Paystand, the global enabler of blockchain-enabled B2B payments, 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.”
In addition to acquiring Teampay, Paystand has established partnerships “with the top ERP software solutions.”
