Paystand vs. Lockstep

At a Glance: Product Differentiators

• At a Glance: Product Differentiators 

  • Strong focus on communications with customers from the platform
    • “Automating customer interactions” through receivables lifecycle
  • Activity management per member/user
  • Their Accounting Desk streamlines the accounting cycle with workflow automation for email-based processes.
  • “password free” online account access to access payor info for customers
  • Only works with cash application
  • Have many more ERP integrations, not just Sage (40+)
  • “It is important to point out that Lockstep isn't a processor. Paystand is a few steps beyond AR automation to full cash cycle automation from invoicing, payment acceptance, cash application, and month-end close.”

  Infrastructure

  • Based on Azure
  • Use Zendesk and Intercom

   

  Website Content Analysis

  	Lockstep by Sage	Notes
  Solution Statement	Get paid faster and easier with AR automation
  Subheader Props	Automation, strategy, reduce DSO	Instantly claims 30% DSO reduction
  Subheader Features	Payments, Auto cash application, auto communication
  Section 1: benefits	Improve cashflow, decrease DSO, speed up quote to cash	They add a signup-less pdf AR automation report
  Section 2: quote	Customer Quote from Avenue Insights. The company supplies software to government.	They spelled their customer’s name incorrectly (Should be Avenu)
  Section 3: features	Customer Communications: Optimize your invoice communication workflow
  Activity Management: automated next best activity list + comprehensive view of each customer’s account and collections status
  Customer Self Service: ease-of-use with password-free access to manage invoices and account statements, send messages, and payment options
  Cash Application: Connect customer remittance to the right invoice automatically
  Forecasting and Reporting: visibility into customer payment behavior while monitoring adoption	Opportunity for Paystand is focusing on point 5, Forecasting and Reporting VISIBILITY. If we are promising consumer payment change, let’s show our customers that data for validation.
  Section 4:	Schedule a Demo

   

  AR Automation Report Debrief

  Benefits: Increased working capital, decreased interest expense, more staff time, increased shareholder value

  Pain points: With no automation, it means that follow-ups, promise tracking, and dispute resolution is all manual.

  Benchmarks:

  • 25-40 minutes per phone call
  • Staff can complete 40-60 outbound comms per day
  • Limited capacity of AR staff means that <10% of customers are contacted after invoice presentment because staff is typically focused on the 60-days+ past due.

  AR automation is a better way to collect cash: automated communications, customer self-service, and collections activity management

  Benchmark data collected from Sage AR Automation data:

  • $250M avg company size
  • 13.2M invoice sample size
  • Invoices from $100 to $130,000

   

  Proof Point of Communications Strategy

  

   

  Proof Point of Customer Self Service

  

   

  Proof Point of Collections Activity Management

  Here they focus on them being the tool for better customer relationships. “high-value customers benefit from a personal touch.”