Blockchain Payments Firm PayStand Launches Prepaid Virtual Expense Cardbr>
Blockchain-enabled commercial payments platform PayStand has released a new product, a prepaid alternative to corporate expense cards designed for mid-market businesses that need more flexibility and control over budgets and spending at any given time.
PayStand calls itself a next-generation B2B payment solution that empowers enterprises to digitally transact anywhere and keep more of their revenues. Its Payments-as-a-Service platform leverages the latest advancements in Internet, mobile and blockchain technology to dramatically lower costs, speed up time to cash, and automate billing and payment processes. The PayStand platform is being used by companies to drive greater capital efficiency, streamline back-office operations, and enable best-in-class payment experiences.
Called Zero Card, the new product is a prepaid virtual expense card that employees can use to securely make purchases online and over the phone. From a transaction point-of-view, these cards work exactly the same way as physical cards, except they require no credit checks and businesses can issue and deactivate these 16-digit card numbers in just a few clicks.
“The Zero Card streamlines invoice processing, expense reporting, and payment execution, and allows businesses to manage, track, and control company spending in real-time,” PayStand said.
Jeremy Almond, CEO of Paystand, said that the Paystand Zero Card combines the consumer-like experience of peer-to-peer payments with the speed and security of Paystand’s no-fee payment network.
“We completely re-engineered the corporate card so businesses can move away from reactive spend management tactics to a place where they have visibility of spend before it happens,” Almond said.
With Paystand’s significant presence in the Accounts Receivable (AR) space, the Zero Card will reportedly help expand the footprint of virtual cards by over 130,000 businesses. It is also designed for both Accounts Payable (AP) and AR teams and natively connects these two groups, bridging the gap for B2B payments to deliver business impact far beyond cost savings.
“B2B payments needs revolution, not evolution. It has a long way to go before it achieves the ease and speed of consumer payments,” said Mark Fisher, Paystand’s VP of Marketing. “The Zero Card delivers industry-first technology and bridges that payables gap today. When money moves over our network, it’s instant, automated, and comes at no cost. That’s good for businesses and that’s good for the economy overall.”