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By The Numbers

80%

Decrease in Days Sales Outstanding (DSO)

98%

Decrease In Per-Transaction Fees

11%

Increase In New Customers With No New Headcount
Headquarters

Portland, ME

Industry

Veterinary Tech

Client
Challenge

Automate customer payment processes while centralizing accounts receivable in one platform to reduce manual effort for staff and increase self-service for customers.

Solution

Paystand’s SuiteApp connects Covetrus to user-friendly, time-saving automation features that drastically increase accounts receivable efficiency, cost savings, and payment speed.

"Paystand allows us to free up resources, reduce costs, and expedite payments with real-time posting of transactions. It gives us the ability to grow with confidence that our AR process is equipped to handle the pace of our business."

Kristen Parisien
Kristen Parisien

Controller, Global Prescription Management, Covetrus

Challenges Faced by Covetrus

  • Rapid growth from 800 to 5,000 employees across 5 subsidiaries after a major merger
  • Overwhelmed A/R team due to high volume of paper checks and phone payments
  • Dependency on manual phone payment processing, limited to business hours
  • Needed a streamlined, automated A/R workflow to handle increased transaction volume
  • Required a payment platform compatible with NetSuite OneWorld for centralized management
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Solutions Implemented with Paystand’s Integration

  • Automated invoicing and reconciliation workflows within NetSuite OneWorld
  • Accepted various payment methods, including eCheck, ACH, debit, and credit cards
  • Enabled secure payment processing with tokenization of customer data
  • Provided virtual terminal payments for in-person and phone transactions
  • Improved customer experience with online payments anytime, reducing A/R team involvement

Paystand is on a mission to create a more open financial system, starting with B2B payments. Using blockchain and cloud technology, we pioneered Payments-as-a-Service to digitize and automate your entire cash lifecycle. Our software makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue.

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