Blockchain-enabled B2B payments firm Paystand has debuted what it called the world’s first dynamic discounting application for seller accounts receivable (AR) teams, according to a Monday (July 18) company press release. The solution is powered by Ethereum smart contracts.
Early payment discounts incentivize buyers to pay sooner, the release stated, giving more than 400,000 Paystand AR customers earlier access to cash, thereby reducing their days sales outstanding (DSO) using blockchain-powered smart contracts technology.
“Early access to cash is key to business survival in today’s recessionary and inflationary environment,” said Paystand CEO and Co-Founder Jeremy Almond in the release. “While early payment terms … have always been buried in paper and electronic B2B contracts as generalized static terms, seller AR teams have not been able to take advantage of these to speed their cash flow.”
Paystand’s AR-centric, dynamic discounting solution helps suppliers control the terms of discounts, allowing them more flexible terms and time-sensitive discounts anytime between the customer invoice creation date and the due date, according to the release.
Dynamic discounting is available to all Paystand monthly subscription customers as an add-on offering, the release stated.
In May, Paystand launched automatic billing and payment features for NetSuite AR to accelerate time to cash, eliminate transaction fees and simplify billing.
The new features drive advanced functions for accepting minimum deposits for quotes and provide an automatic conversion to sales orders upon payment receipt. Instant cash sales for orders and auto payment at shipment, receipt or fulfillment completion are also offered.
“The new solution for NetSuite builds on our core business payments network and allows AR teams to scale using automation, rather than adding to the size of their organization,” Almond said at the time.
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