This is episode 36 of the Leaders in Payments podcast and Jeremy Almond, the Co-Founder and CEO of Paystand is our special guest this week.
Jeremy grew up in Stockton, California. He was one of the first people in his family to attend college and grad school and currently lives on the beach in Santa Cruz. Jeremy has a passion for helping people find their calling and on a personal level has a passion for surfing and tries to surf every morning.
Paystand is a b2b payment network with approximately 100 employees. So, what Venmo does for consumers, Paystand does for companies engaging in large commercial transactions usually between accounts receivable and account payable departments.
In the commercial world, most payments in the U.S. are still done with paper checks or some other very legacy money moving system. Paystand brings transformation to this space in three main areas:
1. no paper – meaning digitization and automation
2. no fees – Paystand operates as a SaaS business model
3. open industry – Paystand enables the money movement based on what the CRM or ERP says should happen and they are able to do that based on the blockchain
Jeremy believes if you are going to start a company in the technology or fintech space you need to have this intersection of professional experience or unique knowledge and a personal reason and that personal reason has to be more than money, power and fame because that will all disappear.
Jeremy has a fascinating story about how and why he started the company, including a turning point in his life driven from a family tragedy. He provides some great insights about the future of payments.