B2B payments company PayStand is integrating into NetSuite's platform to enhance joint customers' accounts receivable offerings, the firm said in a press release Thursday (October 25).
PayStand is connecting directly into the NetSuite enterprise resource planning (ERP) platform using its SuiteApp solution, linking businesses to PayStand's AR features including invoicing and payment acceptance, collections, summary invoices, and multi-currency support. The company provides the ability for businesses to initiate remittance to an invoice from within the NetSuite platform, and to tokenize and store customer payment information for faster invoice settlement.
The integration enables businesses to accept ACH and card payments for their invoices and sales orders without leaving the NetSuite platform as PayStand promotes adoption of electronic B2B payments for companies that continue to use paper checks. The integration lets businesses be paid "faster, cheaper and more efficiently," PayStand CEO Jeremy Almond said in a statement.
"While most other core enterprise systems like CRM and ERP have moved to the cloud, commercial payments has remained largely manual even in today's digital era," continued Almond. "PayStand continues to offer unprecedented ease of invoicing and payment through out Payments-as-a-Service technology."
PayStand added that it enables businesses to place their own branding on their clients' invoice payment experience, and supports clients' adherence to invoice payment schedules allowing companies to more seamlessly re-charge their customers while securely storing their payment information.
Integration into the NetSuite ERP platform follows PayStand's recent expansion into Mexico, announced last week, as it focuses on international growth and broadens support for cross-border B2B payments functionality.
Other payment companies that have recently integrated into NetSuite include Century Business Solutions, which revealed in August that its payment-processing tool EBizCharge would link into the NetSuite ERP solution, as well as Tipalti, which said in April that it would be adding purchase order matching and multi-entity functionality into its list of integrations into NetSuite.