BankTech

Accept Payments with Credit cards, eChecks and Bitcoins via PayStand, Raised $1 Mn

On 2nd April 2014, PayStand launched out of private beta to enable US based websites with the option of accepting payments via credit cards, eChecks as well as Bitcoins. Founded in 2009, the company also announced that it had received a funding of $1  Mn through investors Cervin Ventures, Serra Ventures, Central Coast Angels and TiE LaunchPad.

The company’s next generation payment & eCommerce checkout system enables any organization to receive money in their website, social network, or web application without transaction costs. PayStand provides the necessary utilities to setup online commerce within 5 minutes.

This video gives you an overview of their platform:

http://vimeo.com/90486715

About PayStand:

Multiple Payment Options: Users can easily  accept Credit Cards (visa, master card, american express, and discover), eChecks (ach, dwolla), and eCash (bitcoin) with a single click of a button.

No Merchant Transaction Fees: PayStands USP is 0 transactions fees. Their business Model: Payments as a Service, fixed costs with payment processing flexibility.

Modern Checkout Experience: Their solution lets you keep your branding and stop customers from leaving your website. Also no forced 3rd party login. “It's 2014, your payments should be too,” says the company.

Security: PayStand comes fully encrypted and is Level 1 PCI compliant. The users online security, payments, as well as transactions are secured automatically with 256 bit SSL HTTPS encryption.

“I love PayStand because it saves me time in my business and has helped give me a clean fresh look for my online commerce. I’ve been able to sync all my stores across the web... as well as expand my reach,”said Kirk Walker, CEO of Abeantogo Coffee. “And I’m thankful how easy and intuitive PayStand is to setup and maintain because I’m not that technical. And I love being able to talk to somone on the phone,” he added.

Why did PayStand decide to accept Bitcoin?

“What makes us unique is that we are not what you would call a ‘pure Bitcoin company’. We enable traditional forms of actual card acceptance with 90 per cent of transactions taking place online,” CEO Jeremy Almond told pcr-online. “The credit card network is 50 years old and it’s here to stay. But so is digital currency. So really, what we’re doing is providing a bridgeway that allows merchants to experiment with the global acceptance of Bitcoin.”

As for Pricing:

  • Merchants pay a monthly fee for the payment software and avoid transaction fees charged by other payment services. 
  • On the other hand, users will be informed of the costs associated with each transaction method. 
  • This is set at 2.9 percent for a credit card purchase and 25 cents for online check. Of course there is no charge for making payments via Bitcoin. 
  • If merchants receive their payments in bitcoin, they can enter their bitcoin wallet addresses with PayStand and have the cryptocurrency deposited in their wallets. 
  • On the other hand if they want cash they can enter their exchange address so they can exchange it to dollars.

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Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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