PayStand, a Santa Cruz based online payment service, have just launched their online vendor payment system, which accepts credit cards, checks and more importantly Bitcoins. They have started to sell their solution to websites all across the US and claims that their service works with all websites or mobile application and can be set up within five minutes in total.
Launching PayStand from its beta, the company decided to also raise $1 million which would be needed for marketing and similar efforts. Being asked about how PayStand differentiates from other similar services, CEO of PayStand, Jeremy Almond said "Essentially it solves some of the card network problems,”
“We don’t think the card networks go awau, 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.” he added.
Almond didn't believe that PayStand would become a success if he had only integrated Bitcoin payments, which is the reason why he created such a diverse solution. Merchants are only paying a monthly fee for the service, instead of paying fees for transactions. The customers however will be paying the fee's, which the merchant will inform them about. Bitcoin transactions are completely free, while credit cards can cost up to 3.5%.
“We believe that the process of money movement is going through a massive evolution, and our goal is to support this broadly,” Almond ended. Below you can see a promotional video from PayStand that explains how their system works exactly.