Dive Brief:

• PayStand is introducing the first mobile point-of-sale (mPOS) solution in the United States to handle credit card, check, and Bitcoin payments.
• The PayStand mobile app is an extension of its online platform, which offers flexible online checkout and payments for a flat monthly subscription fee. 
• The app is available for download at Apple’s App Store starting today. 

Dive Insight:

With the release of its mobile app, PayStand is the the first all-in-one mPOS solution in America to accept credit card, check, and Bitcoin payments. Merchants subscribing to the PayStand platform can now accept payments on iPhones at brick-and-mortar stores and elsewhere for a flat monthly rate.

Merchants can process payments by swiping customer credit cards through a reader that plugs into the iPhone’s audio jack, taking a picture of a paper check, or generating a QR code for Bitcoin payments. By offering the 0% options in addition to credit card payments, PayStand hopes to negotiate lower rates as its subscriber base grows; it has so far lowered rates four times in the last 12 months to the current 2.49% on credit card payments.

“We leverage the power of community to drive down costs for our merchants,” says Jeremy Almond, PayStand CEO. “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. We’re giving merchants a single dashboard for managing all their payments, and a path to zero transaction fees.”