Bitcoin is a digital currency that allows merchants to accept payment from anyone, anywhere in the world, at low cost and with no chargeback risk. The global reach of bitcoin, coupled with the ability to address points of friction in traditional payments networks, has led to a surge of interest in recent years.
PAY.ON’s clients, ranging from local payment providers to multi-national PSPs servicing the world’s largest retailers, can now enable their merchants to add bitcoin to their checkout pages quickly and easily. Thanks to the Bitnet partnership, PAY.ON’s PSP clients will be able to offer bitcoin payments without exposing their merchants to the risk of fraudulent transactions or volatility in the price of bitcoin.
Bitnet is the first bitcoin payment processor designed specifically to service both the merchant and PSP ecosystems. Founded and staffed by a team of ex-Visa and ex-CyberSource payment professionals, Bitnet allows merchants to set prices in local currency, accept bitcoin payments from consumers, and settle the transaction in the merchant’s currency of choice. Bitnet guarantees payment within seconds with their unique Instant Approval service, preserving the typical merchant checkout flow that is designed for card acceptance, and therefore simplifying implementation. This is in keeping with PAY.ON’s mission to remove the complexity from payments and streamline cross-border e-commerce. Merchants additionally benefit from offering a digital payment method that expands their business to a new customer base, generating a new revenue stream without significant implementation costs.
“PAY.ON and Bitnet have built robust, industry-leading payment processing technology based on the same fundamental principles,” said Markus Rinderer, CEO and Founder at PAY.ON. “Flexibility, scalability, and security are delivered through RESTful APIs, making bitcoin acceptance simple for our network of payment service providers and their merchants. Enabling cross-border e-commerce has always been a core part of PAY.ON’s offering, so we are delighted to