PayStand Releases Foundational Payments API
PayStand, an online payment platform aiming to simplify how web merchants accept payments has announced a new API integrating multiple payment methods for web and mobile developers.
PayStand brings together eCheck, credit card, and bitcoin payments acceptance, all integrated into a one-click or one-touch, easy checkout process.
The hot startup bases their business on a “payments as a service” model, meaning there are no transaction fees for merchants. Instead, sellers subscribe to the service at a monthly rate tied to different tiers that offer varying features.
For developers, PayStand claims that its publicly accessible API will allow full customizability and tweak the payments experience however they see fit by building on top of it.
Jeremy Almond, CEO of PayStand, said of this initiative, “Our view of the world is to enable a free and efficient payment network.”
While the predominate forms of B2C and B2B payments have been built on top of old-school card networks, PayStand is attempting to lay the foundation to create a simplified and all-encompassing method of payments acceptance.
“We allow new organizations with our API to build new forms of fintech and money transfer movement, without having to do the difficult stuff, and really question some of the basic tenants of the financial system, using our infrastructure,” Almond said.
Almond compares the current payments ecosystem to the early days of the Internet, when The Microsoft Network (MSN), AppleTalk, and AOL were offering closed network solutions. He believes PayStand is one of the first payment companies to build with the open-network capabilities of the Internet in mind in order to reduce the burden and cost of payments on merchants.