Paystand, the B2B payments company with the world’s largest commercial blockchain, claims that it has “defied” market conditions and experienced “a more than 600% growth rate over the past three years.”
At a time when inflation is an ongoing issue, the stock market “remains volatile, and crypto is still in the winter doldrums, Paystand and its customers are growing significantly.”
A DeFi fintech platform, Paystand enables businesses “to pay each other nearly instantly, with zero fees, automating more than $6 billion in payments on its commercial blockchain with more than 600,000 payers across the Americas.”
During 2023, interest rates continue “to climb, and the recent string of bank failures have shaken the economy.” At the same time, Paystand has “helped companies—and, by extension, the U.S. economy—to grow.”
The company provides payments services “to the ‘real economy’ – industries such as manufacturing, logistics, distribution, insurance, solar and renewable energy, and more.”
These industries have “continued to show resilience and growth.”
Jeremy Almond, Paystand co-founder and CEO, said:
“Since its founding, Paystand has had an unwavering commitment to revolutionize finance. We have helped to radically transform how B2B organizations transact, catalyzing growth not just for us, but for our customers. Last year Paystand processed a full one percent of all U.S. direct account-to-account business payments, which is quite remarkable.”
Almond added:
“Our mission is clear: to transform and democratize the global financial network. Our journey extends beyond rewriting financial infrastructure; it’s about propelling growth, contributing to American progress, and enabling businesses to defy market conditions with significantly better capital efficiency,”
Almond also mentioned:
“On the heels of Paystand’s acquisition of Yaydoo last year and continued expansion into LATAM, Paystand is poised to reshape the future of finance, not just in the U.S., but on a global scale.”
Paystand’s ‘real economy’ customers “experience a radically outsized impact on their bottom line when they process their payments through the blockchain-enabled Paystand Network.”
They are able to get their revenue (the lifeblood of their business) in a faster, more scalable way, and ultimately “with much lower costs.” With Paystand, businesses can avoid the transaction fees associated “with credit card usage, which can be as high as 3%, as well as reinvest AR labor costs from staff mired down processing huge numbers of paper checks that are still rampant in the B2B economy.”
The decentralized Paystand Network transforms “the way merchants transmit and manage money.” The Payments-as-a-Service solution significantly streamlines “the process and lowers costs; network transactions are zero-fee, settle within one banking day, and are automated with smart AR and AP accounting tools.”
According to Paystand customer Kristen Parisien, controller, Global Prescription Management at Covetrus:
“Paystand allows us to free up resources, reduce costs, and expedite payments with real-time posting of transactions. It gives us the ability to grow with confidence because our AR process is equipped to handle the pace of our business.”
In the past twelve months, Paystand has continued “to innovate with the release of several products designed to help its customers prevail” in the face of economic challenges. New Paystand products include:
- Smart Treasury Management for AR – Businesses can route receivables automatically as they come in, directing the funds to the bank accounts they deem appropriate. By enabling deposit routing between unlimited banks and financial networks, CFOs can diversify AR Deposits and Treasury, sweeping between multiple institutions and maximizing the FDIC insurance benefits they offer.
- Instant Bill Pay Using AR Funds – As receivables come in, merchants can immediately direct funds to their Paystand Spend Cards without leaving the Paystand Network. With no need to interact with bank accounts, they can use their cards to seamlessly pay vendors and manage operating expenses without the risk, delay or friction associated with first settling to a bank. Merchants also earn 1% back in bitcoin on every card purchase.
- Dynamic Discounting for AR Teams – Seller AR teams can offer early payment discounts, incentivizing buyers to pay sooner. This promotes earlier access to cash and reduces days sales outstanding (DSO), which is especially helpful to businesses during an inflationary period.