PayStand Launches Payment Service for Bitcoins and eChecks
PayPal and Google Wallet have a new competitor.
PayStand is an online payment service provider that is designed to process Bitcoins, eChecks and credit cards for websites in the United States.
PayStand was originally developed to improve upon the payment systems already in place for online merchants.
“We don’t think the card networks go away… [but] not all transactions need to go through the card networks,” said Jeremy Almond, PayStand’s chief executive told TechCrunch. “This gives merchants an easy way to take credit card processing and create a cash like system which also takes digital currencies.”
The great part about PayStand is that it works with digital currency such as Bitcoins, while still allowing other modes of payment to be processed.
“We believe that the process of money movement is going through a massive evolution, and our goal is to support this broadly,” said Almond.
Merchants are charged a monthly fee for using the services, and consumers are charged a separate fee for their transactions. Credit card fees are usually 2.9%, while eChecks are $0.25 each. There is no fee for transactions using Bitcoins.