Paystand, which claims to be the leader in blockchain-enabled B2B payments, has introduced the “first” corporate expense card with native crypto rewards.
A technology-forward spend management platform, the DeFi Corporate Card provides instant provisioning of virtual and physical cards, as well as “advanced spend controls, and real-time expense reporting alongside bitcoin rewards.”
With the DeFi Card, businesses earn Bitcoin rewards “on every purchase.” Unlike other business-focused cards that allow businesses to go back and redeem their earned points for crypto rewards, Paystand’s DeFi Card “lets businesses earn bitcoin seamlessly with every dollar they spend.”
As noted in the update shared with CI, they do not have “to modify their everyday workflow; they can make purchases as usual, get tighter control over their corporate spend, and earn bitcoin automatically. ”
When businesses pay with DeFi Cards over Paystand’s commercial payment network, a Paystand merchant “avoids paying transaction fees.”
The DeFi Card offers highly desired spend management tools that include:
- Instant provisioning of virtual and physical cards for their employees and expense line items.
- Real-time tracking of transactions by class and category.
- Advanced spend controls including spend limits, merchant category codes, and auto-lock dates, reducing risk and ensuring that their teams always stay within budget.
Jeremy Almond, CEO and co-founder, Paystand, stated:
“We believe blockchain technology and cryptocurrency is the future of finance, and we’re excited to help businesses participate and grow in the digital economy with DeFi Corporate Card. By giving businesses a next-gen spend management product that solves everyday pain points and gives them exposure to crypto in the form of rewards, we enable them to participate in the open financial network and benefit from greater control over their finances.”
Haydn Brill, CEO of Brill & Associates, remarked:
“We’re excited to be using a forward-thinking corporate card like DeFi Card. Using DeFi Card is a way for us to learn about cryptocurrency without having to figure out buying it ourselves. We get to learn in a low-risk atmosphere while earning rewards.”
As mentioned in a release, Paystand is on a mission “to create an open and equitable commercial finance system, starting with a zero fee network for B2B DeFi payments.”
Using blockchain and cloud technology, Paystand makes it possible “to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue.”