Australian-based Bitcoin exchange igot announced last week the launch of the igot Merchant Solution, which allows both online and physical stores to accept Bitcoins for goods and services, paying a 0.5 percent fixed transaction fee.
The new service puts igot, a major player in the remittance, in competition with established payment processors such as BitPay, Coinbase, and GoCoin.
Features of the igot Merchant Solution include:
- Quick conversion of Bitcoin into local currencies, paid directly to merchants’ bank accounts in nearly 40 countries.
- Integration that requires no technical expertise.
- Compliance with the most stringent security standards.
- Recurring transaction engine.
- Cloud reporting.
- Full-stack APIs and integration support.
- Use with existing merchant accounts.
In an interview with CoinReport, Rick Day, igot’s co-founder, said the Merchant Solution is an extension of the company’s core feature, which is the buying and selling of Bitcoins. The company spent months developing this feature to capture the regional retail markets in which the company holds a good market share.
“Our strongest markets are Australia, India and the UAE, and there is a big demand for more affordable payment processing in those countries,” Day said. “By providing the service at a negligible cost, as well as enabling businesses to cash out into their local bank accounts, we expect there to be a high demand for the service.”
As part of igot’s comprehensive fraud prevention measures, all merchants are vetted by the company’s multi-level verification system. igot’s bank-grade security with two-factor authentication offers considerable protection of customers’ funds, while the irreversibility of Bitcoin eliminates the risk of credit card chargebacks.
Day told CoinReport that integrating with igot is incredibly simple, as merchants only require the few lines of code igot provides. Bitcoin payments can go live following a brief set-up to select the transaction type and button style.
As an extra incentive, igot is offering merchants who switch to igot from another payment processor a one-time $500 bonus when they receive $25,000 worth of payments in the first 90 days.
“We believe our package, along with the built-in advantages of Bitcoin, present a strong incentive for merchants to accept digital currency payments with igot,” said Day.
Images courtesy of igot