Paystand Network now makes business payments available in one day with no fees

The new feature transfers B2B payments directly to the Paystand DeFi Corporate Card, making it far faster and cheaper than traditional payment channels

SCOTT’S VALLEY, California, October 21, 2022–(BUSINESS WIRE)–Paystand, the leading provider of blockchain-enabled B2B payments, today announced that businesses can access their earnings next business day and at zero cost by using the Paystand network and DeFi corporate card use.

Regardless of market conditions, companies want faster access to their funds. In today’s market, characterized by rising inflation, volatility and early signs of a slowdown in key sectors of the economy – housing, construction and interest-rate-sensitive industries – it is especially important for companies to have short-term visibility and access to their cash flows.

For some merchant companies serving other businesses, it may take 45-90 business days for a business payer to complete a payment. Merchants then have to wait between 2 and 14 business days to access their funds and pay transaction fees of 3% or more depending on the payment methods their customers used.

In response to these conditions, and leveraging its unique DeFi-enabled B2B payments network, Paystand is able to provide functionality that gives businesses next-day access to their earnings with no fees.

Paystand functionality works through the recently launched, fully-functional DeFi Corporate Card account that every Paystand AR customer automatically receives. The card allows customers to receive and manage their cash with the least amount of friction; use their cash quickly to make vendor and supplier payments. Finance teams can choose which payments go to the DeFi card and then create unlimited virtual and physical prepaid cards with custom spending controls.

“This is a tremendous breakthrough for the industry. Never before have merchants been able to receive their earnings automatically and for free and use them the next day,” said Jeremy Almond, Founder and CEO of Paystand. “We’ve deployed A/R automation at scale – we’ve processed over $5 billion in revenue payments for our merchants. Today, the DeFi card enables merchants to use these next-business-day revenue payments with next-gen spend management tools.”

The new DeFi card payment process not only shortens the time to payout, but also allows merchants to encourage better spending among their teams and streamline their online vendor payments. Thats how it works:

  • When a business pays a Paystand merchant using the Bank Network payment method, the merchant is notified the next day that the funds are available

  • The trader can decide to transfer some or all of these funds to their DeFi card, making the funds available immediately

  • You can create virtual and physical cards that draw on these funds and use them anywhere Visa is accepted

This unique corporate DeFi card also offers precise spend control, real-time spend visibility, and 1% refund in Bitcoin on every transaction.

For those attending Money20/20 2022, taking place October 23-26 in Las Vegas, Paystand’s payments experts will be available to demonstrate how the DeFi Corporate Card can help finance team leaders gain faster access to Obtain cash and control the spending of your business. Please visit us at booth 4716.

To learn more about Paystand and the DeFi Corporate Card or to apply, please visit Paystand’s website here.

About Paystand

Paystand is committed to creating an open and equitable commercial financial system, starting with a toll-free B2B payments network. With the acquisition of Mexico-based Yaydoo, Paystand has achieved unicorn status and is the largest B2B accounts receivable, payable and payments network running on a commercial blockchain. Paystand makes it possible to digitize receivables, automate processing, reduce time-to-cash, eliminate transaction fees and enable new revenue streams. The AR/AP solutions are designed for both US and Latin American companies of all sizes. For more information on Paystand, visit paystand.com. Follow our blog and get in touch with us Twitter and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221021005118/en/

contacts

Erika Zeidenberg
PR for Paystand Inc.
[email protected]
925-518-8159



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