California Fintech Expands Blockchain-Powered Payments Platform in Canada

A California company dealing in blockchain-enabled payments for businesses is expanding north of the border.

Paystand out of Scotts Valley is bringing the full breadth of its zero-fee B2B network to Canada, where it initially launched with limited services in 2018.

“Paystand continues to revolutionize payments, offering the largest, fastest, and [most] cost-efficient B2B payments network,” stated cofounder Jeremy Almond, who serves his company as chief executive officer.

Paystand’s network supports legacy payment options like credit cards and EFT, but customers can also benefit from a fully automated network with no fees.

“Almost 40% of Canadian businesses use real-time EFT payments to transact business,” says Almond. “That is where Paystand can immediately innovate—providing a zero-fee network for their businesses, and modernizing the payments technology globally.”

With Paystand’s blockchain-based smart payments platform, finance departments can speed up time-to-cash, reducing day sales outstanding by up to 80%, the company claims. This is helpful for Canadian businesses contending with credit risk issues, according to a report from Atradius.

“Expanding into Canada is a major step for Paystand,” Almond says. “While we made some inroads a few years ago, our business today is far bigger and we are offering our Canadian businesses a fast way to eliminate cumbersome, slow and costly payments processing.”

The network currently sees one million payers running on a commercial blockchain with $11 billion in transactions and 2% of total U.S. account-to-account business payments.

“It’s definitely time to bring Canadian companies a next-gen, smart B2B payment network at scale,” Almond continued. “We are excited to work with Canadian businesses and deliver them the groundbreaking benefits of our B2B network.”

Paystand recently acquired Teampay and Yaydoo to better connect buyers and suppliers at scale.

“Paystand continues to revolutionize payments, offering the largest, fastest and cost-efficient B2B payments network,” Almond stated.