Paystand vs QuickBooks Online: Which is a better fit?

Speaker 1: Hi, I'm Mike. I'm an editor and producer. I have a company of about 50 employees. And we tried Paystand, and we gave it about four out of five. Before Paystand, I tried many different alternatives. One of the ones PayPal and stuff like that. Obviously, one of the main reasons to try something new is because of all the transaction fees and all of the little hidden fees that happen with a lot of these different softwares. And that's why I tried Paystand, just to see what it was about and see if it would be effective for my company. We went with Paystand because we knew that there was no actual transaction fees. We wanted to see how feasible that would be for our company to sustain on a day-to-day, year-to-year basis. We tried it out and unfortunately it wasn't really sustainable for a small company like us. But I think for bigger businesses this is a really good tool. It's a really good software to have for those kinds of businesses. Small businesses might be on a case by case basis. Integrating Paystand into the business was pretty easy, relatively. A lot of similar techniques to a lot of the same other systems just like this. Now, the big thing is there is no mobile for this one, and so you have to learn how to maneuver without that sort of stuff. But for the most part, it's pretty much the same. I mean, once you get used to it, it runs just like all the other ones. Well, with Paystand, I would definitely recommend you try before you buy. Now, this is a per year model, which means you purchase it for a year and you don't actually pay transactions. But honestly, for small businesses, it really isn't always going to be effective. I know for my company it was only effective sometimes, and for the overall year it wasn't effective. Now, if you're a big business and you do a lot of bulk buying, especially because this is a business to business transaction software. Now, if you are doing a lot of big business, big purchases, this might be really ideal for you. Now, for me personally and our company, it didn't work. And that may change in the future, but right now it just didn't work to suit our needs. But I think, again, it's all about your business. So, if you have a big business or you do a lot of really bulk buying, you need a lot of product, you have to buy from businesses and you really need that, this is going to save you a ton on transaction fees. So, very helpful. Small businesses, probably not.

Speaker 1: My name is Alex. I'm the COO for Made By WiFi. We're a boutique IT firm based out of New York City with under 10 employees. I would rate QuickBooks Online a 5/5. I use QuickBooks Online for bookkeeping, invoice management, accounts receivables, payment processing, as well as the reporting capabilities which are very rich. I like how easy it was to pick up and learn. I've never used QuickBooks before. We were managing our company's finances through Google Sheets prior to QBO. The learning curve was basically a day, we got it all figured out. It's very easy to navigate and it's very easy to find what you need as well as streamline financial operations. Just making it easier to get paid, essentially. I'd like to see more consistent monthly billing from QBO. I feel like our monthly billing increased almost by 50% since we signed up without really getting more features. I'm not sure how quickly or why they raised their prices so aggressively, but they have, and I wish there was just more of a locked-in rate for a period of time that we could have agreed to.