PayStand this past week announced the release of its mobile app in the Apple App Store and said it is the first all-in-one mPOS product in the U.S. to enable credit card, check and bitcoin payments, according to a press release.

PayStand said in the announcement that merchants on its platform can now accept payments on their iPhones at brick-and-mortar locations and out in the field. The PayStand mobile app is a being offered as an extension of its payments-as-a-service platform to provide flexible online checkout and payments on a flat monthly subscription basis instead of what it says are complex fee structures.

"Mobile credit card payments are proliferating at the point of sale, but the fees involved have gotten too expensive for merchants," PayStand Founder and CEO Jeremy Almond said in a statement. "Why should credit card processors take such a big cut off the top of a business' revenues? By offering alternative payment options like check capture and bitcoin which are zero percent, we're taking a big step toward our goal of eliminating merchant transaction fees."

The PayStand mobile app enables credit card payments via a card reader that fits into the audio jack of an iPhone. To process a check payment, the merchant takes a photo of the paper check. For bitcoin acceptance, the app displays a unique QR code that the consumer scans to pay with the funds routed to the merchant's bitcoin wallet.

PayStand launched almost a year ago with a payments-as-a-service business model that, for a flat monthly subscription, gives merchants all the tools they need to accept credit cards, e-checks and bitcoin directly on their websites and social media pages, according to the announcement. PayStand said it does not mark up transaction fees, but rather aims to give subscribers the lowest possible credit card rates and alternative 0 percent payment options. As the PayStand subscriber base grows, the company said it is negotiating progressively lower credit card rates, which are automatically passed on to customers in a process they call "rate sourcing."

PayStand said it has lowered its credit card rate (currently at 2.49 percent for Visa/MC/AmEx) four times in the past twelve months, and is planning another drop in Q2 2015.