SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Paystand, the global leader in blockchain-enabled B2B payments, today announced its zero-fee B2B network is expanding to Canada. While Paystand first introduced limited service in Canada in 2018, Canadian payers will now be able to access all the benefits of the Paystand Platform and the Zero-Fee B2B Payment network.
A recent Atradius report highlighted that in the face of heightened credit risks and a sharp rise in bad debt, Canadian businesses in the past two years are opting for cash-based B2B transactions rather than credit, to mitigate the risks of payment delays or non-payment. In this context CFOs are primed for a less expensive and safer alternative payment solution.
Paystand’s network supports the full suite of legacy payment options like credit cards and EFT, however Paystand customers benefit from a zero-fee B2B Payment Network as an option that is fully automated, integrated with their ERPs, and profit-friendly.
CFOs are empowered to drive these profitable behaviors among employees, vendors, and customers. With Paystand’s blockchain-based smart payments platform, finance departments can speed up time-to-cash, reduce DSO by up to 80%1, automate AR, and eliminate transaction fees. CFOs will see direct contributions to profitability with total AR costs cut on average by 49%, with quicker revenue and greater payment savings.
Since its founding a decade ago, Paystand has been building its industry-wide decentralized finance (DeFi) B2B Payment Network. Recent acquisitions of Teampay and Yaydoo have enabled Paystand to better connect buyers and suppliers at scale. With Mexico-based Yaydoo, Paystand has been modernizing payments for businesses in that country. Now, with the Canadian expansion, Paystand is continuing North American growth.
With a network of more than one million payers running on a commercial blockchain, $11 billion in transactions, and 2% of total U.S. account-to-account business payments, Paystand’s digital B2B payment network is growing quickly.
“Almost 40% of Canadian businesses use real-time, EFT payments to transact business,” said Jeremy Almond, CEO and co-founder, Paystand. “That is where Paystand can immediately innovate—providing a zero-fee network for their businesses, and modernizing the payments technology globally. Canadian businesses will gain the full Paystand experience with zero fees, fast transactions and no middlemen. Paystand continues to revolutionize payments, offering the largest, fastest and cost-efficient B2B payments network.”
In addition to acquiring Teampay, Paystand has established partnerships with the top ERP software solutions. The company has been listed on the Inc. 5000 for the fifth straight year, as well as received recognition from Deloitte, Juniper Research and the Financial Times.
Paystand’s payments solution offers:
- Unified Payment Solution: consolidating payments under one roof
- Payments Efficiency in North America: streamlining payments for businesses in Canada, reducing the need for multiple payment processors
- Cost Savings: both U.S. companies doing business in Canada as well as Canadian businesses will enjoy the benefits of its zero-fee network, eliminating high transaction fees
“Expanding into Canada is a major step for Paystand. While we made some inroads a few years ago, our business today is far bigger and we are offering our Canadian businesses a fast way to eliminate cumbersome, slow and costly payments processing. It’s definitely time to bring Canadian companies a next-gen, smart B2B payment network at scale,” Almond continued. “We are excited to work with Canadian businesses and deliver them the groundbreaking benefits of our B2B network.”
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 U.S., LATAM and Canadian 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.
