Paystand Adds DeFi Card to Blockchain-Based AR

Business-to-business (B2B) payment specialist Paystand has added dynamic discount pricing as an option for monthly subscribers connected to its blockchain-enabled network. Accounts receivable (AR) teams at Paystand seller customers can use an early pay option as an incentive to accelerate payments received from accounts payable (AP) teams at buyers. Paystand says that more than 400,000 AP teams are on its blockchain network, which functions using Ethereum smart contracts.

The dynamic discount application is the first of its kind in a B2B blockchain. Discounts for early payment are automatically executed within the smart contract. Funds are transferred over the blockchain without any transaction fees. This compares with traditional early-pay options in which buyer and seller typically split discounts provided by a B2B network provider.

Paystand has handled more than $5.00 billion in payments since its inception from a combination of ACH, credit card, check (via lockbox) and its recently launched virtual DeFi Corporate Card transactions. The card is a hybrid closed-loop/open-network product. Transactions take place on Paystand’s blockchain and on the Visa network when necessary.

Payers earn Bitcoin as loyalty points when they use the DeFi Corporate Card, which is issued by Evolve B&T. The Bitcoin is held by Paystand. Users can redeem their Bitcoin rewards for cash back.

Account processing for the DeFi Corporate Card is provided by i2c. Solid Payments provides gateway services to Paystand.

INTERVIEWED FOR THIS ARTICLE

Allison Steitz is Growth Product Manager at Paystand in Santa Cruz, California, asteitz@paystand.com, www.paystand.com.

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