Blockchain Payments Firm PayStand Surpasses 1000% Growth With Zero-Fee B2B Payment Network

Announcements, Blockchain, News | August 21, 2020 By:

Blockchain-enabled commercial payments platform PayStand has announced record-setting growth of 1007% and 150 new enterprise customers.

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.

Over the past 12 months, Paystand’s payment network has surged as businesses look for better ways to transact in the digital-first economy. The company’s software is helping unlock billions in economic value that is held up in overdue receivables and siphoned away by outdated AR processes and payment fees.

“This year illustrated that doing business ‘the old way’ is no longer economically viable. In fact, it’s a recipe for going out of business,” said Jeremy Almond, CEO and co-founder of Paystand. “Growing 1007% in today’s economy shows that businesses need a better way to manage payments and cash. Paystand gives businesses a faster way to transact, without the costly fees and extra steps. Our zero-fee payment network replaces the outdated, fee-based model and we’re excited that businesses are reaping the benefits when they need it most.”

Paystand is now ranked in the top 10 of all Silicon Valley companies featured in the 2020 Inc 5000 list. Other companies that made the list, on average, grew 600% over the same three-year period. During a stretch when the economy grew just 15%, Paystand achieved record growth by enabling businesses to transact more efficiently and more cost-effectively.

According to Paystand, over 140,000 businesses are now paying through the Paystand Network, a 40% increase over the same time last year. The company also accelerated customer acquisition with more than 150 new enterprise customers, fueling 2.5X YoY revenue growth and more than 200% increase in monthly network payment volume. In addition, it launched the industry’s first no-fee corporate card to help businesses further accelerate the shift to digital-first payments.

“Every person we hire at Paystand knows this is about more than payment processing,” said Aliyah Nance, Paystand’s VP of People. “Rebuilding $125 trillion worth of broken finance infrastructure requires top talent. Being named on the Inc. 5000 makes it crystal clear that we’re designing the breakthrough technology and experiences our customers are hungry for. And yes, we’re hiring.”