Blockchain-enabled B2B payments firm Paystand has announced that businesses using the Paystand Network and the DeFi Corporate Card can now access their revenue the next business day, with no fees.
Paystand will provide the DeFi Corporate Card Account to all Paystand accounts receivable (AR) customers, it said Friday (Oct. 21) in a press release.
With this product, customers can receive and manage cash with little friction, use their cash to make accounts payable (AP) and vendor payments, select which payments go to the DeFi Card, and create prepaid virtual and physical cards with spend controls, according to the release.
The DeFi card also offers real-time visibility into expenses and 1% back in bitcoin on transactions, the release stated.
“We have delivered [AR] automation at massive scale — processing more than $5 billion in revenue payments for our merchants,” Paystand Founder and CEO Jeremy Almond said in the release. “Today, the DeFi Card allows merchants to use those revenue payments next banking day with next-gen spend management tools.”
Paystand noted in the release that while businesses always want faster access to their funds, that’s especially true in today’s environment of rising inflation and volatility — and this new offering helps meet those needs.
“Never before have merchants been able to receive their revenue automatically, at zero cost, and then be able to use it the next day,” Almond said in the release.
Paystand has been based on blockchain infrastructure since its founding in 2013 and began purchasing bitcoin and ether on its balance sheet about a year ago, Almond told PYMNTS in an interview posted in December 2021.
Read more: B2B FinTechs Add Crypto to Balance Sheet to Hedge Against Inflation, Prepare for the Future
“Companies are asking us more and more about what the role of crypto and blockchain is for their company,” Almond said at the time. “So, what we wanted to do with this announcement was describe a little bit about how Paystand thinks about it internally as a little bit of a leading indicator for how the most progressive CFOs can get ahead of where the world is going.”
For all PYMNTS B2B and crypto coverage, subscribe to the daily B2B and Crypto Newsletters.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More