• Paystand

  Participated · Seed · Apr 2014

  Paystand operates the Paystand Bank Network, a cloud- and Ethereum blockchain-powered platform that enables business-to-business payments with zero transaction fees. The company charges a flat monthly rate rather than per-transaction card fees. It positions itself as bringing Venmo-like ease to commercial transactions for mid-market and enterprise customers and aims to transform the $125 trillion B2B payment industry using decentralized finance. Customers over a three-year period have realized average benefits including roughly 50% savings on cost of receivables and $850,000 in savings on transaction fees. Paystand reports a 200% increase in monthly network payment value and that its customer count doubled over the past year. The company plans to use new funding to invest in open infrastructure and reimagine the CFO stack as it scales. Paystand provides a blockchain-enabled, zero-fee subscription Payments-as-a-Service platform that automates the payment experience from invoice to reconciliation and integrates with a company’s System of Record. The platform delivers a real-time, fund-verified, blockchain-assured payment network that can move money between businesses instantly and claims to save businesses over 50% on payment costs while reducing DSO by more than 60%. Paystand serves industries including insurance, manufacturing, transportation and pharmaceuticals and cites customers such as JCB, Allied Aerofoam, Punchh, Bugaboo, Covetrus, Parachute Home and Vast Bank. The company reports over 160,000 businesses transacting on its platform; its payment ecosystem surged 60% in the past 12 months, it added 80 large enterprise customers in the last 24 months, posted 2.5x YoY revenue growth, and saw average monthly subscription growth of over 240%. Paystand plans to use the new capital to accelerate expansion of products and services and to grow sales, marketing, success, and engineering teams. The company operates offices in Scotts Valley, California and Guadalajara, Mexico. PayStand provides a Payments-as-a-Service platform that embeds digital payments into apps, websites, invoices and ERP systems to automate cash management and reconciliation. The platform supports card and ACH processing as well as eCheck bank transfers and a 0 percent eCash stored-value technology. PayStand leverages blockchain to track payment data and create auditable records, aiming to reduce time-to-cash, lower transaction costs, and improve security. Customers include manufacturers, distributors, software platforms and service providers integrating digital payments into their billing workflows. The company is venture backed and has been recognized as an innovator in enterprise financial services. PayStand will use new funding to scale its accounts receivable systems and to launch a free accounts payable product line now available in beta. PayStand offers a payment-as-a-service platform that accepts bitcoin, credit cards, and e-checks and can be integrated with any website or mobile application in under five minutes. Merchants pay a monthly fee for the software and can avoid transaction fees charged by other payment services; customers are shown transaction costs (2.9% for credit cards, $0.25 for online checks, and no charge for bitcoin payments). Merchants choosing bitcoin can have cryptocurrency deposited directly to their bitcoin wallet address or routed to an exchange address to convert to dollars. The product launched from a closed beta and was in private beta since 2013, evolving from CEO Jeremy Almond’s experiments and investments in digital currencies. PayStand positions itself as a flexible alternative that lets merchants route some transactions outside traditional card networks while still supporting card acceptance. The company targets U.S. websites and mobile apps as its initial market.

No current team members are available.