PayStand, the B2B payment platform for the future of business, has expanded its digital platform into Canada to support domestic B2B commercial payments and deepen its global payments infrastructure.
Canadian B2B payments over 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.
With the launch of PayStand’s unique digital payments platform, Canadian businesses now have a real option 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“Today’s commercial payments infrastructure in Canada is built on many layers of outdated technology and processes that are needlessly complex and time-consuming, not to mention error-prone and labor-intensive,” said Jeremy Almond, CEO and Founder,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 electronic funds transfer (EFT) and card payment technology, essentially transforming and modernizing the entire payments lifecycle for businesses, no matter the type or manner of payment.”
PayStand’s expansion into Canada represents a significant next step in the company’s acceleration, further expanding its global payments infrastructure. By digitizing the commercial infrastructure required to support Canadian B2B payments, PayStand is uniquely positioned for growth and is the only cloud-based solution provider to offer native support for both United States and Canadian payments. Existing and new customers can now use Paystand’s PaaS technology to process domestic and cross-border payments—another significant growth vector.
Streamlining B2B payments through automation using Blockchain and secure, cloud-based technology represents the future of how businesses will transact, both domestically and on a global scale.
Paystand empowers companies to up-level their existing payments processes and is ushering in a modern infrastructure to define the future of the entire payments lifecycle.
PayStand’s mission is to use modern Internet, Blockchain and SaaS technologies to transform B2B payments. PayStand’s revolutionary “Payments as a Service” model creates a smart billing & payment network that can digitize receivables, automate processing, reduce time-to-cash, lower transaction costs and enable new revenue.
Source: Company Press Release