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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
