We are delighted to announce that, as of August 2015, ECommPay has begun to assist merchants in accepting transactions carried out in cryptocurrencies. The new frontier of payment methods is now open to our clients, promising an increase in turnover and customers satisfied with the payment tools available.
Bitcoin is a decentralised electronic currency established in 2009 as an open protocol for securely exchanging value between two parties over the Internet. Individuals download a free Bitcoin wallet from a mobile app store or to their computer. Bitcoins are typically purchased from any number of exchanges around the world or privately for cash between consenting parties. Once a person receives Bitcoin into the wallet, he/she becomes the exclusive owner of the coins and they can only be sent to another wallet by using an exact secret password, which must be protected. Unlike traditional payment methods, Bitcoin accounts are not exposed to the risk of forced closure; payments and payouts bypass external screening; chargebacks are impossible; and fraudulent use of third-party funds is minimal due to Bitcoin’s advanced security measures. Bitcoin is advantageous in the e-Commerce marketplace because of its low commission fees, rapid processing times, and the lack of location restrictions for the parties involved in the payment process. Furthermore, merchants benefit from the opportunity to execute microtransactions in Bitcoin cryptocurrency.
As cryptocurrencies grow in popularity, experts agree that Bitcoin will be one of the most popular payment systems of the future. ECommPay’s Chief Technology Officer had the following to say about Bitcoin’s integration into the broad portfolio of payment methods available to clients:
“Bitcoin’s blockchain is a public ledger of every transaction, providing the ultimate transparency and confidence to each party that a payment has been sent. Today Bitcoin has become one of the most well-known digital currency payment methods in the world. The cryptography applied to cryptocurrencies has immense potential – having initially gained popularity amongst small groups of enthusiasts and tech start-ups, Bitcoin surpassed this audience to enter the mainstream. An entire industry has centred on cryptocurrency technologies, securing, on the one hand, Bitcoin’s place as an established alternative payment instrument, and, on the other hand, driving its development ever further.”
ECommPay has long recognised the benefits presented by decentralised payment systems, and has worked with its partners – regulated and/or licensed cryptocurrency providers to offer clients the unique opportunity of accepting payments via cryptocurrencies in the jurisdictions where Bitcoin is authorised to operate.
In addition to processing well-known Bitcoin payments, ECommPay also facilitates payments carried out in the alternative cryptocurrencies Litecoin and Dogecoin.
By introducing the opportunity to process transactions carried out in cryptocurrencies and integrating this option into the broad portfolio of payment methods available to merchants, ECommPay remains at the forefront of innovation and technological expertise. e-Commerce merchants can now access new capabilities, expanding cooperation opportunities and increasing profit margins.