New PAAS (Payment as a Service) startup PayStand has released its private beta allowing merchant to accept Bitcoin, Echecks, and credit cards in the US.
The company, located in Santa Cruz states the new service can be integrated into any website, mobile site, and mobile application within as little as 5 minutes.
With the launch of the service PayStand has also released it has received over $1 million in seed funding by investment firms Cervin Ventures, Serra Ventures, Central Coast Angels, and TiE.
“Essentially it solves some of the card network problems,” said Jeremy Almond, PayStand’s chief executive. “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 a cash like system which also takes digital currencies.”
Maturing from a closed beta since last year, PayStand is the direct result of CEO Jeremy Almond experimenting with digital currencies.
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PayStand merchants will pay a monthly fee to use the software and transaction fees will be waived. Customer however will be charged the transaction fees that range from 2.9 percent for a credit card purchase, 25 cents for online check, and no charge for making a Bitcoin-based payment.
Merchants accepting Bitcoin can have the option to link a Bitcoin Wallet to their account to be paid out in the cryptocurrency. There is also the option to have Bitcoin payments converted to FIAT. As the service is only available in the US at this time payouts are in USD.
“We believe that the process of money movement is going through a massive evolution, and our goal is to support this broadly,” Almond said.
PayStand stands out from other Bitcoin and payment processors as it views the digital currency as a viable payment method alongside payment cards and checks. Other hybrid services like Square’s new Bitcoin accepting marketplace has yet to fully integrate it throughout all its services.