PayStand, which calls itself a next-generation online payment solution, today launched its service enabling organizations to accept multiple payment options online without transaction fees to the merchant. 

The company said in its press release it is the first and only payments service to enable merchants to accept digital currency and more traditional payments all at the same time. PayStand's all-in-one modern checkout works with any website, social network or mobile application and eliminates the need for extra programming, additional software or a separate merchant account, the company said. An organization can get started in under five minutes and can integrate payments into their website with custom branding, PayStand said in a statement.

PayStand also announced it has secured $1 million in seed funding to build out new payment functions and features. Investors include Cervin Ventures, Serra Ventures, Central Coast Angels and TiE LaunchPad.

"The current payments system was not built for the Internet age," Jeremy Almond, CEO and founder of PayStand, said in a statement. "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."

PayStand has been in a closed beta since 2013 and said in a statement it has already signed up thousands of merchants as well as established partnerships with two website building services. These services are incorporating PayStand as the payment and e-commerce solution for customers' sites.