PayStand Emerges from Beta with New Pricing Model, $1 Million in Funding
April 7, 2014
PayStand, a Santa Cruz, Calif.-based online payment provider launched out of beta last week with $1 million in seed funding and the promise of enabling acceptance of Bitcoin, eCheck and all major credit cards while using a monthly vs. per transaction business model. Because PayStand was conceived with a revolutionary currency like Bitcoin in mind, the pricing model had to be disruptive as well, according to Jeremy Almond, CEO and founder of PayStand.
“The current payments system was not built for the Internet age,” Almond said. “In the physical world we have lots of payment options like cash, check, and credit and there are reasons to use each one. PayStand provides these same multiple payment options, while also helping organizations avoid transaction fees altogether. Our checkout technology allows people to pay the way they want to, and accepts the latest digital currency. Ultimately we aim to bring fairness, predictable cost and powerful flexibility to the payments space.”
The company said it has been in closed beta since 2013 and has already signed up “thousands” of merchants. The seed funding was provided by Cervin Ventures, Serra Ventures, Central Coast Angels, and TiE LaunchPad.