When running a business, nothing feels better than getting paid on time. Anything you can do to ensure you and your vendors receive payments automatically and on schedule can pay dividends down the line.
Well, it appears the Venmo for B2B is here. PayStand was built to lead the financial revolution and helps businesses get their money faster, more efficiently, and at a lower cost. Their modern payment platform is built for business and comes with automation, a sophisticated interface, and full spectrum customization.
How much is PayStand doing in ARR?
PayStand is attempting to disrupt traditional payments by eliminating processing fees and instead charging businesses a monthly subscription based on volume. They currently charge their customers on a tiered basis with the average deal generating approximately $1,500 in revenue each month.
According to CEO Jeremy Almond, the company is working with more than 100 total customers today and is growing revenue 4x year over year. While specific revenue figures weren’t disclose, Almond confidently explained that PayStand will hit $5M in ARR by the end of Q1 2019.
What is PayStand’s churn?
With a marketplace model, PayStand only charges customers on the receiving end of payments today. Overall, the company has maintained impressive customer retention and Almond mentioned that they’ve hit net negative revenue churn annually.
Founded in 2014, PayStand has grown revenue 4x or more each year, Almond said. And, while expansion revenue has been a driver for growth, adding net customers has been the biggest factor in achieving scale.
How much has PayStand raised?
PayStand has raised $12M in outside venture capital to date. Overall, the company is doing tens of millions of dollars in transaction volume each day across 50k businesses within their network.
Their team of 30 full-time employees is based in northern California and Mexico.
