Paystand to enable one day business payments

Monday 24 October 2022 11:54 CET | News

US-based fintech Paystand has enabled businesses to access revenue in one business day with zero fees using the Paystand Network and the DeFi Corporate Card.


The DeFi-enabled B2B payment network’s functionality works through its full featured DeFi Corporate Card Account, which will be automatically received by every Paystand AR customer. Using the card, customers are enabled to receive and manage cash and use it to make quick AP and vendor payments. Finance teams have the option of selecting which payments go to the DeFi Card, and then create unlimited, prepaid virtual and physical cards with custom spend controls.

Apart from expediting time-to-cash, the DeFi Card payment process also enables merchants to encourage better spending behaviour within their teams and simplify online vendor payments. When a Paystand merchant is paid by a business using the Bank Network payment method, the merchant is notified the following day that the funds have become available and can decide to transfer either a portion, or the full amount of the received funds to their DeFi Card, making them instantly available. Merchants can then create virtual and physical cards that draw on those funds and use them wherever Visa is accepted. Additionally, the DeFi Corporate Card offers precise spend controls, real-time visibility when it comes to expenses, and 1% back in bitcoin on every transaction.

Company representatives have stated in their press release that the newly implemented solution marks an important step within the industry, with merchants being able for the first time to receive their revenue automatically at zero cost and then use it the following day. 

This functionality implementation comes at a time when businesses are looking for faster access to their funds. Despite today’s market conditions, characterised by rising inflation, volatility, and slowdowns in economic sectors such as housing, construction, and industries sensitive to interest rates, businesses have a need for near-time visibility and access when it comes to their cashflows. For some commercial enterprises that serve other businesses, it can take between 45 and 90 business days for a business payer to finalise a payment. Afterwards, merchants must wait an additional two to 14 business days to gain access to their funds and need to pay transaction fees of 3% or more, depending on the payment methods used by their customers.

Paystand has enabled businesses to access revenue in one business day using the Paystand Network and the DeFi Corporate Card.

Paystand product offering and past developments

Paystand is looking to create an open commercial finance system, beginning with a zero-fee network for B2B payments, being a B2B receivables, payables and payments network that runs on a commercial blockchain. Paystend enables businesses to digitise receivables, automate processing, reduce time-to-cash, eliminate transaction fees, and enable new revenue, its AR/AP solutions being designed for businesses of all sizes in both the US and LATAM.

In August 2022, Paystand acquired Yaydoo, a Mexico-based accounts payable startup looking to improve its B2B payments capabilities and expand its market reach.

In May 2022, the fintech company launched an automatic billing and payments feature for their NetSuite AR solution to improve user experience and enable customers to benefit from faster payments. The features implemented at the time included additional functionality for accepting minimum deposits for quotes and estimates and automatic conversion of quotes to sales orders upon payment receipt.

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Keywords: product launch, B2B payments, DeFi, payment methods, merchants, accounts payable, accounts receivable, e-invoicing
Categories: Payments & Commerce
Companies: Paystand
Countries: Latin America, United States
This article is part of category

Payments & Commerce


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