The global financial scenario is enduring a drastic turmoil, and as a result, financial services are undergoing a once in a century change. Companies are now reacting to ever increasing payment complexity, interfaces and proliferation of new regulations. But still, much of the global financial system is still built on a pre-Internet paradigm. Taking it as a challenge PayStand has set itself on a mission to accelerate the digital transformation of the commercial side of financial services.
PayStand’s first goal is to radically improve the way businesses bill & pay each other. To that end, their flagship platform is a smart B2B billing & payment network aimed at eliminating trillions of dollars in legacy commercial check, wire, and card transactions that businesses engage in today.
Products that are Helping PayStand to Outshine Others
Even though enterprises are developing rapidly and most of the business processes have been automated, commercial accounts receivable/payable teams are still stuck in a manual paper world, and are facing costly challenges in tracking, reconciliation, labor, and transaction fees. As a solution to this ever lagging dilemma, PayStand has come up with a unique “Payments as Service” solution that speeds up time to encash, automates critical cash related processes, and dramatically reduces unfair transaction fees.
PayStand is dedicated to serving for the enterprises from various domains like commercial manufacturers & distributors to insurance, logistics, real-estate & title, and other software platforms and service providers. PayStand’s flexible platform is unique in every aspect as it helps integrate digital payments into their invoices, websites, ERPs, billing systems, and mobile applications.
An Adept Entrepreneur
Jeremy Almond, CEO & Cofounder of PayStand, has spent the last 15 years in the tech-industry, mainly focused on enterprise software as a founder, CEO, executive and occasionally an investor. He has helped dozens of B2B companies drive adoption of digital commerce, and is an active board member at a number of fin-tech companies. Jeremy has broadly been thinking about PayStand’s thesis of using technology to innovate in the legacy area of commercial financial services for nearly a decade prior and even did some of his graduate studies around it. This unique insight, along with a first to market approach on specifically B2B payments, coupled with an award winning product, and a unique fixed cost business model better aligned for customers, all have helped drive PayStand’s early success.
From the Ardent Entrepreneur’s Desk
“All you need to do is glance at the week’s latest headlines to see how technology trends like cloud, mobile and block chain are reshaping how society is thinking about money and the exchange of value. We are seeing this shift in the consumer market happening much faster, where paper checks hardly exist anymore on the personal side, and digital-first cashless mobile apps like Venmo and Coinbase have picked up lots of steam. The commercial side is for obvious reasons slower, but we believe we are at an inflection point. This shift is obviously bigger than just one company; it’s broadly where the financial system finally starts looking more like the internet—real time, lower cost, mobile-focused, global in reach, highly efficient, more open and transparent, and fundamentally more democratic. Overall, we think, especially in light of things like the 2008 financial crisis, this shift in financial services is welcome and good for society”– asserts Jeremy.
Client’s Satisfaction = PayStand’s Success
PayStand has set up a benchmark by having a compelling IP around their Bank Transfer eCheck technology, Secure Blockchain ledger, Smart Associated Data, Stored value, recurring scheduled billing engine, automated cash application/reconciliation, APIs, reporting & notification management, and a ton more.
Moreover, PayStand is fundamentally aiming to bring the lost art of the human element to the digitized realm. They strive to demonstrate this in a bunch of small ways that add up: they put a live phone number in 70 pt type on their home page, when many times you can’t even get a hold of other tech companies. They don’t believe in changing their customer’s business process but meet them where they are at. They don’t try to force the brand of their network, but instead believe that their customers ultimately own their relationships, not the banks or the FinTech companies. They provide hands on integration, and support with dedicated people working directly with the team. And PayStand has a business model that doesn’t just blindly optimize for margin, but instead aligns for everyone’s success.
Considering Employees as a Valuable Asset
PayStand’s team is driven by a common desire to make a positive impact. At PayStand they believe they are blessed to be a part of the FinTech revolution, and leading the same which is something so foundational. This kind of opportunity creates a close knit company culture that values fairness, treating each other equally, working exceptionally, and loudly voicing appreciation as an anecdote against an outside business climate that is too often wrapped up in entitlement and me-first thinking.
“We certainly think this open digital revolution coming to FinTech is bigger than just PayStand and all these changes that won’t just happen overnight. But we believe we are uniquely positioned to give B2B organizations a long-term strategic ramp to the digital payment revolution, but with a platform that can dramatically improve their businesses today”– says Jeremy.
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