Paystand, the B2B payments company with the world’s largest commercial blockchain, has defied market conditions and experienced a more than 600% growth rate over the past three years. At a time when inflation is an ongoing issue, the stock market remains volatile, and crypto is still in the winter doldrums, Paystand and its customers are growing significantly. This extraordinary ongoing growth has catapulted the company to its fourth straight placement on the Inc. 5000 list of fastest-growing companies. A DeFi fintech unicorn, Paystand enables businesses to pay each other nearly instantly, with zero fees, automating more than $6bn in payments on its commercial blockchain with more than 600,000 payers across the Americas.
During 2023, interest rates continue to climb, and the recent string of bank failures have shaken the economy. At the same time, Paystand has helped companies—and, by extension, the U.S. economy—to grow. The company provides payments services to the ‘real economy’ – industries such as manufacturing, logistics, distribution, insurance, solar and renewable energy, and more. These industries have continued to show resilience and growth.
Commenting on this, Paystand co-founder and CEO, Jeremy Almond, said: “Since its founding, Paystand has had an unwavering commitment to revolutionise finance.
“We have helped to radically transform how B2B organisations transact, catalysing growth not just for us, but for our customers. Last year Paystand processed a full one percent of all U.S. direct account-to-account business payments, which is quite remarkable.
“Our mission is clear: to transform and democratise the global financial network. Our journey extends beyond rewriting financial infrastructure; it’s about propelling growth, contributing to American progress, and enabling businesses to defy market conditions with significantly better capital efficiency.
“On the heels of Paystand’s acquisition of Yaydoo last year and continued expansion into LATAM, Paystand is poised to reshape the future of finance, not just in the U.S., but on a global scale,” continued Almond.
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By GlobalDataPaystand’s ‘real economy’ customers experience a radically outsized impact on their bottom line when they process their payments through the blockchain-enabled Paystand Network. They are able to get their revenue (the lifeblood of their business) in a faster, more scalable way, and ultimately with much lower costs. With Paystand, businesses can avoid the transaction fees associated with credit card usage, which can be as high as 3%, as well as reinvest AR labor costs from staff mired down processing huge numbers of paper checks that are still rampant in the B2B economy.
The decentralised Paystand Network transforms the way merchants transmit and manage money. The Payments-as-a-Service solution significantly streamlines the process and lowers costs; network transactions are zero-fee, settle within one banking day, and are automated with smart AR and AP accounting tools.
According to Paystand customer Kristen Parisien, controller, Global Prescription Management at Covetrus: “Paystand allows us to free up resources, reduce costs, and expedite payments with real-time posting of transactions. It gives us the ability to grow with confidence because our AR process is equipped to handle the pace of our business.”
