Case Study: Penntek Coatings doubles transaction volume and saves $65,300 in fees with Paystand

Penntek Coatings Doubles Transaction Volume with Paystand

Penntek, a Lakeville, MN-based manufacturer and distributor of floor coatings, faced inefficient, error-prone manual check processing, slow cash flow, and high credit card fees that strained financial accuracy and customer experience. To modernize accounts receivable, Penntek adopted Paystand’s digital payment platform integrated with NetSuite.

Paystand implemented an automated AR solution (SuiteApp integration, digital checks, single-click payments and automated reconciliation), which doubled Penntek’s annual transaction volume from $15.6M to $30.4M, cut credit card transactions from 21% to 13.7% (≈35% reduction), saved $65,300 in fees in six months, and eliminated 12 hours of monthly administrative work—improving cash flow and customer satisfaction.

Penntek

Bob Thonet

Chief Finance Officer