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 Paper checks are outdated and labor-intensive, direct deposits involve long delays, while using credit cards means paying a 1% to 3% transaction fee.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.