Blockchain Payments Firm PayStand Expands Into Canadabr>
Blockchain payments-as-a-service platform PayStand has expanded its services in Canada in order to support domestic business-to-business (B2B) commercial payments.
Based in California, PayStand is a B2B enterprise payments processor that digitizes their customers accounts receivable processes using blockchain technology. The platform offers technology that integrates with commercial customers sites, enabling the payer to remit payment in any digital form. PayStand’s SaaS (software as a service) business model enables the company to offer its clients a blended wholesale rate for their credit card transactions that they do not profit from.
According to PayStand, Canadian B2B payments over electronic funds transfer (EFT) account for greater than one third of all payments volume domestically, with card payments making up a large majority of the remainder. Those payments – whether made via bank-to-bank transfer, wire or check – are almost entirely manual, and often over-burdened by high transactions fees and processing costs.
PayStand said their digital payments platform will allow local businesses to modernize their invoicing and payments process by using cloud-based technology that speeds up time-to-cash, automates manual processes and eliminates transactions fees.
“Today’s commercial payments infrastructure in Canada is built on many layers of outdated technology and processes that are needlessly complex and time-consuming, not to mention error-prone and labor-intensive,” said Jeremy Almond, CEO and Founder, PayStand. “PayStand has built a unique infrastructure capable of natively supporting Canadian EFT and card payment technology, essentially transforming and modernizing the entire payments lifecycle for businesses, no matter the type or manner of payment.”
The expansion into Canada comes less than one year after PayStand secured $6 million through its Series A funding round, which was led by BlueRun Ventures with participation from Cervin Ventures, Serra Ventures, TiE, and Capital for Founders.