Paysand, a California-based blockchain-based business payments company, is expanding its operations to Canada. Initially launched in Canada with limited services in 2018, the company is now offering its full network of fee-free B2B payments across the country. This move marks a significant expansion as the company leverages its innovative technology to transform the payments landscape for Canadian businesses.
Jeremy Almond, CEO and co-founder of Paysand, highlighted that the company’s B2B payment network is not only the largest, but also one of the fastest and most cost-effective systems available on the market. He highlighted that Paysand offers a full range of services, integrating traditional and modern payment solutions. The network supports traditional payment systems such as credit cards and electronic funds transfers (EFTs), while allowing businesses to benefit from a fully automated and fee-free network.
Almond noted that a large portion of Canadian businesses already use real-time wire payments for their transactions. He identified this as an area where Paystand could provide immediate innovation by offering a free network that would modernize the payment systems used by these businesses. This approach is part of a broader strategy to upgrade payment technologies globally. Paystand’s blockchain-based smart payments platform allows businesses to streamline their financial processes, improving their cash flow by reducing the time it takes to receive payments by up to 80%. This solution could be particularly beneficial for Canadian businesses, which are often affected by credit risk issues, as highlighted in an Atradius report.
The company’s expansion into Canada is seen as a pivotal development, and Almond spoke about the progress Paystand has made since entering the market. He noted that while the company has made some progress in the country, the scale of its operations is much larger today. This growth allows it to offer Canadian businesses a simplified and efficient alternative to traditional payment processing, which is often slow, complex and expensive. The company’s blockchain merchant network now facilitates transactions for more than a million payers, processing $11 billion in payments and representing 2% of the U.S. account-to-account payments market.
Paystand’s advanced blockchain platform aims to bring next-generation payment solutions to Canadian businesses, allowing them to benefit from the company’s large-scale B2B network. Almond said he is excited to work with Canadian businesses to bring the benefits of this cutting-edge technology to the local market. Paystand’s ability to scale and offer smart, cost-effective payment options could revolutionize the way Canadian businesses manage their financial transactions.
As part of its strategy to expand its global reach, Paystand also recently acquired two other companies, Teampay and Yaydoo. These acquisitions are designed to enhance Paystand’s capabilities to connect buyers and suppliers at scale, solidifying its leadership role in the business payments space. Almond emphasized that Paystand is committed to revolutionizing payments by providing the fastest, most cost-effective B2B network available, and the expansion into Canada represents a key step in realizing that vision.
With its zero-fee blockchain-based payment network, Paystand is poised to modernize commerce transactions in Canada, helping businesses improve efficiency, reduce costs and mitigate risks associated with traditional payment methods. The company’s continued innovation and expansion demonstrate its commitment to reshaping the global payments landscape.
