ELECTRONIC DATA INTERCHANGE (EDI)

Electronic Data Interchange (EDI) is the computer-to-computer exchange of business documents in a standard electronic format between business partners

Electronic data interchange (EDI) is a family of standards that replaces human-readable, paper or electronic-based documents with machine-readable, electronically coded documents.

EDIs are essentially a file format and protocols surrounding these payments.

The file format includes information such as:

• List of dollar amounts
• Bank account information corresponding to the customer that owes these amounts

With EDI, the sending computer creates the message and the receiving computer interprets the message without the need for human involvement.  

If a Deal asks if we can work with EDIs:

• They think we are a bank (or a bank-like financial institution).
• We would run the file through our system and conduct a bank transfer for each entry on file.
• PAYSTAND DOES NOT DO THIS. 

What You Should Say:

The same banking information used in EDIs is also used in ACH payments. Suppose the Client is open to changing their process to be more efficient. In that case, they can instead digitize the banking information (previously used in EDI) and use Paystand to generate automatic payment methods resulting in automatic payments. NetSuite + Autopay + ACH

Instead of receiving EDI files and batches manually, you can automate that process through NetSuite, with Paystand's Autopay. 

1. Payer enters payment details (Bank Network) into NetSuite via Paystand's opt-in email.
2. Mark all Invoices as eligible for Autopay. 
3. Paystand will automatically charge their bank account.
4. Paystand automatically & instantly reconciles that payment. 
5. Once funds clear, Paystand immediately sends those funds to the business bank account. 
6. Paystand then automatically reconciles that deposit.