Supporting Faster Payments with Crypto
With the digitization of businesses, there is more global trade than ever before, leading to increased cross-border payments. Traditional payment systems have struggled to evolve, and long-standing pain points in sending and receiving payments — long settlement periods, high transaction fees, lack of transparency, and limited accessibility — have opened the door to alternative payment solutions. Innovative businesses are exploring the use of cryptocurrency to move funds, which reduces payment settlement time and transaction fees by removing third-party intermediaries. B2B transactions make up the largest share of cross-border payment flow and are expected to account for c.$150 trillion in 2022. Paysail has built a product to support businesses in this large and fast-growing market, creating an easy-to-use payment and invoicing solution for businesses looking to improve payment speed, cost, and efficiency through blockchain technology. “There is a huge opportunity given the high efficiency of blockchain payment rails and we’re building the platform to facilitate these transactions,” states Paysail CEO Liam Brennan-Burke.
Paysail is excited to expand its stablecoin (cryptocurrency pegged to the US Dollar) payment support to USDC, the second-largest stablecoin ($50 billion in circulation as of May 2022) which is fully backed by US dollar reserves. Paysail will initially support transactions on the Ethereum blockchain, which was chosen due to its utility to both crypto-native and crypto-curious businesses. Stablecoin payments cut down the settlement period from days (and sometimes weeks) to minutes at a fraction of the cost. Wallet support will initially include Metamask and Coinbase Wallet browser extension, which businesses can connect to the Paysail platform in a couple of clicks. Paysail plans to add support for additional blockchains and wallets over time in addition to developing more features to further integrate into financial workflows. “As we expand our functionality and support, we will be focused on hyper-efficient blockchains and stablecoins that can provide the stability and reliability of business transactions,” Brennan-Burke adds.
With Paysail, you can create invoices, view invoice statuses, and make payments all on one dashboard. This allows companies to move away from the cumbersome and time-consuming process of tracking payments and long wallet addresses in Excel. Invoiced recipients will receive the digital invoice via email with the option to pay instantly. Once payment has been executed, the invoice status is automatically updated on the dashboard and the transaction information is attached to the invoice.
Paysail’s goal is to make cryptocurrencies and blockchain technology more accessible to businesses. For businesses exploring crypto transactions, managing accounts payable and receivable in both fiat and digital currencies may seem daunting. Paysail addresses the complexities that come with transacting on the blockchain by streamlining the billing and payment process and providing the proper documentation for reconciliation and taxes.
We’re excited to work with a wide range of businesses looking to make compliant stablecoin payments. Please contact us here [info@paysail.us] if you would like to see a product demo or discuss ways we can work together.
