Save on Fees While Speeding Up Collections

Why sacrifice margins just to get paid? Paystand combines collections automation with modern digital payment infrastructure so businesses can accelerate collections while improving operational efficiency.

Automated invoice reminders, structured payment follow-ups, and dunning automation help finance teams stay consistent with customer communication while reducing manual effort.

Key Benefits:

• Automate invoice reminders to encourage on-time payments

• Trigger structured payment follow-ups based on payment status

• Use dunning automation to manage overdue accounts consistently

• Add payment links to reminders so customers can quickly pay outstanding invoices.

Explore How to Improve Collections →

CASE STUDY

Improve Payment Efficiency with Automated Collections

Penntek Coatings, a leader in floor coatings manufacturing and distribution, struggled with manual check processing, high credit card fees, and inconsistent collections processes.

After implementing Paystand's collections automation tools, they improved operational efficiency and modernized how customers paid.

Results included:

• 58% increase in annual transaction volume

• 35% reduction in credit card transactions

• $65,300 saved in transaction costs within six months

This shift helped streamline collections operations while improving overall cash flow visibility and the customer payment experience.

READ MORE

Turn Collections into a Strategic Finance Function

Faster Time-to-Cash

Automated invoice reminders and payment follow-ups help finance teams stay proactive with collections while reducing manual outreach.

Lower Operational Effort

Dunning automation standardizes customer communication and removes repetitive collections tasks.

Reduced Payment Delays

Consistent reminders and digital payment options help reduce friction and encourage faster payments.

Real-Time Visibility

Track payment status, aging balances, and collections activity through centralized dashboards.

Better Customer Experience

Provide a digital portal where customers can view balances, make payments, and manage their payment activity.

More Predictable Cash Flow

Automated communication and structured follow-ups improve payment consistency and cash flow forecasting.

Testimonials

“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

CFO

Connect Any ERP to Paystand

Paystand integrates with leading ERP and financial systems so finance teams can manage collections workflows alongside their financial operations.

Paystand collections tools operate as part of a broader accounts receivable automation platform, helping businesses modernize how they manage receivables, payments, and financial operations.

Learn more about Paystand Integrations >>

Frequently Asked Questions

1. What is collections automation?

Collections automation uses software to streamline how finance teams manage outstanding balances. It automates invoice reminders, payment follow-ups, and dunning automation workflows to reduce manual effort and improve collections consistency.

2. How do invoice reminders help improve collections?

Invoice reminders keep customers informed about upcoming or outstanding payments. Automated reminders ensure consistent communication and help reduce delays caused by missed or forgotten payments.

3. What are payment follow-ups?

Payment follow-ups are automated communications sent to customers when payments are approaching or past due. Structured follow-ups help finance teams stay proactive without requiring manual outreach.

4. What is dunning automation?

Dunning automation manages the communication process for overdue payments. It schedules reminders, escalations, and payment requests automatically based on predefined rules.

5. How does collections automation improve cash flow?

By automating reminders and follow-ups, collections automation encourages faster payments and reduces delays caused by inconsistent communication.

6. Are Paystand collections tools standalone software?

No. Paystand collections tools are part of a broader accounts receivable automation platform designed to support modern finance operations and scalable receivables management.