Goodbye, corporate expense cards and hello, “Zero Card?”
Paystand on Thursday (Aug. 6) rolled out its new Zero Card, a touchless, pre-paid, digital corporate expense card that the California FinTech is hoping will give the traditional corporate expense card a run for its money.
Still, while Paystand, known for its blockchain-enabled commercial payments platform, is hoping to spark a mini-revolution in the corporate expense card space, the Zero Card is designed to work the same way as a traditional, physical card.
Corporate employees can use the virtual card to make purchases online or over the phone, but without the hassle of credit checks and with no fees. Businesses can both issue and deactivate the 16-digit card number “in just a few clicks,” Paystand noted in a press release.
A key goal of the virtual Zero Card is to give companies better control over their spending.
“The Paystand Zero Card combines the consumer-like experience of peer-to-peer payments with the speed and security of Paystand's no-fee payment network," said Jeremy Almond, CEO of Paystand, in a press release. "We completely re-engineered the corporate card so businesses can move away from reactive spend management tactics to a place where they have visibility of spend before it happens."
Another feature of the company’s new, pre-paid corporate expense card is the ability to closely track expenditures, with a dashboard providing a “comprehensive view of the company's spending in real time,” Paystand said in a press release.
Earlier this year, the company raised $20 million in a second round of funding led by a group of firms including DNX Ventures, Epic Ventures, Wildcat Ventures and Commerce Ventures.
In late 2019, Paystand inked a partnership deal with JCB, creating a digital payments platform for JCB customers and Japanese companies. “The challenges faced by B2B companies across the globe are similar: They are burdened by a commercial payment infrastructure mired in pre-internet technology,” said Almond in a press release issued on the agreement.