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By The Numbers

58%

Increase in Annual Transaction Volume

35%

Reduction in Credit Card Transactions

$65,300

Saved In Transaction Costs
Headquarters

Maple Grove, MN

Industry

Floor Coatings Manufacturing and Distribution

Client
Challenge

Penntek Coatings faced inefficiencies with manual check processing, high credit card fees, and frequent month-end discrepancies, while struggling to modernize their payment experience and pass on processing fees.

Solution

With Paystand, Penntek automated payments, reduced credit card usage, streamlined month-end adjustments, and improved cash flow management, saving time and costs while enhancing the customer experience.

“Paystand’s digital payment solution has saved us money and improved our customer experience. It's been a game-changer for our operations.”

Bob Thonet

CEO

Challenges Faced by Penntek Coatings

  • Manual check processing consumed staff time and created errors.
  • High transaction fees from credit card use reduced profitability.
  • Outdated processes led to month-end financial discrepancies.
  • Customer payment experience required modernization.
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Results Delivered by Paystand

  • $65,300 Saved in convenience fees in just 6 months.
  • Nearly double the transaction volume, increasing from $15.6M to $30.4M annually.
  • Improved customer satisfaction with a modernized payment process.
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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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