PayStand secures USD1m in funding

Online payments solution, PayStand, has launched its service enabling organisations 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 uniques in the sense it easily allows 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 organisation 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 USD1 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.

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