The new payment service will work with any website or mobile application and can be set up in under five minutes.
While talking to TechCrunch, PayStand CEO Jeremy Almond said : "We don’t think the card networks go away… [but] not all transactions need to go through the card networks. This gives merchants an easy way to take credit card processing and create cash like system which also takes digital currencies."
Go deeper with GlobalData
Merchants need to pay a monthly fee for the payment software, with the service providing them an option to avoid transaction fees charged by other payment services.
The site will not charge anything for payments made in bitcoins. If merchants receive their payments in bitcoin, they can enter their bitcoin wallet addresses with PayStand and have the cryptocurrency deposited in their wallets.
Consumers are charged a separate fee for their transactions, with credit card fees at 2.9% and eChecks at $0.25 each.
The company said that it has raised $1m in seed financing from investors such as Cervin Ventures, Serra Ventures, Central Coast Angels, and TiE LaunchPad.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
