PayStand’s New Mobile POS App Enables Credit Card, Check and Bitcoin Payments
PayStand has launched an all-in-one mobile point-of-sale (mPOS) solution in the US—a mobile app that enables check, credit card, and bitcoin payments.
The mobile app allows merchants on the PayStand platform to accept payments on their iPhones at brick-and-mortar stores and out in the field, while significantly reducing transaction rates compared to existing POS systems.
Available in the Apple App Store, this new mPOS solution is offered as an extension of PayStand’s Payments-as-a-Service platform to offer flexible online checkout and payments for a flat monthly subscription.
The mobile app processes credit card payments through a card reader that fits into an iPhone’s audio jack. Merchants just have to swipe customers’ American Express, MasterCard, or Visa cards to make payments.
For check payments, merchants take a photo of the paper check to directly debit the consumers’ bank accounts.
For Bitcoin payments, consumers scan a unique QR code that the mobile app displays.
“With our mobile app, PayStand is bringing the same ease-of-use, flexibility and cost-savings to retailers at the point of sale as we provide for online merchants,” said Jeremy Almond, CEO of PayStand. “We’re giving merchants a single dashboard for managing all their payments, and a path to zero transaction fees.”
Launched last year, PayStand’s Payments-as-a-Service business model provides merchants the tools they need to accept credit cards, bitcoin, and eChecks directly on their websites and social media pages for a flat monthly subscription rate. PayStand’s differentiating feature is that it does not mark up transaction fees; it seeks to offer the lowest possible credit card rates and alternative zero-percent payment options.