Streamlined Payments Save Time And Fees For BIIA Insurance

Female-owned insurance pioneer in Virginia automating Accounts Receivable with Paystand.

By The Numbers

65%

Improvement In Back-Office Efficiency

42%

Increase In Bills Paid Digitally

50%

Decrease In Transaction Costs

Headquarters

Norfolk, VA

Industry

Insurance

Client

Challenge

BIIA’s accounting team needed a way to drive customers to the website for easy payment processing that would reduce time spent by staff, decrease uncertainty regarding processing fees, and significantly lower transaction costs.

Solution

BIIA turned to Paystand to deliver a seamless payment experience that addressed challenges within the context of their existing invoicing system. In just a matter of days, BIIA Insurance installed Paystand’s digital payment gateway to enable customer payments on the website.

Testimonials

“Paystand solved a critical problem for us: going digital without the fees associated with online transactions. We've saved millions by shifting to Paystand.”

Patty Letchworth
CEO

Challenges Faced by BIIA Insurance

• Manual billing process took significant staff time and effort
• Reliance on checks, credit card forms, and phone payments caused inefficiencies
• High credit card fees negatively impacted profitability
• Slow payment processing led to delays and frustrated customers
• Needed a solution that could scale with their expanding customer base

Solutions Implemented with Paystand

• Adopted digital payments to streamline customer billing
• Reduced transaction costs by nearly 50% with lower-fee options
• Enabled online payments, increasing electronic payment adoption by 42%
• Freed up staff time for more strategic tasks by automating payment processes
• Provided a smoother, faster payment experience for customers

Make payments a strategic advantage for your business
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Paystand is on a mission to create a more open financial system, starting with B2B payments. Using blockchain and cloud technology, we pioneered Payments-as-a-Service to digitize and automate your entire cash lifecycle. Our software makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue.