Paystand has announced that its zero-fee B2B network is set to be available in Canada, with the move coming after a limited-service introduction in the region in 2018. Following a collaboration with Cumula 3 and the acquisition of Teampay, the current move intends to allow Canadian payers to access all the capabilities and benefits of the Paystand Platform and the Zero-Fee B2B Payment network.

The decision to expand its services to Canada can be linked to today’s environment, where due to heightened credit risks and the rise in debt, businesses in the region tend to opt for cash-based B2B transactions instead of credit, to reduce payment delays and non-payments. How does Paystand plan to support Canadian businesses? Through its network, Paystand focuses on delivering a full suite of legacy payments, including credit cards and EFT. Yet, the company’s customers can also benefit from a zero-fee B2B payment network as an option that is automated, integrated with their ERPs, and profit-oriented.

CFOs, who are currently seeking less expensive and safer alternative payment solutions, are set to be able to drive profitable behaviour among employees, vendors, and customers. In addition, by utilising Paystand’s blockchain-based smart payments platform, finance departments can accelerate time-to-cash, minimise DSO, automate AR, and mitigate transaction fees. Also, CFOs are set to see direct contributions to profitability with total AR costs reduced by an average of 49%, while benefiting from scaled revenue and increased payment savings. Furthermore, Paystand’s recent acquisitions of Teampay, as well as Yaydoo, allowed the firm to augment how it connects buyers and suppliers.

Following its work in Mexico with Yaydoo, where the company focused its efforts on modernising payments for businesses in the region, Paystand’s expansion into Canada enables it to advance its North American growth. According to Paydstand’s officials, by extending its offering into the Canadian market, the company plans to equip businesses in the region with the ability to eliminate slow and costly payment processing and support their development. .