PayStand, a US-based payments processor, has expanded its digital platform to Canada in order to facilitate domestic B2B commercial payments.
The company has developed a new infrastructure to support B2B payments in the country.
B2B payments over electronic funds transfer (EFT) in Canada constitute nearly one-third of all domestic payments, with card payments making majority of the rest.
These payments are generally done manually resulting in high transactions fees and processing costs. PayStand aims to address these challenges through its cloud-based technology, which it said will automate manual processes, accelerate time-to-cash and remove transactions fees.
Customers can utilise Paystand’s Payments-as-a-Service (PaaS) technology to process domestic and cross-border payments. PayStand will offer native support for both US as well as Canadian payments.
PayStand founder and CEO Jeremy Almond said: “Today’s commercial payments infrastructure in Canada is built on many layers of outdated technology and processes that are needlessly complex and time-consuming, not to mention error-prone and labour-intensive.
“PayStand has built a unique infrastructure capable of natively supporting Canadian electronic funds transfer (EFT) and card payment technology, essentially transforming and modernising the entire payments lifecycle for businesses, no matter the type or manner of payment.”