Paystand Expands Its B2B Payments Service to Canada

Paystand says it is expanding its zero-fee B2B payments network to Canada.

“While Paystand first introduced limited service in Canada in 2018, Canadian payers will now be able to access all the benefits of the Paystand Platform and the Zero-Fee B2B Payment network,” the company said in a news release Thursday (Sept. 5).

According to the release, the expansion comes as Canadian businesses are increasingly choosing cash-based B2B transactions instead of credit, to reduce the risks of payment delays or non-payment.

“In this context CFOs are primed for a less expensive and safer alternative payment solution,” the company added.

The release also noted Paystand’s platform can help finance departments speed up time-to-cash, reduce DSO and eliminate transaction fees.

“Almost 40% of Canadian businesses use real-time, EFT payments to transact business,” said Jeremy Almond, the CEO and co-founder of Paystand. “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 in April acquired spend management software provider Teampay to create a financial platform covering both accounts receivable (AR) and accounts payable (AP), while also expanding Paystand’s network to include more than 1 million businesses.

“This significant step forward in our mission not only revolutionizes payments and creates a seamless, fee-free B2B network, but also ushers decentralized finance into traditional spaces,” Almond said at the time.

In other B2B payments news, PYMNTS spoke recently with Priority Head of Commercial Court Toomey about how businesses across various sectors seek to modernize their financial operations on this front.

“There are a lot of changes happening across a lot of outdated or antiquated industries. We’re in a good space right now to see a lot of change,” Toomey told PYMNTS, adding that this transformation is happening across the board, though not always at the same pace.

“Anyone who was at the forefront of having a digital presence are who we see as being more willing to test out new products, work with new FinTechs on different solutions around the actual financial products used to pay their vendors or finance some of their purchasing,” he added.

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