Sydney and San Francisco—April 7, 2015—The fast-growing Bitcoin exchange igot announced the launch of the igot Merchant Solution. The new service allows both e-commerce providers and brick-and-mortar stores to accept Bitcoins for goods and services, paying a fixed transaction fee of 0.5 percent.
Already a major player in the remittance market, igot’s new merchant service will see the company compete with Bitcoin gateways and payment processors such as BitPay, Coinbase and GoCoin.
Notably, igot’s global reach offers it a competitive advantage in the payment processor market by facilitating cross-border payment in any of the supported currencies of almost 40 countries. igot allows merchants to automatically cash out in any of these currencies at no extra cost, which adds the advantage of shielding the merchant from rapid fluctuations in Bitcoin’s value.
Benefits of the igot Merchant Solution include:
- 0.5 percent fixed transaction fee (no extra interchange or currency conversion fees).
- Quick conversion of Bitcoin to local currencies, paid directly to merchants’ bank accounts in almost 40 countries.
- Integration that requires no technical expertise.
- Compliance with stringent security standards.
- Recurring transaction engine.
- Cloud reporting.
- Full stack APIs and integration support.
- Use with existing merchant accounts.
“Accepting Bitcoin through igot has multiple advantages for merchants,” said Rick Day, co-founder of the company. “Integration takes 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.”
As part of its extensive fraud prevention measures, all merchants and users are vetted by igot’s multi-level verification system. Furthermore, the company’s bank-grade security with two-factor authentication provides protection of customers’ funds, while the irreversibility of Bitcoin transactions removes the risk of credit card chargebacks.