The new feature deposits B2B payments directly to the Paystand DeFi Corporate Card, making it far faster and cheaper than traditional payment rails
SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Paystand, the leader in blockchain-enabled B2B payments, today announced that businesses can have access to their revenue next business day, and at zero cost by using the Paystand Network and the DeFi Corporate Card.
Irrespective of market conditions, businesses want faster access to their funds. In today’s market characterized by rising inflation, volatility, and early signs of slow down in important economic sectors - housing, construction, and industries sensitive to interest rates - it is especially crucial for businesses to have nearer-term visibility into and access to their cash flows.
For some commercial enterprises serving other businesses, it can take 45-90 business days for a business payer to complete a payment. Merchants then must wait anywhere from 2-14 business days beyond that to gain access to their funds and pay transaction fees of 3% or more, depending on the payment methods their customers used.
In response to these conditions and utilizing its unique, DeFi-enabled B2B payment network, Paystand is able to deliver a functionality that gives businesses access to their revenue the next day with zero fees.
The Paystand functionality works through its recently launched, full featured DeFi Corporate Card Account, which every Paystand AR customer will automatically receive. The Card enables customers to receive and manage their cash with the least amount of friction; using their cash quickly to make AP and vendor payments. Finance teams can select which payments go to the DeFi Card, and then can create unlimited, prepaid virtual and physical cards with custom spend controls.
“This is a tremendous breakthrough for the industry. Never before have merchants been able to receive their revenue automatically, at zero cost, and then be able to use it the next day,” said Jeremy Almond, Founder and CEO, Paystand. “We have delivered A/R automation at massive scale - processing more than $5 billion in revenue payments for our merchants. Today, the DeFi Card allows merchants to use those revenue payments next banking day with next-gen spend management tools.”
In addition to speeding up time-to-cash, the new DeFi Card payment process allows merchants to encourage better spending behavior among their teams, and streamline their online vendor payments. Here is 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 merchant can decide to transfer a portion or the full amount of those funds to their DeFi Card, making the funds instantly available
- They can create virtual and physical cards that draw on those funds and use them wherever Visa is accepted
This unique DeFi Corporate Card also offers precise spend controls, real time visibility into expenses, and 1% back in bitcoin on every transaction.
For those attending Money20/20 2022, which is being held in Las Vegas from October 23-26, Paystand’s payment experts will be available to showcase how DeFi Corporate Card can help finance team leaders gain faster access to cash and get their company’s spend under control. Please come see us at booth 4716.
To learn more about Paystand and DeFi Corporate Card, or to apply, please visit the Paystand website here.
Paystand is on a mission to create an open and equitable commercial finance system, starting with a zero-fee network for B2B payments. With its acquisition of the Mexico-based Yaydoo, Paystand has attained unicorn status and is the largest B2B receivables, payables 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. The AR/AP solutions are designed for both U.S. and LATAM businesses of all sizes. For more information about Paystand, visit us at paystand.com. Follow our blog, and connect with us on Twitter and LinkedIn.
PR for Paystand Inc.