Online payment start-up PayStand secures $1 million funding
02 April 2014 | 4650 views | 0
PayStand, a next generation online payment solution, today launched its service enabling organizations to easily accept multiple payment options online, all without transaction fees to the merchant.
By allowing eCash (Bitcoin), eCheck (ACH/Dwolla), and all major credit cards, PayStand is the first and only payments service to easily allow digital currency and more traditional payments all at the same time. PayStand's all-in-one modern checkout works with any website, social network, or mobile application and eliminates the need for extra programming, additional software, or a separate merchant account. An organization can get started in under 5 minutes and can easily integrate payments into their website with custom branding.
The company also announced today that it has secured $1 million in seed funding to build out new payment functions and features. Investors include Cervin Ventures, Serra Ventures, Central Coast Angels, and TiE LaunchPad.
"The current payments system was not built for the Internet age," said Jeremy Almond, CEO and founder, PayStand. "In the physical world we have lots of payment options -- like cash, check, and credit -- and there are reasons to use each one. PayStand provides these same multiple payment options, while also helping organizations avoid transaction fees altogether. Our checkout technology allows people to pay the way they want to, and accepts the latest digital currency. Ultimately we aim to bring fairness, predictable cost and powerful flexibility to the payments space."
PayStand has been in a closed beta since 2013, and has already signed up thousands of merchants as well as established partnerships with two website building services. These services are incorporating PayStand as the payment and eCommerce solution for customers' sites.
New business model for online payments
With the launch of PayStand, merchants have access to a new business model for payments transactions -- Payments as a Service. Merchants can now pay a fixed monthly fee for the PayStand software and avoid the transaction fees charged by other online payment services. Organizations can save as much as 75% over what they would traditionally praditionally pay other payment processors. Designed from the start to accept the disruptive digital currency, PayStand bridges the gap for accepting Bitcoin payments for mainstream businesses.
To provide transparency and flexibility, PayStand gives consumers multiple payment options along with information on the costs for using each choice -- ranging from 2.9% for credit cards to 25 cents for eChecks to no charge for Bitcoin. With a one-click payment process, PayStand eliminates friction inherent in most other payment procedures up to now; consumers do not need to leave a merchant's site to checkout or need to remember additional passwords to pay.
Five minutes to accepting payments, donations or full eCommerce
PayStand is easy and fast to set up. In minutes an online merchant can be selling products, a service provider can get paid, or any non-profit can accept donations. An all-in-one solution, it provides all the elements needed for accepting online payments: buy or donate now buttons; secure checkout; and payment processing. PayStand also provides a free online store or integrates with any existing websites. There is no need for additional merchant accounts, hosting accounts, programming, order management software, inventory tracking, or any other add-on services.
Features of PayStand solution include:
Easy setup for merchants allowing an attractive payments system for consumers to use
Accepts multiple payment options -- digital currency (Bitcoin), eCheck, and, all major credit cards including foreign currencies
Provides merchants with a fixed monthly cost for the service; no transaction costs, no long-term contracts, no set up fees
Responsive design is optimized for any device including mobile phones, tablets, social networks, and all web pages
Accepts recurring payments and subscriptions for ongoing payments from consumers
Funds automatically transferred to merchants' bank accounts
Merchants assigned their own customer success rep, including integration assistance with direct telephone support