Paystand, the blockchain-enabled payment community for commercial enterprise, today announced some other 12 months of report-setting boom, with payment extent over its network accelerating past $2B.
By doing so, Paystand becomes the fastest B2B charge company to reach this milestone, which comes amidst the bigger fintech motion in the direction of an open economic infrastructure.
“There’s no doubt that blockchain is the unstoppable destiny for every important commercial enterprise characteristic, and Paystand has been pioneering blockchain programs for employer for the reason that 2013,” stated Jeremy Almond, Paystand’s co-founder and CEO.
“In the equal way that the birth of the internet brought about a regularly occurring shift inside the way we produce and devour statistics, blockchain has the capacity to transform every aspect of the way we do business.
We’re excited to make that transformation a reality within the realm of B2B bills.”
Paystand’s rapid boom has persisted throughout the pandemic as an instantaneous result of the enterprise’s ability to streamline critical money owed receivable (AR) tasks for finance groups, such as automating cash software, decreasing DSO with the aid of as tons as 62% with the aid of providing embedded “pay now” buttons for e mail invoices, and digitizing coins waft control. Now, Paystand has been named to the Inc.
5000 listing for the second directly yr, and is growing at almost 2x the median for all organizations on the listing – underscoring its impact in transforming B2B bills and commercial finance.
Driven with the aid of a flat-rate, Payments-as-a-Service business model that creates a predictable cost shape for AR, Paystand has constructed the first real alternative to latest monopolistic card networks and paper-heavy techniques: a B2B charge network that provides unrivaled speed, security, and fee.
Paystand’s growth acceleration over the last three hundred and sixty five days – due largely to the superior economics its charge network offers agencies – is obvious across all areas of the employer:
- Network: Over 250,000 agencies are actually paying through the Paystand Network, a seventy nine% growth over the identical time final year.
- Product: Paystand introduced its partnership with Sage to bring AR automation and a self-using cash revel in to all Sage Intacct clients. And with the launch of Payer Incentives, the corporation introduced the primary-ever built-in incentive era to help pass businesses off punitive card networks altogether.
- Talent: Paystand opened a 3rd office in Salt Lake City, UT, hiring over 50 new employees in 2021, even as adding four strategic hires to in addition fuel this growth, such as a brand new VP of Finance, Mary Thomas, a SaaS and finance enterprise veteran from Visa and Brightalk.
“As our team maintains its growth rate of a hundred%, we can retain to hire top talent that’s dedicated to rebuilding our financial infrastructure from the ground up,” says Aliyah Nance, Paystand’s VP of People. “Being named to the Inc. 5000 listing for the second one 12 months in a row highlights Paystand’s function because the chief of the subsequent wave of fintech, and we’re searching forward to increasing every facet of our business enterprise with folks that are dedicated to our assignment.”
