In Face of Shaky Economy, ACH Outages and Bank Failures, Paystand Ranks 210 on Deloitte Technology Fast 500 List of Fastest Growing U.S. Companies
Company sees 671% growth for its transformative zero-fee payment network enabling SMBs to enhance the bottom line
SCOTTS VALLEY, Calif. – Nov. 8, 2023 – In the wake of the recent ACH outage, the creator of the ACH alternative—the Paystand B2B Network—is recognized on the Deloitt BH announced it ranked number 210 with 671% growth from 2019 to 2022. zS B12 cgPaystand’s customers use its technology to incentivize their payers to change payment behavior, boosting the customer’s bottom line.
The Deloitte annual listing is a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America.
“We are extremely pleased to be recognized in the Deloitte Fast 500 list. Last year we processed a full one percent of all U.S. direct account-to-account business payments, and our [Paystand B2B] network now has more than 600,000 payers,” said Jeremy Almond, Paystand CEO.
Paystand utilizes a combination of proprietary products, user interfaces and economic incentive models to increase SMB profitability.
“With high inflation, high interest rates and supply chain delays, SMBs must bring in cash faster – without taking a chunk from their bottom line,” Almond continued. ”Our technology incentivizes CFOs to leave the current risky, expensive payment rails behind and shift to no-cost financial approaches that speed time-to-cash.”
“With the added power of blockchain, we empower businesses to escape financial gravity, thrive without unnecessary fees, and emerge as pioneers of a digitally transformed financial era,” he commented.
Over the past year, during a period of increased banking strain, Paystand delivered new products to help finance teams better manage, control and access their cash at all times. These products include: Smart Treasury Management for AR, Paystand Spend and Dynamic Discounting for AR teams.
In addition, Paystand recently introduced its integration with Microsoft Dynamics 365 Business Central for one-click accounts receivable automation. The Microsoft integration is Paystand’s third native integration, expanding its proven record and its reach to SMB finance departments. Paystand was first integrated with Oracle’s NetSuite, then followed by integrating with Sage Intacct.
“Each year I look forward to reviewing the progress and innovations of our Technology Fast 500 winners as these companies truly demonstrate how important new ideas are to progressing our society and the world, especially during difficult times,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “While software and services and life sciences continue to dominate the top 10, I’m encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success.”
About the 2023 Deloitte Technology Fast 500
Now in its 29th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2019 to 2022.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.