Paystand, a global leader in 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.
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, according to the company.
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
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."
For more information about this news, visit www.paystand.com.