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What is the Paystand Bank Network?

November 13, 2019 by Eduardo Lopez

PBN Wed Wisdom -1

The Paystand Bank Network allows you to move money electronically without paying any transaction fees. Paystand covers over 90% of the US banking market and 98% of all commercial accounts, making it the most complete digital payment network available to businesses today.

Key Takeaways:

  • The Paystand Bank Network is a zero-fee payment rail that gives you access to real-time fund transfers and automated payment settlement.
  • Paystand's network enables secure, one-off or recurring bank payments that expedites payment and reduces charge back requests.
  • Every in-network payment is recorded on the Assurety blockchain, creating a notarized record trail that is secure, verified, and digitally auditable.

What are the Benefits?

The Paystand Bank Network is a zero-fee, digital payment rail that gives you access to real-time fund transfers and automated payment settlement. Due to its digital format, this payment rail allows for easier, faster, and more secure transactions than legacy options like debit or credit, helping you get paid more quickly and efficiently.

Paystand's network also offers real-time fund verification and payment tracking, so you can immediately determine if your customer has sufficient funds to pay an invoice. This eliminates chargebacks, processing fees, and manual follow-ups.

Additionally, every in-network payment is recorded on the Assurety blockchain, creating a notarized record trail that is secure, verified, and digitally auditable. These records can't be altered, assuring your transactions are valid and free of tampering.

Benefits of using the Paystand Bank Network:

  • No transaction fees, processing costs, or markups
  • Auto-pay and recurring billing features
  • Instant fund verification
  • Proprietary Least-Cost-Routing technology
  • Real-time payment tracking
  • Blockchain-assured payment history
  • Digitally auditable record trails
  • Reduced chargebacks

How does it work?

The Paystand Bank Network enables secure, one-off or recurring bank payments that do not require a blanket authorization between trusted parties. Instead, it leverages cryptography and digital signatures to ensure the validity of each transaction.

Because each payment is initiated by the customer, it shows a clear authorization and intent to pay instantly, therefore dramatically reducing the refund and chargeback requests commonly associated with credit card payments.

Use Case (Paystand Bank Network)

An example use case for the Paystand Bank Network includes customers who need to make same-day payments. This was the case for Paystand customer Elenteny Imports, a logistical support provider to importers of wine, beer, and spirits.

Due to federal import regulations, the company had to use a labor-intensive process for same-day payments. Each customer would provide a photo of a check, along with written permission for Elenteny's A/R staff to generate a paper copy of the check using a check-writer program. This process required Elenteny to spend dozens of hours each month manually entering in customer payments and reconciling them across two different platforms.

Using Paystand's network, Elenteny was able to fully automate same-day payment processes while reducing the number of manual tasks performed by its staff and increasing self-service for its customers.

Click here to read the full case study.

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Do you want to reduce overhead costs, eliminate transaction fees, and streamline collections? Schedule a free demo with one of our experts or call us anytime at 1-800-708-6413.

Tags:   Digital Payment, Assurety, Paystand Bank Network