The Future of Payments is Here With the Paystand Bank Network
A significant indicator of business success is customer satisfaction. Companies can achieve it by listening and attending to their needs. One of these needs is offering different payment methods.
Digital payment methods meet customers' needs but also have some disadvantages for companies. For example, credit card payments include many fees that reduce part of the profits. Bank deposits do not involve extra costs but take up to 5 working days to get the funds. This can delay internal processes like payroll or fulfilling commitments to suppliers.
But what if there was a fast, secure, and completely fee-free digital alternative? It may seem like a distant solution, but Paystand has it. Meet the Paystand Bank Network.
What is the Paystand Bank Network?
The Paystand Bank Network is a zero-fee payment rail. Covering 90% of the US banking market and 98% of commercial accounts, enabling feeless transactions, real-time fund transfer access, and automated payment settlements. This makes it the most robust digital payment network available to businesses today.
Payments don't need blanket authorization between trusted parties. Instead, the Paystand Bank Network leverages cryptography and digital signatures, ensuring each transaction's validity. Customers initiating payments show explicit authorization and intent to pay. This reduces refunds and chargeback requests associated with credit card payments.
Paystand Bank Network's Benefits
Paystand Bank Network is a revolutionary way of making payments for B2B companies. Its fastness, safety, and innovation rely upon these factors:
Our payment rail grants access to real-time fund transfers and automated payment settlements. Its digital format makes transactions easier, faster, and more secure than legacy options — like debit or credit cards — making payments quick and efficient.
Real-Time Verification and Tracking
Paystand's network offers real-time fund verification and payment tracking. This immediately determines if the customer has enough funds to pay, eliminating chargebacks, processing fees, and manual follow-ups.
Every in-network payment creates a notarized digital record trail on the Assurety blockchain. These records are secure, verified, and auditable. Since they can't be altered, transactions are valid and free of tampering. This helps expedite payments and reduce chargeback requests.
In a few words, by using the Paystand Bank Network for your payments, you get:
- 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
Paystand Bank Network Success Case: Elenteny Imports
Elenteny Imports is a logistical support provider for wine, beer, and spirits importers. Due to federal import regulations, they used a labor-intensive process for same-day payments.
Each customer sent a photo of a check, along with written permission for Elenteny's AR staff. They then generated a paper copy of the check using a check-writer program. This process required dozens of hours each month from Elenteny. Staff manually entered customer payments and reconciled them across two different platforms.
Using Paystand's network, Elenteny fully automated same-day payment processes. They reduced manual tasks and increased self-service for their customers.
Click here to read the complete case study.
Reduce overhead costs, drop transaction fees, and streamline collections. Book a demo with one of our experts and take your payments a step ahead with the Paystand Bank Network.