PayStand added bitcoin payment
Startups online merchants payment processor PayStand, an online trading platform launched last year, on this platform business users can accept several forms of payment mode, including credit card payment. Today, the working range of PayStand has begun to expand the field of point of sale (POS), mobile point of sale of its new R & D payment processor allows merchants to accept credit cards, checks, or similar to the bitcoin virtual currency payment mode — including from all iOS mobile payment.
CEO Jeremy Almond said, the inception of the company’s purpose is to help businesses find ways to let the credit card processing fees cheaper. However, Almond also understand that digital currency like bitcoin payment in this way. But he also said the company saw the merchants are growing, to establish channels to accept the new payment interest (bitcoin payment).
“We see a growing interest for merchants to accept this change, a large part of our businesses have enabled many other forms, this is a good sign.”
Almond said the company decided to launch a mobile product because it is online software and online sales accounted for less than half of its revenues. In addition, the company’s customers which also showed, it needs a mobile app.
So far, the main customers include retailers, non-profit organizations and B2B customers, such as manufacturers or have more checks, professional services company. Almond said, sometimes B2B customers in the local collection, non profit organization from fund raising activities in fundraising, which makes mobile payment of the two organizations are beginning to attractive.
The founder of the company began to target retail companies, because its founder had a retail and cooperation in the field of energy, they feel that the credit card transaction costs of these low margin retailers are particularly painful.
They soon found that there are large invoices of the company did not use credit cards, which often leads to low efficiency of processing payment. Non profit organization, on the other hand, also use alternative payment concept expression of the “mission”, because their customers want to raise money, as much as possible in your career, rather than on the cost of credit card.
Almond said: “we have been in the improvement of credit card processing, the process is like social progress, but we found that in many cases it is impossible.”
At the same time, in addition to find alternative forms of payment, the company of another to break away from the traditional mode of action, he will not charge a subscription fee per transaction fee. Almond said the company through its economies of scale, can also reduce transaction costs in the negotiation.
“Essentially, everyone pay us a fixed costs of this model will appear in Netflix or Costco,” Almond said, “we should build a software that will be our interests and merchants are linked.