PayStand expands to Canada
Payment solution provider PayStand is expanding into Canada. The California-based company says its digital payments platform will support domestic B2B commercial payments and help it earn a share of the Canadian payments volume that takes place over electronic funds transfer (EFT) – more than a third of which is B2B, reports David Penn at Finovate.
Jeremy Almond, PayStand CEO, explains that its infrastructure provides native support to Canada’s EFT and card payment technology, “essentially transforming and modernising the entire payments lifecycle for businesses, no matter the type or matter of payment”.
Founded in 2013, PayStand helps businesses access the “$550 billion stuck in pre-Internet paper, plastic, and manual processes”.
By using smart network and blockchain technologies, PayStand’s platform digitises account receivables and automates processing.
Its customers, representing verticals ranging from manufacturing to software services, use its Payments-as-a-Service (PaaS) technology to integrate digital payments into their mobile apps, websites, ERP billing systems, and invoices.
Earlier this year, PayStand announced B2B payments integration with SuiteCloud, which enabled fund transfer from 18,000 financial institutions and six major credit card brands.
The company has raised $8.3 million in funding, and includes BlueRun Ventures and LEAP Global Partners among its investors.