Paystand, a California-based company specializing in blockchain-enabled business payments, is extending its operations into Canada. Originally launched in Canada with limited services in 2018, the company is now offering its complete zero-fee B2B payment network across the country. This move signals a significant expansion as the company leverages its innovative technology to transform the payments landscape for Canadian businesses.
The CEO and co-founder of Paystand, Jeremy Almond, highlighted that the company’s B2B payment network is not only the largest but also one of the fastest and most cost-effective systems available in the market. He emphasized that Paystand offers a comprehensive range of services, integrating both traditional and modern payment solutions. The network supports legacy payment systems such as credit cards and electronic funds transfers (EFT), while also enabling businesses to benefit from a fully automated, zero-fee network.
Almond pointed out that a large proportion of Canadian businesses already utilize real-time EFT payments for their transactions. He identified this as an area where Paystand could bring immediate innovation by offering a cost-free network that would modernize the payment systems used by these businesses. This approach is part of a broader strategy to upgrade payment technologies on a global scale. Paystand’s blockchain-based smart payments platform enables businesses to streamline their financial processes, improving cash flow by reducing the time it takes to receive payments by up to 80%. This solution could be particularly beneficial for Canadian companies, which are often affected by credit risk issues, as noted in a report from Atradius.
The company’s expansion into Canada is viewed as a crucial development, with Almond reflecting on the progress Paystand has made since its initial entry into the market. He observed that while they had made some early strides in the country, the current scale of their operations is far more extensive. This growth allows them to offer Canadian businesses a streamlined, efficient alternative to traditional payment processing, which is often slow, complex, and expensive. The company’s commercial blockchain network now facilitates transactions for over one million payers, processing $11 billion in payments and representing 2% of the U.S. account-to-account business payment market.
Paystand’s advanced blockchain platform aims to deliver next-generation payment solutions for Canadian businesses, positioning them to benefit from the company’s large-scale B2B network. Almond expressed excitement about working with Canadian companies to bring the advantages of this cutting-edge technology to the local market. Paystand’s ability to scale and offer smart, cost-efficient payment options could revolutionize the way Canadian companies handle their financial transactions.
As part of its strategy to broaden its global reach, Paystand has also recently acquired two other companies, Teampay and Yaydoo. These acquisitions are designed to enhance Paystand’s capabilities in connecting buyers and suppliers at scale, further cementing its role as a leader in the business payments space. Almond emphasized that Paystand is committed to revolutionizing payments by providing the fastest, most cost-efficient B2B network available, and the expansion into Canada represents a key milestone in achieving that vision.
With its zero-fee, blockchain-driven payment network, Paystand is set to modernize business transactions in Canada, helping companies improve efficiency, reduce costs, and mitigate risks associated with traditional payment methods. The company’s continued innovation and expansion demonstrate its commitment to reshaping the global payment landscape.