Paystand is a company that has developed a billing and payment platform for Business to Business companies that is cloud-based. The company is making news with its innovative approach to finance by offering an alternative for companies in need of payment and billing services. It's a part of the movement to migrate services from software installations to the cloud-only concept that many companies are transitioning to. If you're not familiar with this tech startup, here are 20 things you probably didn't know about Paystand.
1. Paystand falls under four industry headings
According to Crunchbase, Paystand is a versatile enterprise that provides a broad scope of services within a narrow niche of the fintech industry. The firm serves companies that fall into the business-to-business category. Its products provide them with billing and payments tools. The goal of Paystand is to open up the current financial system and it's starting the process in the B2B niche.
2. Paystand features modern technologies
Paystand is unique among many of the billing and payment products providers. It uses could technology and blockchain technology. The company is a pioneer in the payments as a Service industry. They're on a mission to automate and digitize the entire cash lifecycle. The software developed by Paystand enables users to digitize receivables, eliminate transaction fees, reduce the time to cash, and automate the processing. Another goal of Paystand is to enable new revenue generation.
3. Paystand is led by a ten-member executive leadership team
There are ten members in the core executive team that is leading Paystand forward. Jeremy Almond is the current chief executive officer at Paystand. Mike Parks is the senior vice president of operations. Mark Hassin is the CRO of Paystand. Mark Fisher is the vice president of marketing. Mary Thomas is the vice president of finance. Bindu Gakhar is the director of products. Celestino Garza is the vice president of engineering. Alyah Nance is the vice president of people.
4. Paystand as a six-member board of directors
There are six members on the board of directors for Paystand. These professionals have years of business experience and provide advisement for the executive team on the strategic planning and financials of the company. Jonathan Ebinger is a general partner at BlueRun Ventures with two portfolio companies. He currently serves on eleven boards of directors in advisory roles. Roman Leal is a managing partner at LEAP Global Partners. He currently serves on one board of directors in an advisory role. Neeraj Gupta is a co-founder and general partner at Cervin Ventures. He has founded two organizations and currently serves on six boards of directors in advisory roles. Jazmin Medina is a board member who currently serves on one board in an advisory role. Stephen Beck joined the Paystand board of directors in April of 2011. He is a co-founder and partner at MarketRiders, Inc with one portfolio company and one exit. Mitch Kitamura is a board observer. He is a managing partner and chief operating officer at DNX Ventures. He has founded one organization and currently serves on eleven boards of directors in advisory roles.
5. Paystand uses a complex array of technologies for its website
Paystand actively uses thirty-one technologies to power its website. Although this is a complicated array of technologies, it keeps the website running smoothly and seamlessly for visitors and users. The technologies are distributed across twenty-five technology products and services. Some of these tech products include jQuery, Google Analytics, HTML5, Apple Mobile Web Clips Icon, SSL by Default, Viewport Meta, and others.
6. The cost of Paystand's IT overhead is high
The technology that Paystand actively uses to power its website is high. In addition to paying for the monthly or annual service charges, there is also the added expense of hiring an IT staff to keep everything working smoothly. The projected cost for IT for 2020 is $135,000 for Paystand.
7. Monthly visits to the website is in decline
During the last thirty days, the average number of monthly visitors to the Paystand website has declined. The total number of visitors over the past thirty days was 24,809. This amount of traffic has earned Paystand a ranking of number 699,720 of the millions of websites registered on the world wide web.
8. Paystand is most popular in the United States
Most of the web traffic that visits the Paystand website originates in the United States with an incredible 98 percent. It is followed by visitors from Japan, with one percent of the web traffic coming from Singapore and South Africa. The analytical data maintained for Paystand's website helps the decision-makers to know how much interest is being shown in their company and products, and where more intensive marketing attention is needed.
9. Paystand is a venture capital-supported enterprise
Paystand has so far participated in eleven rounds of venture capital fundraising. This places it in the category of late-stage VC funding. The most recent was a round of Series C funding that closed on July 23, 2021. Paystand has raised a total of $78.3 million.
10. Paystand has high investor confidence
Paystand has attracted some wealthy investors who believe in the startup's ability to provide a good return on investments in the months and years to come. Paystand is supported by a total of twenty investors with SB Opportunity Fund and Transform VC as the most recent investors to come on board with fundraising efforts. Other investors include NewView Capital, a lead investor with Jazmin Medina, a board member in charge. Others are Industrious Ventures, King River Capital, Commerce Ventures, Cervin Ventures, EPIC Ventures, Serra Ventures, Battery Ventures, and others who prefer to remain anonymous.
11. Paystand has the potential to disrupt the industry
According to Techcrunch, Paystand has the goal of making payments for B2B companies feeless and cashless. This is a noble effort that would save billions in fees that are currently paid for such services. It could take away a lot of the business that other companies offering similar services are enjoying right now. If enough companies migrate to the cashless platform with no fees, it could turn the industry upside down and even put some of the other companies in a less favorable position in the market.
12. Paystand was created to be a solution
The founders who developed and launched Paystand became aware of a significant problem that businesses face in the financial arena. On the commercial side, it's been more difficult for businesses that try to send large payments, while individual transactions are fast and easy for most providers. Paystand founders identified this problem and developed a plan to turn it around. The company uses the Ethereum blockchain and cloud technology for the engines that the Paystand Bank Network relies upon. This enables them to facilitate business-to-business payments without the need to charge fees.
13. The CEO of Paystand understands hard times
Jeremy Almond was one of the unfortunate people who lost his home during the economic downturn of 2008. He watches the market and is aware of how quickly the bottom can fall out. After his financial loss, he went back to college and completed his graduate studies. He wrote his thesis on how to improve commercial banking. He discovered that the best answer was found in digital transformation. This was the vision that he developed and shared with others. Paystand does the same thing for mid-market and enterprise customers in commercial transactions that Venmo does for individual consumers.
14. Paystand has a unique way of generating revenue
If Paystand doesn't charge fees for transactions how does it generate revenue? This is a fair question, and the answer is that it charges a flat monthly rate for the services that it provides. This helps businesses to know precisely what those charges are going to be and it eliminates the guesswork. Getting rid of the fee per transaction simplifies the entire process and makes accounting go much more smoothly.
15. Paystand customers attest to the savings
We also learned that the companies that are using the Paystand platform experience savings of around fifty percent compared to those using other payment technologies. The autonomous cashless and feeless payment network that Paystand works from saves its clientele large sums in operating expenses. It's a part of the new movement that some companies are engaged in with a focus on providing an alternative to cards as well as a decentralization of the current financial infrastructure with a movement to the blockchain network.
16. Paystand has plans for expansion
Paystand's recent infusion of venture capital funding is already earmarked for the continued growth of the company. The leadership of the business confirmed that the company is going to invest in open infrastructure with a reboot of digital finance with the B2B payments sector, followed by a reimagination of the entire CFO stack.
17. Paystand has achieved exponential growth
Paystand has seen an increase in monthly network payment value of two hundred percent in the past year. It has also grown to double its size in customers. This is good news for investors and the owners and the company continues to increase in value. Although this is not reflected in the current numbers of visitors who use the website, it is recorded in the financials maintained by Paystand. That's what counts when the books are balanced and they look at the number of customers, the transactions, and the flows of revenue.
18. Paystand is a privately held company
Paystand is a privately owned company that is backed by venture capital funding. You won't find shares of its stock offered on any of the public trading exchanges because it is not a publicly owned company. The owners decided not to take the avenue of public trading to raise its needed funding. Instead, they still maintain firm control along with recommendations from investors. Our research has not turned up any indications that the owners have considered taking this path. Taking a company public has its risks along with the potential for gain. Not all companies have a successful IPO, which makes it a gamble. So far, there have been no public discussions about the possibility of going public with Paystand in the foreseeable future. It is likely to be a good business to invest in, but this opportunity is not available to general members of the public at this time.
19. Jeremy Almond is a co-founder of Paystand
Jeremy Almond founded Paystand after experiencing the loss of his home during turbulent economic times. He became unconvinced that the present financial system was working and he saw firsthand how it could fail people. He founded Paystand along with his partner Scott Campbell in 2013. The business has been active for more than seven years and it has continued to grow and mature. The headquarters is located in Scott's Valley, California.
20. Paystand is expanding its workforce
According to LinkedIn, Before making any new hires, Paystand is a company that is still small in size with 103 staff members listed on LinkedIn. When we investigated its job listings we made some interesting discoveries. Paystand has opened up thirty-two new positions within the company. Many of the jobs are for people who live in the Scott's Valley, California area, but we also saw that there are several positions open in Draper, Utah. The company is expanding further into the United States by making this move. In addition, there are plans to go international as the firm has also listed open jobs in the region of Guadalajara, Jalisco, Mexico. Jeremy Almond is making good on his promise to grow Paystand's presence and he's taking onto foreign soil. It's an exciting time in the history of Paystand as they make these new commitments to growth and expansion. It's a company to keep your eye on in the months and years to come. We expect to hear more about them shortly.
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Written by Allen Lee
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