SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--In the wake of the recent ACH outage, the creator of the ACH alternative — the Paystand B2B Network — is recognized on the Deloitte Technology Fast 500™. The fintech payments company, founded in 2013, today announced it ranked number 210 with 671% growth from 2019 to 2022. Paystand’s customers use its technology to incentivize their payers to change payment behavior, boosting the customer’s bottom line.
The Deloitte annual listing is a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America.
“We are extremely pleased to be recognized in the Deloitte Fast 500 list. Last year we processed a full one percent of all U.S. direct account-to-account business payments, and our [Paystand B2B] network now has more than 600,000 payers,” said Jeremy Almond, Paystand CEO.
Paystand utilizes a combination of proprietary products, user interfaces and economic incentive models to increase SMB profitability.
“With high inflation, high interest rates and supply chain delays, SMBs must bring in cash faster — without taking a chunk from their bottom line,” Almond continued. ”Our technology incentivizes CFOs to leave the current risky, expensive payment rails behind and shift to no-cost financial approaches that speed time-to-cash.”
“With the added power of blockchain, we empower businesses to escape financial gravity, thrive without unnecessary fees, and emerge as pioneers of a digitally transformed financial era,” he commented.
Over the past year, during a period of increased banking strain, Paystand delivered new products to help finance teams better manage, control and access their cash at all times. These products include: Smart Treasury Management for AR, Paystand Spend and Dynamic Discounting for AR teams.
In addition, Paystand recently introduced its integration with Microsoft Dynamics 365 Business Central for one-click accounts receivable automation. The Microsoft integration is Paystand’s third native integration, expanding its proven record and its reach to SMB finance departments. Paystand was first integrated with Oracle’s NetSuite, then followed by integrating with Sage Intacct.
“Each year I look forward to reviewing the progress and innovations of our Technology Fast 500 winners as these companies truly demonstrate how important new ideas are to progressing our society and the world, especially during difficult times,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “While software and services and life sciences continue to dominate the top 10, I’m encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success.”
About the 2023 Deloitte Technology Fast 500
Now in its 29th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2019 to 2022.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Paystand
Paystand is on a mission to create an open commercial finance system, starting with a zero-fee network for B2B payments. Paystand is the largest B2B receivables, payables and payments network running on a commercial blockchain. The company makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.
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