Paystand, the California-based FinTech company, has officially extended its zero-fee B2B payments service to Canada, offering Canadian businesses a cost-effective alternative to traditional payment methods.
In a statement released, Paystand confirmed that its platform will now be available to Canadian businesses, marking a significant expansion of its footprint in North America. While limited services were introduced in Canada in 2018, this launch enables to utilization of Paystand’s Zero-Fee B2B Payment Network.
Why Canadian CFOs Are Switching to Paystand
The expansion comes at a time when Canadian businesses are actively seeking more secure and efficient payment solutions. According to Paystand cash-based B2B transactions have become increasingly popular in Canada due to concerns over payment delays and non-payment. Jeremy Almond, Paystand’s CEO and co-founder, noted that nearly 40% of Canadian businesses now use real-time electronic funds transfer (EFT) payments to complete transactions.
“In a landscape where efficiency and security are crucial, Paystand offers Canadian businesses a chance to modernize payments without incurring transaction fees,” Almond said. “By providing a zero-fee network, we’re delegating finance departments to streamline operations and eliminate unnecessary costs.”
Transforming Financial Operations for Canadian Businesses
Paystand’s zero-fee platform offers significant advantages to Canadian CFOs and finance teams. The service speeds up time-to-cash, reduces Days Sales Outstanding (DSO), and eliminates costly transaction fees, allowing businesses to retain more revenue.
In April, Paystand made headlines by acquiring spend management software provider Teampay, a move that expanded its network to include over 1 million businesses globally. This acquisition also positioned Paystand as a leader in decentralized finance, bringing the concept of fee-free, seamless B2B payments to traditional financial spaces.
“By combining accounts receivable (AR) and accounts payable (AP) under one unified platform, we are fundamentally changing how businesses manage their financial operations,” Almond added.
A Modern Solution for Outdated Industries
In related news, B2B payments are transforming multiple industries. PYMNTS recently spoke with Priority’s Head of Commercial, Court Toomey, about how antiquated industries are now adopting new FinTech solutions to modernize their financial operations.
“There’s an opportunity for businesses to integrate new technologies into their payment processes, reducing friction and improving efficiency,” Toomey said. “Companies with an established digital presence are leading the way, and we’re seeing a growing willingness to test and adopt innovative financial products.”
As Paystand continues to expand its reach and capabilities, Canadian businesses are poised to benefit from advanced, cost-saving payment solutions
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