Many people use Venmo in their daily lives to send money to friends or buy goods online. A California business is envisioning a Venmo for business-to-business transactions and using Utah to see that vision through to the end.
Paystand is a startup that has made its mark in Silicon Valley and is now expanding into Utah.
CEO and co-founder Jeremy Almond characterized the company as the fastest growing in business-to-business payments. While the Bay Area may be home for Almond and Paystand, he added that he believes Silicon Valley is not a location, but rather an idea.
With that belief, the company is taking to the slopes, both literally and figuratively, with a new location in Draper and connections to many companies in the Silicon Slopes area near Point of the Mountain.
“Utah, in general, has a long history of great tech companies and a great sales culture,” Almond said. “We have a bunch of customers, connections and relationships, so when we thought about expanding, it was one of the first places we felt was an extension of the company.”
With more growth expected in Utah County, both in business and population, many companies are keeping a close eye on Utah as a possible landing spot.
These growth factors played a role in the movement for Paystand.
“Utah County is one of the fastest-growing new tech centers on the planet,” Almond said. “There’s a strong culture match, which is hard work ethic, desire to innovate and higher education.”
Add in the quality of life and Almond’s personal favorite, proximity to great skiing, and it is a match made in heaven.
People are attracted to Utah because of this growing business culture but also the quality of life. Almond said some employees will be relocating to live in the area.
On a business level, Paystand currently has 170,000 businesses on its network and recently surpassed $1 billion in transactions over the past year. Members of the network include four of the six largest insurance providers, 2 of the 3 largest beverage distributors, eight of the top 10 healthcare companies and more.
For MobileMod, a Lehi-based company, Paystand has been a big contributor to its growth.
MobileMod buys shipping containers from storage lines, refurbishes them and turns them into mobile storage units and more. The company also modifies those units to meet the specific needs of the consumer.
MobileMod CFO Collin Adler spoke about the great relationship the Lehi company has with Paystand and the money that it saves them. As a 2-year-old company, saving money is crucial.
“It’s great because it’s got great integrations with our system,” Adler said. “We’ve built a custom ordering system for our customers and Paystand plugs into that really nicely so that from day one you have a really robust set of payment processing tools. A couple years back, it might have taken us a couple of months to put together and we’re able to get it integrated in a matter of days. From our eyes, it’s a rapidly growing startup. Paystand has been a huge part of our success.”
The service has a flat rate fee that is paid monthly, and the software requires little-to-no work from companies looking to integrate it into its existing systems. With a focus on efficiency and cost effectiveness, MobileMod has found success in using Paystand.
With the expansion into the Wasatch Front and Silicon Slopes area, Paystand is looking to bring its services to more companies based in Utah. Almond’s goal is to bring companies from across the country into Paystand’s network, something he said other Silicon Valley companies are not doing.
The biggest goal of the company is to give every business the best tools to grow, Almond said.
With the possible reduction of banking fees, Paystand is also hoping that businesses can take the money they save and invest it back into their operations, bettering those businesses, both big and small.
While the move to Utah may sound like a broken record for residents, as other businesses begin to make their way into the state, Paystand has high hopes of reducing banking fees for businesses and providing a higher quality of life for its employees.