By
Temitope Olatunji
April 18th, 2024
Igot bitcoin exchange has launched a new payment processing service that will enable merchants in 40 countires to accept digital currency payments.
Australia-based bitcoin exchange Igot has expanded its services by adding new bitcoin payment processing solution. The new service will allow e-commerce and physical merchants in 40 countries to incorporate bitcoin payments. Besides, the customers will be able to convert digital currency to 10 different fiat currencies.
With the launch of the new feature, Igot will become one of the main competitors to bitcoin exchange Coinbase and bitcoin payment processor BitPay. It would be really challenging for Igot to compete with these giant companies, taking into account their huge customer bases.
“Accepting Bitcoin through Igot has multiple advantages for merchants,” said Rick Day, the company’s co-founder. “Integration take just minutes, and it protects businesses from both credit-card chargebacks and price volatility.
“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. With a flat 0.5 percent transaction fee, we expect to get a lot of traction,” he added.
BitPay offers its services to such giants as Microsoft, Shopify, Virgin, Gyft and others. In general, the number of the company’s users amounts to over 40,000. Meantime, Coinbase serves more than 39,000 companies around the world, including PayPal, Dell, Overstock, Bing, Google, Expedia and other firms.
“Already a major player in the remittance market, Igot’s new merchant service will see the company compete head-to-head with leading Bitcoin gateways and payment processors,” the company stated in a press release. “Igot’s global reach offers a competitive advantage in the payment processor market by facilitating cross-border payment in any of the supported currencies of almost 40 countries.”
The bitcoin exchange will provide a bonus of $500 for merchants that process $25,000 in bitcoin during the first 3 months. Moreover, the company will charge a 0.5% fixed transaction fee, although interchange and currency conversion will imply zero fees.
“Our primary focus is online stores, and we do not expect huge numbers of signups from brick-and-mortar businesses at this time,” Day told Bitcoin Magazine.
“Over time, we will work with POS solutions to integrate igot’s service into their existing hardware. Right now, accepting bitcoin requires almost no effort from the merchant and, once sales start coming in, igot automatically converts the bitcoin to fiat currency and places it in the merchant’s bank account.”
The bitcoin news marks the ongoing growth of the global cryptocurrency remittance market, with more bitcoin payment processors are expanding their services around the world.