual methods.
- Enables businesses to process payments promptly, reducing the risk of late payments and improving cash flow.
Real-Time AR and Payment Status Visibility
- Provides real-time updates on accounts receivable and payment status, allowing businesses to monitor their financial health closely.
- Improves decision-making by offering a clear understanding of outstanding invoices, overdue payments, and cash flow projections.
Enhanced Customer Satisfaction
- Minimizes disputes and improves customer satisfaction by ensuring timely and accurate payment processing.
- Reduces the need for manual follow-ups and reconciliation, enhancing the customer experience.
How Does Paystand Optimize the NetSuite Payment Process?
Automation becomes crucial for growth when switching to an ERP like NetSuite. However, finance and AR departments still rely on archaic payment processes requiring manual labor and are error-prone, costing businesses up to 25% of new revenue due to poor billing and A/R processes.
Choosing to automate your payment process in NetSuite with Paystand has the following benefits:
- Automation can save businesses $16/invoice. Paystand's pricing plans ensure predictable cash flow and profit for our customers.
- Simplified AR processes to cut costs and time. Automate invoicing for faster collections. Our reconciliation feature eliminates the need for manual conciliation.
- Reduced aging receivables by using Paystand's banking network. Allow customers to pay with their preferred method with a few clicks.
Reduce Collection Costs and Payment Fees
Transaction fees are most likely to be involved when conducting a payment. With B2B Payments, the question remains: How much are you willing to give up in fees for every payment you make or receive?
- Guide your merchants to the best payment option with Paystand's proprietary Least-Cost-Routing technology. This technology steers customers to the payment rail, resulting in the lowest cost.
- You can choose to offset transaction costs. You can either absorb the cost, split it, pass it on to your customer, or set a threshold that decides for you based on the invoice amount, customer location, or customer type.
- Zero fees: Paystand's Bank Network is a zero-fee, digital payment rail that gives you access to real-time fund transfers and automated payment settlement. It also offers real-time fund verification and tracking, so you can immediately check if a customer has sufficient funds to pay an invoice.
Cut Down Aging Receivables
SuiteApp payment integrations like Paystand are helping companies reduce their DSO by 30 to 70%. Paystand's features make the receivables process nearly effortless.
- Create digital receivables and capture essential customer data to set up smart processes. NetSuite users love using this feature to attach meta-data and custom fields to open receivables.
- Automate invoices, schedule them in advance, enable auto-pay, or create your customized payment schedule to support subscriptions, future invoices, rentals, utilities, and more.
- Add payment links to your automated invoices, billing reminders, sales orders, and statements to make it easy for customers to pay immediately.
Automate Cash Application and Reconciliation
One of the most significant benefits our customers experience when integrating Paystand is automating the payment process, from invoicing to reconciliation. By optimizing this, collection time is significantly reduced, and cash flow is overall improved.
- Paystand's integration Instantly reconciles payments to your invoices, sales orders, and statements.
- Once payments are received, our integration updates your records in real time. It sends you automatic transfer reports with details of a deposit, its transactions, and any invoices and sales orders a deposit affects.
Optimize NetSuite Payments with Paystand
Automating your payment process can help you future-proof your accounting operations. It's time to move away from archaic payment methods that cost thousands of dollars in processing fees and move to a cloud solution to optimize your AR operations.
Paystand's built-for-NetSuite SuiteApp has become one of NetSuite users' most potent integrations. It allows multiple payment options and streamlines collections to reduce payment delays and time spent on manual data entry, remittance matching, and reconciliation. With Paystand’s SuiteApp, you can automate the payment process from your NetSuite Dashboard.
Paystand offers a complete solution for B2B businesses. It allows you to add "Pay Now" buttons to invoices, set up self-service payment portals, and schedule one-time or recurring payments. Its most popular features focus on automating cash application and reconciliation. It can even move paper checks to digital channels to be managed and tracked from a real-time dashboard.
Explore more about optimizing your payment process with NetSuite by downloading our ebook Choosing the Right Payment Application for NetSuite.