Paystand, renowned for its blockchain-enabled B2B payments, is extending its zero-fee network to Canada, enhancing the scope of its services beyond the initial limited offering since 2018.
This expansion enables Canadian businesses to fully access the Paystand Platform and its beneficial Zero-Fee B2B Payment network.
A recent report by Atradius illustrates a shift among Canadian businesses over the past two years, increasingly favoring cash transactions over credit. This change is a response to rising credit risks and a surge in bad debts, prompting CFOs to seek more cost-effective and secure payment alternatives.
Paystand’s network, supporting a comprehensive array of traditional payment methods including credit cards and EFT, offers a zero-fee option that integrates seamlessly with existing ERPs, automates accounts receivables, and slashes transaction fees, fostering profitability through faster cash flows and reduced days sales outstanding (DSO).
Since its inception, Paystand has been at the forefront of decentralised finance within the B2B payments sector. Recent acquisitions of Teampay and Yaydoo have not only expanded its capabilities but also enhanced connections between buyers and suppliers on a grand scale, particularly in Mexico with Yaydoo’s help in modernizing payments locally.
Now, with over a million payers and transactions worth $11bn across its network, Paystand’s influence in the U.S. business payments landscape is significant, accounting for 2% of total U.S. account-to-account business payments.
Jeremy Almond, CEO and co-founder of Paystand, commented, said, “Almost 40% of Canadian businesses use real-time, EFT payments to transact business.
“That is where Paystand can immediately innovate—providing a zero-fee network for their businesses, and modernizing the payments technology globally. Canadian businesses will gain the full Paystand experience with zero fees, fast transactions and no middlemen. Paystand continues to revolutionize payments, offering the largest, fastest and cost-efficient B2B payments network.”
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