By
Bhushan Akolkar
May 22nd, 2020
Serving as another milestone in mainstream crypto adoption, the partnership is to enable tens of thousands of online merchants to start accepting cryptocurrencies as a payment method.
Blockchain payment gateway CoinGate have announced their new partnership with ecommerce platform PrestaShop. Lithuanian based company CoinGate is the leading payment gateway for blockchain payments in the European market, while PrestaShop is also a significantly established platform, being one of the largest open-source e-commerce platforms available internationally. Through integrating the services offered by CoinGate into the back-end of the PrestaShop platform, a minimum of 80,000 EU-based merchants will be reached, providing them with the option of payment with cryptocurrencies.
A Milestone in Mainstream Crypto Adoption
This is a significant milestone in the goal of mainstream adoption of cryptocurrencies. There are many individuals, who wish to participate, but find the entrance to using cryptocurrencies be a high barrier to breach. This partnership is promising for both: the promotion of these alternative payment methods in general, a well as for the businesses of CoinGate and PrestaShop.
CoinGate CEO Dmitrijus Borisenka recently supported this sentiment in a statement the company released. Borisenka stressed the importance of wide-scale adoption of cryptocurrencies, even stating this as one of the top priorities of the company. In terms of the service CoinGate offers, he described it as best serving small to medium stores where crypto payments are becoming increasingly popular due to the increased financial efficiency over standard card payments. As well as this, businesses benefit from the promotional effects created by attaching the Bitcoin tag to the product.
There is a new market of people with multiple forms of cryptocurrency that actively seek out vendors that allow them to spend it directly. The gap between customers and merchants in this sphere is significant however as Borisenka recognised; many business do not understand the potential benefits of adopting cryptocurrency payment methods. Borisenka completed his statement by suggesting the way to mend this through educating merchants about the common misconceptions surrounding the adoption of alternative payment methods, and encourage forward thinking business behaviors.
User-Friendly and Open for Different Cryptos
To encourage newcomers to the field, CoinGate employs a user friendly payment gateways so beginners only need a basic familiarity with cryptocurrencies to join. The payment module requires minimal effort to install, and from there the merchant just need 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. The payment process takes place in a single payment environment, catering for owners with holdings in many various forms. The merchants also have a simplified payment method, with the accumulated payments settled in a single currency chosen by the merchant.
CoinGate offers real-time settlements in Euros for those in need for the fastest transaction. Receipt payments are delivered to merchant bank accounts the next day, which is crucial for merchants concerned about the volatility of cryptocurrencies. The platform protects merchants from exchange rate volatility risk by locking the price of Bitcoin at the moment of purchase, while also allowing usage entirely without crypto transactions.
