Paystand – the global specialist in blockchain-enabled B2B payments – has announced the launch of Smart Lockbox, the digital alternative to traditional lockbox services.
The launch seeks to enable businesses to unlock a fully paperless cash cycle from payer to merchant – one that rewards customers to shift to a digital payment model that lessens manual tasks and lowers operational costs for finance teams.
“Smart Lockbox is the key tool that helps companies seamlessly bring their mission-critical revenue into the digital age,” commented Jeremy Almond, CEO of Paystand. “In a post-pandemic world, everything looks very different. COVID supercharged the push for digital transformation across the board for businesses, and there’s no question that this shift is here to stay. Now, with Smart Lockbox, finance teams can turn their biggest headaches into a newfound source of power.”
It comes as engagement in cryptocurrency and digital payments is on the rise for consumers – paper checks still account for over 40% of all B2B payment volume, and lead to the economy falling short of anywhere between $550B and $1T in errors, delays, and soft costs each year.
In the wake of the global pandemic, Paystand discovered that, while certain departments were able to make the switch to remote work almost overnight, finance teams faced a very different experience.
Due to security reasons and their reliance on paper and manual processes, many finance organizations were forced to risk their health by working from the office even when COVID-19 outbreaks were at their peak.
Paystand’s Smart Lockbox was created to help finance teams transition away from archaic payment systems that keep them tied to paper processes and physical locations, and offers a fully digitized AR experience that simultaneously optimizes efficiency for remote teams and significantly reduces accounting overhead.