Paystand announced its expansion of the zero-fee B2B payments network into Canada, enabling Canadian businesses to leverage the full functionality of its platform. The company aims to offer safer, cost-effective alternatives to traditional credit-based transactions, which have increasingly faced scrutiny for risks such as payment delays and non-payment.
The move continues trends seen in previous years. Earlier, Paystand had only provided limited services in Canada, but the current expansion brings full access to the Paystand Platform and its Zero-Fee B2B Payment Network. A growing number of businesses in Canada had already been shifting towards real-time, EFT-based payments to enhance transaction speed and security.
Increasing Demand for Cash-Based Transactions
According to the company’s release, the expansion comes at a time when Canadian businesses are opting for cash-based B2B transactions over credit. This shift aims to minimize the risks associated with payment delays or non-payment, prompting CFOs to seek more reliable and economical payment solutions. Paystand’s platform promises to accelerate time-to-cash, lower Days Sales Outstanding (DSO), and eradicate transaction fees.
“In this context CFOs are primed for a less expensive and safer alternative payment solution,” the company said.
Technological Advancements in Financial Operations
Paystand’s CEO, Jeremy Almond, emphasized the importance of modernizing payment technologies globally. He highlighted that nearly 40% of Canadian companies transact using real-time, EFT payments, and Paystand aims to innovate by offering a zero-fee network that can simplify and enhance business payments. This expansion is part of Paystand’s broader mission to integrate decentralized finance into traditional payment systems.
“Almost 40% of Canadian businesses use real-time, EFT payments to transact business,” said Almond. “That is where Paystand can immediately innovate — providing a zero-fee network for their businesses, and modernizing the payments technology globally. Canadian businesses will gain the full Paystand experience with zero fees, fast transactions and no middlemen.”
This expansion is a critical juncture in Paystand’s growth strategy. In April, Paystand acquired the spend management software provider Teampay to build a comprehensive financial platform that covers accounts receivable and accounts payable. This acquisition expanded Paystand’s network to over one million businesses, furthering its mission to revolutionize payments and introduce decentralized finance into conventional spaces.
The push towards zero-fee B2B transactions aligns with broader industry trends where businesses are increasingly adopting modern financial technologies. Jeremy Almond’s statements indicate that Canadian businesses stand to gain significantly from this modernization, benefiting from reduced costs and faster transactions. The entry of Paystand into the Canadian market could catalyze further adoption of innovative financial solutions across the region.
