Today’s businesses live in a world where paper checks, direct deposits, or credit cards are the dominant means of getting paid for goods and services. But none of those forms of payment are designed for the digital era. Paper checks are outdated and labor-intensive, direct deposits involve long delays, while using credit cards means paying a 1% to 3% transaction fee. Unfortunately, these legacy and costly payment methods have been the only ways for businesses to collect payment, even as advances in other
areas of the enterprise have seen most systems “go digital.” Built on decades old (and in some cases, centuries-old) technology, the commercial banking system is not built to support modern payments and enterprises. Clearly, the commercial banking system is ripe for transformation.
Enter PayStand. PayStand has built an entirely modern billing and payment network using SaaS and Blockchain technology which means it’s smarter, faster, and more efficient than legacy payment systems. PayStand’s revolutionary “Payments as a Service” model creates a smart, cloud-based billing and payment network that can digitize receivables, automate processing, reduce time-to-cash, lower transaction costs, and enable new revenue.
The company was founded in 2013 and is based in Scotts Valley, CA, USA. They also have another office in Guadalajara, MX, Mexico. They are a team of technologists and industry visionaries whose “goal is to transform B2B payments and bring the commercial banking system into the digital era.” The unique blend of creatives and disruptors at Paystand believe in restoring trust and stability to our financial system.
To ensure that organizations can get one comprehensive platform for all payment needs, PayStand provides organizations with the ability to use eCheck, ACH, debit cards, or credit cards. The platform learns from the transaction history of its users and drives transactions away from a higher cost payment method to a modern payment engine that can provide
dramatic savings over legacy solutions.
An Agile Entrepreneur
Jeremy has spent the last 15 years in the tech industry as a serial entrepreneur,
startup adviser, and an occasional investor. Jeremy has helped dozens of B2B companies drive adoption of digital commerce, and is still an active board member at a number of fintech companies. He started his career in technology as an engineer at nanotech startup Digital Instruments, which was acquired by Veeco (NASDAQ: VECO). At Veeco he led architecture design, helping the company shrink massive computers down to devices that now fit in our pockets. He also led the development of their global ERP implementation (15 years ago) where he got his first glimpse into the challenges of enterprise payments. He’s been thinking about how to use technology to innovate in B2B financial services ever since. Jeremy holds a B.S. in Computer Engineering from the University of California and a Masters in Business from the University of Massachusetts.
No Paper, No Fees, No Monopolies
PayStand is the only SaaS and blockchain based payment network available for commercial transactions. Their digital billing and payment network allows businesses to automate the entire enterprise cash cycle, not just a single feature like payment gateways or invoices.
“One of the areas that we believe blockchain will be fundamentally transformative is in the core parts of our economy. We have this thesis that blockchain is the new cloud. What we mean by that is: cloud really was the enabling infrastructure that made the web real -- at least, from a B2B perspective. We believe similarly that blockchain will be central to reshaping our financial system and businesses who transact within that system for years to come.” Jeremy explains enthusiastically,
Paystand uses blockchain as an underlying platform in order to transform financial services. However, it isn’t just a blockchain silo. People using
PayStand services don’t have to enter a completely new economy. Blockchain is just woven into the fabric of the company. Their digital payment network is applicable to the entire B2B commercial payments space and serves many industries, including insurance, wholesale manufacturing, construction, or field and business services.
A hope for a fruitful era
As one of the fastest-growing commercial payment networks today, PayStand is venture backed by leading investors in Silicon Valley and has been recognized as one of the disruptive forces in business payments by publications such as TechCrunch, Wall Street Journal, Mashable, and Forbes. A short timeline tells the story of this high-growth company:
> 2013 - Founding > 2014 - Tie50 Award - Innovative Online Payment Technology > 2015 - Launch First Mobile PoS System for Bitcoin > 2016 - Accepted into Forbes Financial Council > 2017 - Secured Series A Funding > 2018 - Achieved ‘Built For NetSuite’ Status > 2018 - Selected to CommerceInnovated accelerator program. > 2018 - Partnership with Silicon Valley Bank and First Data Corporation. > 2018 - Selected to CNBC Upstart 100
Building a Better Tomorrow
PayStand will continue to build their team in the United States and Mexico as they
work to automate and transform the entire enterprise cash cycle. Their Accounts
Receivable solution is the leading payment solution in the industry and they intend
to expand their Accounts Payable and Enterprise solutions, as well. To us and their
customers, their success is certain.