March 21st, 2018 at 4:54 pm UTC · 4 min read
CoinGate, a leading payment gateway for blockchain payments in the European market, and PrestaShop, one of the largest open-source e-commerce platforms globally, announced a cooperation to enable tens of thousands of online merchants to start accepting cryptocurrencies as a payment method.
The integration of CoinGate services into the back-end of PrestaShop platform will reach at least 80,000 EU-based merchants, giving access to this innovative payment method in a few clicks.
This is a significant step in the adoption of cryptocurrencies, and CoinGate CEO Dmitrijus Borisenka explains the reasoning behind the partnership, stressing the importance of enabling the masses to access this new exciting technology.
“Encouraging adoption among people beyond the tech-savvy early-adopters is one of the biggest priorities for us. PrestaShop has an ideal base of small to medium stores that may well utilise cryptocurrencies not only as an innovative and increasingly popular payment method, which is much cheaper than traditional card payments, but also the promotional benefits that the Bitcoin tag carries. There is an entire new market of people who own all kinds of cryptocurrencies and are looking for ways to spend them, but the gap between customers and merchants in this sphere is still huge. It is therefore crucial to educate and encourage businesses to adopt a forward-thinking attitude and to overcome the prevailing misconceptions that surround cryptocurrencies.”
To make things as simple as possible for newcomers, CoinGate ensures the mechanics of integrating the payment gateway are user-friendly, and basic familiarity with cryptocurrencies is more than enough to get started. The payment module can be installed with a few clicks, and from there the merchant only needs to set up an account with CoinGate to start accepting payments.
The payment processor supports Bitcoin and over 50 other cryptocurrencies, including Ethereum and Litecoin, among others, in a single payment environment, catering for the widest range of cryptocurrency owners. For merchants, however, things could not be simpler: the accumulated payments are settled in a single currency chosen by the merchant.
CoinGate also allows real-time settlements in Euros for its customers, delivering received payments to merchant bank accounts the next day – an important feature for merchants new to the crypto space or worried about the volatility of cryptocurrencies.
“It is absolutely safe to accept cryptocurrencies as a way of payment. We protect our merchants from exchange rate volatility risk by locking the price of Bitcoin at the moment of the purchase. Merchants who opt to receive Euro payouts from us, essentially, do not have to touch cryptocurrencies at all – we handle every stage of the process.”
CoinGate already works with over 1,500 businesses worldwide, and the partnership with PrestaShop will open doors for more than 80,000 online stores of all kinds to have an easy entry into the cryptocurrency market.
The cooperation of the two companies is a promising development in the rise of blockchain-based payments, a market that is rapidly progressing towards maturity, but so far has been restricted by lack of user-friendly interfaces to connect merchants and customers.
CoinGate, based in Vilnius, Lithuania, is a cryptocurrency payments company established in 2014. The company offers a range of blockchain-focused services for businesses and individuals, including automated payment processing and brokerage services. CoinGate has a user base 50,000 and boasts monthly volumes exceeding over €10 million with over 1,500 merchants using the company’s payment gateway.
Founded in 2007, PrestaShop delivers an open source e-commerce software that offers an efficient, powerful, flexible and innovative platform. Today more than 270,000 e-stores in 195 countries operate under PrestaShop. PrestaShop’s mission is to work side by side with the e-merchants to grow their business and give them all the tools to be the most successful possible. Present in Europe and the U.S., the company has been funded by XAnge Private Equity, Seventure Partners et Serena Capital.
Disclaimer: CoinGate (coingate.com) is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.