PayStand will now enable merchants accept payments on their iPhone at brick-and-mortar locations and out in the field. The company has been able to do this after launching the next-generation of its mobile app which it says is the first all-in-one mobile point of sale (mPOS) solution in the US to enable credit card, cheque and Bitcoin payments.
Nonetheless, this according to the company is giving significantly lower transaction rates than existing POS systems to the clients. As with the new release, merchants on the PayStand platform can now accept payments on their iPhone at brick-and-mortar locations and out in the field, the effective solution will make it even more popular than ever.
An extension of the company’s innovative Payments-as-a-Service platform
Talking to media professionals CEO Jeremy Almond says the mobile app is a being offered as an extension of the company’s innovative Payments-as-a-Service platform to provide flexible online checkout and payments for a flat monthly subscription instead of a complex fee structure.
He further added that mobile credit card payments are proliferating at the point of sale, but the fees involved have gotten too expensive for merchants. According to him credit card processors take a big cut off the top of a business’ revenues because they are offering alternative payment options like check capture and Bitcoin which are zero-percent.
Nonetheless, he also claims that this is a big step toward goal of eliminating merchant transaction fees. As the PayStand mobile app enables credit card payments via a card reader that fits in the audio jack of the iPhone, and merchants can swipe customers’ Visa, MasterCard or American Express cards, transactions would be easy and fast.
Safe and Secure Solution for Bitcoin Payment
Admittedly, to process a cheque payment, the merchant simply takes a photo of the paper cheque, directly debiting the consumer’s bank account without any trips to the bank. Nonetheless, to accept Bitcoin, the app displays a unique QR code which the consumer scans to pay with the funds routed to the merchant’s Bitcoin wallet.
Almond is of the view that with mobile app, PayStand is bringing the same ease-of-use, flexibility and cost-savings to retailers at the point of sale that his company provides for online merchants. Also, according to him his company is giving merchants a single dashboard for managing all their payments, and a path to zero transaction fees.
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