PayStand, a B2B payment platform, today announced it has expanded its digital platform into Canada to support domestic B2B commercial payments and deepen its global payments infrastructure.
“Today’s commercial payments infrastructure in Canada is built on many layers of outdated technology and processes that are needlessly complex and time-consuming, not to mention error-prone and labor-intensive,” said Jeremy Almond, CEO and founder of 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.”
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 overburdened by high transactions fees and processing costs. With the launch of PayStand Canadian businesses can access cloud-based technology that speeds up time-to-cash, automates manual processes and eliminates transactions fees.
By digitizing the commercial infrastructure required to support Canadian B2B payments, PayStand said it 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 use Paystand’s PaaS technology to process domestic and cross-border payments.
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.