PayStand is an online payments and checkout platform that is capable of accepting traditional payment methods such as credit cards and e-checks (ACH), as well as modern digital currency (e-cash) like bitcoin. PayStand is a payments-as-a-service platform that allows organizations to receive payments without transaction costs, hidden fees or the need for a pre-existing merchant account. While bitcoin is sometimes described as the Internet's currency and is a free option payment method (for PayStand users), credit card interchange rates (2.69% + 30 cents) are unavoidable. PayStand allows users to choose how credit card interchange rates are absorbed, by passing the costs onto the consumer, the company absorbing all of the costs, or splitting the costs between the company and the consumer.
ProgrammableWeb reached out to PayStand CEO Jeremy Almond, who explained that the goal of the company is to find newer and cheaper payment methods for both businesses and consumers. Almond told ProgrammableWeb that the "idea of PayStand is based on a free and open Internet; there should be a free and open way of exchanging money using the Internet also." He also said, "PayStand believes payments should be fairer, lower cost and have choice. Today we are opening up our tools so developers can join us in making payments better."
To help achieve the company's goals, the PayStand platform is fully integrated with bitcoin, a type of digital currency that is somewhat controversial (the status of bitcoin as a currency is in debate) but has been gaining popularity in recent years partly because it has much lower fees than credit card processors. "We want to be the Cisco for money," Almond told ProgrammableWeb. Integrating bitcoin with the PayStand platform helps to accomplish this goal.
The PayStand API allows developers to seamlessly integrate the PayStand platform with their applications. Third-party app users do not need to have a PayPal account or sign in to PayStand to make payments. The API supports OAuth and tokenization so that credit card payments and sensitive data can be taken while reducing PCI compliance responsibilities. Almond told ProgrammableWeb that "six months ago, PayStand launched a completely new type of payment gateway for organizations to optimize different payment methods. Starting today we are enabling developers to use the same core APIs we used to build our merchant tools."
Using the PayStand API, developers can build applications that not only accept traditional credit cards but also modern digital payments such as bitcoin. "Developers have been reimagining the next frontiers in mobile and Web applications but have been stuck using payment APIs that are expensive and built on aging technology," said Almond. "We want to give them the tools to build the next great ideas in commerce on top of modern payment networks."
For more information about PayStand and the PayStand Developer Platform, visit PayStand.com.