Australian exchange Igot is aiming to rival bitcoin payment giants Coinbase and BitPay with the launch of its own international merchant solution.
Igot’s platform will enable e-commerce and brick-and-mortar merchants to integrate bitcoin payments in almost 40 countries and transact in 10 different fiat currencies.
Rick Day, Igot‘s founder, said:
“Accepting bitcoin through Igot has multiple advantages for merchants. Perhaps most importantly, bitcoin is a free marketing tool that is likely to increase overall revenue. This is a win-win situation for merchants and the bitcoin community.”
Igot is incentivising merchants to join its payment platform with a one-off $500 bonus after reaching $25,000-worth of bitcoin payments in the first 90 days.
During a CoinDesk survey last year, 54 of 100 merchants said that bitcoin accounted for 0–2% of their monthly sales. Just how many smaller merchants will be able to reach this $25,000 mark is unclear, given reports of dipping sales and slow bitcoin transaction growth overall.
Day remains confident, however:
“We believe our package presents a strong incentive for merchants to integrate with Igot. With a flat 0.5% transaction fee, we expect to get a lot of traction.”
Day revealed that Igot’s marketing strategy will