PayStand raises USD 6M Series A Funding

PayStand will use this new round of funding to scale its account receivable systems, and launch a new free accounts payable product line, opening up in beta.

PayStand uses blockchain technology to remove friction from the accounts receivable and payable process, simplifying one of business’s most notorious headaches-sending and collecting money. An end-to-end digital process, PayStand’s network automates cash management, from accounting software to reconciliation.

Users embed payments into their apps, websites and invoices, funneling revenue into a seamless digital network that supports traditional card & ACH processing as well as eCheck bank transfer and 0% eCash stored-value technology. All payment data is tracked and recorded, receivables digitized and processing automated. As traditional obstacles disappear, time-to-cash and transaction costs fall. The innate security of blockchain technology ensures that all records can have an audit trail.

Now available in beta, the new PayStand AP solution will enable businesses to automate their accounts payables. Digital AP will speed up the accounting department’s time by eliminating the laborious need to cut paper checks. It will also give finance added control and visibility of the vendor payments through full data tracking within the entire cash cycle, claims the company. This early-access AP release will be free to all beta signups.