PayStand’s New Mobile POS Accepts Checks, Cards and Bitcoins

April 6, 2015, Written By Lynn Oldshue

Payment service provider PayStand recently launched a new mobile point of sale (mPOS) solution to allow merchants to process checks, credit cards and Bitcoins. The program ties into the online payment program the company released last year.

PayStand works much like the other mPOS systems on the market in processing credit cards. A dongle plugs in to the headphone jack of an iPhone to act as a credit card reader. This corresponds to a free app on the device that reads the information and processes it for payment. The app is only available for iOS devices at this time, but may expand to Android in the future.

Instead of charging a price per swipe, PayStand charges a flat monthly rate for check and credit card processing. There are three packages to choose from based on the number of transactions you typically process in any given month. When you add up the cost of using a product like PayPal Here or Square that will not process as many payment options, you could save money by working with PayStand.

To process a check, a user simply takes a picture of the check with the phone and allows the app to verify the information. The fees for this option are as low as $0.25 per transaction, according to the company’s website.

To process Bitcoins, buyers take a picture of a QR code while in their Bitcoin wallet. This QR code has been created by the mPOS. This charges them and redirects the Bitcoins to the merchant’s Bitcoin wallet. There are no transaction fees for this kind of payment, and receipts are automatically emailed to the customer.

The PayStand mPOS is available now through the company’s website.

The information contained within this article was accurate as of April 6, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.