PayStand, a startup based in Scotts Valley, Calif., added a mobile payments app to its Payments-as-a-Service platform in order to enable e-commerce and brick-and-mortar merchants to accept payment cards, checks and bitcoin payments. Merchants can use a single dashboard to manage an array of payments schemes without the need to track transactional rates, fees, and assessments, PayStand stated.
The all-in-one mPOS solution is available as a standalone iOS app or as a plug-in to speed the checkout process for existing PayStand merchants who pay a flat monthly subscription for electronic transaction processing.
A card reader that fits into an iPhone audio jack facilitates mag-stripe cards. The iPhone's camera can snap a picture of a paper check, directly debiting the customer's bank account. Bitcoin payments are processed using a unique quick response code that the consumer scans to route Bitcoin payments directly to the merchant's bitcoin wallet, the company noted.
PayStand, launched a year ago, said it has been steadily dropping its card processing rates as it grows its subscriber base, automatically passing savings to customers in a process it calls "rate sourcing."
"In the past it's been the big banks and credit card processors who have dictated fees, but by empowering merchants to join together, we're starting to turn the tables on the old system," said PayStand Chief Executive Officer Jeremy Almond. "We support merchants directly, and we also support ISOs and marketplaces at the enterprise level." He added that developers can use the PayStand application programming interface to white label the solution, and PayStand is working with ISOs on customized solutions, with near-term plans to create a formal reseller program.
PayStand's free app is currently available in the Apple App Store and the PayStand mag-stripe card reader is shipped upon request. Merchants must first create a PayStand account on their websites to accept payments with the app.
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