Launched in 2014 from $1 million in seed funding as an alternative to Paypal, Paystand is a Santa Cruz based B2B enterprise payments processor that digitizes their customers accounts receivable processes, allowing your small business to accept credit cards, e-cash, e-checks, foreign currencies, and even Bitcoins.
Thinking that the cryptocurrency would never be widely adopted if it were only deployed as a standalone payment solution, Almond decided to develop his flexible payment software, which would accept all comers.
Merchants pay a monthly fee for the payment software and avoid transaction fees charged by other payment services. Customers, meanwhile, will get informed of the costs associated with each transaction method, ranging from 2.9 percent for a credit card purchase, 25 cents for online check, and no charge for making a bitcoin-based payment.
If merchants receive their payments in bitcoin, they can enter their bitcoin wallet addresses with PayStand and have the cryptocurrency deposited in their wallets. Or if they want cash they can enter their exchange address so they can exchange it to dollars.
What Is the News?
On November 16, PayStand announced a $6M Series A round led by BlueRun Ventures with participation from Cervin Ventures, Serra Ventures, TiE and Capital for Founders.
“With technology advanced enough to give us self-driving cars and rockets to Mars, there’s no reason finance should be stuck with paper checks and spreadsheets anymore,” said Jeremy Almond, CEO and Founder, PayStand. “Yet most U.S. business payments still run on manual, pre-internet systems. PayStand takes the best of automation, customization and blockchain technology to finally bring B2B payments into the Digital Age. A financial revolution is coming, and we’re excited to have esteemed VCs in our camp that have led the Series A of iconic fintech companies like PayPal, Coupa and Kabbage.”
PayStand utilizes blockchain technology to remove friction from the accounts receivable and payable process, simplifying one of business’s most notorious headaches of sending and collecting money. An end-to-end digital process, PayStand’s network automates cash management, from accounting software to reconciliation.
“Like the consumer and retail payment innovation that has preceded it, PayStand’s focus on building the future of back-office commercial payments, melds seamlessly into our investment themes of digital transformation,” said Jonathan Ebinger, General Partner at BlueRun Ventures. “The company is doing what we see common in every great fintech company: removing unnecessary friction and cost from the key financial processes that are vital to our economy. We see big things ahead for PayStand.”
PayStand Digital AP, now available in beta, will enable businesses to fully automate their accounts payables to improve efficiency, security and control. The automation will eliminate human error and improve critical security, reducing possibilities of theft and fraud. To learn more, visit paystand.com/accounts-payable.
PayStand's mission is to leverage the internet, blockchain and SaaS technologies to transform B2B payments. A smart billing and payment network, PayStand's ‘payments as a service' model digitizes receivables, automates processing, reduces transfer and transaction costs and enables new revenue. PayStand has been consistently recognized as one of the top innovators in enterprise financial services.