The Ledger
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Almond: Accounts payable automation is a vitamin, receivable speed is critical
“Most of the B to B payment industry actually charges for the other side, which is the payable side. We think that that's actually less important. Our sort of point of view is that's a vitamin problem. Meaning you know, it's nice for your AP to not write a pape…”
Almond: Paystand operates proprietary payment network built on blockchain
“We actually own our own payment network. We use something called the blockchain which is sort of a really new way to think about financial services in general.”
Almond: Paystand enables businesses to move money digitally without fees
“What we do is help them move their money automatically, digitally, and without fees.”
Almond: Paystand uses flat SaaS pricing instead of transaction fees
“We're trying to move the industry from a transactional model, sort of this blockbuster, go in and rent something to a fixed cost SAS model. And so we charge a monthly subscription amount for a customer and it's sort of all you can eat.”
Almond: Most money movement infrastructure uses technology built in the 1970s
“Most of the money movement itself is, is basically using technology before the internet. Most of the technology is sort of built in the seventies.”
Almond: Paystand grew 5x initially and nearly 4x in the prior year
“So the first couple of years we grew five X this last year we grew at nearly four X”
Almond: Paystand processes tens of millions of dollars daily
“So at this point we're doing tens of millions a day.”
Almond: Paystand maintains net negative revenue churn
“So that's one of the things I think we're really proud of is, you know, from a net basis, we have negative churn.”
Almond: Paystand will probably grow 3.5x this year
“This year we'll probably grow at Three and a half x, so.”
Almond: Paystand federates with 18,000 commercial banks
“We you know, we still have to, so we federate with 18,000 banks.”
Almond: Paystand customers pay an average of $1,500 per month
“Yeah, so on average, our customers pay us about 1500 dollars a month. They go up much higher, and there's a few that's a little lower than that.”