Bitnet and PAY.ON have announced a partnership allowing PAY.ON’s entire customer base, which includes over 100 PSPs and 56,000 merchants, to accept bitcoin on its platform.
Bitnet, an enterprise scale digital commerce platform has connected with PAY.ON, a financial institution which offers white label payment gateway solutions for payment service providers to enable merchants using PAY.ON’s RESTful API to accept bitcoin payments.
Today, PAY.ON processed over 1.2 million transaction per day and has an extraordinary user base of more than 56,000 merchants and over 100 multi-national PSPs that serve retail giants to local payment providers. The strategic partnership between Bitnet and PAY.ON will allow all of PAY.ON’s customers and merchants to accept bitcoin on its existing financial platform and API.
The PAY.ON team announced in a press release:
“Thanks to the Bitnet partnership, PAY.ON’s PSP clients will be able to offer bitcoin payments without exposing their merchants to the risk of fraudulent transactions or volatility in the price of bitcoin.”
Bitnet is the first bitcoin payment processor designed especially to service both PSP ecosystems and the retailer. Founded and staffed with a team of former Visa -CyberSource executives and professionals, Bitnet enables retailers to accept bitcoin payments from customers to establish costs in local currency and to settle the transactions in the retailer's choice of funds.
“PAY.ON and Bitnet have built robust, industry-leading payment processing technology based on the same fundamental principles,” explained PAY.ON Founder and CEO Markus Rinderer. He added:
“Flexibility, scalability, and security are delivered through RESTful APIs, making bitcoin acceptance simple for our network of payment service providers and their merchants. Enabling cross-border e-commerce has always been a core part of PAY.ON’s offering, so we are delighted to be partnering with Bitnet to further strengthen the global payment options available through our platform.”
Bitnet is set to implement their recently developed tool called “Instant Approval,” which allows merchants to mitigate the risk of instantly accepting bitcoin payments without confirmations.
Although payments in the Bitcoin network are sent instantaneously, it takes about 10 minutes for transactions to be verified and confirmed by the network’s “miners.” The system that Bitnet has integrated developed by BlockCypher determines if a transaction is safe enough to accept quickly, without pushing it to the bitcoin network.
“Our partnership with PAY.ON enables us to achieve scale by enabling bitcoin acceptance for over a hundred PSPs globally,” said Bitnet co-founder and CEO John McDonell. “PAY.ON is an innovative technology company that powers payments infrastructure at a global level, and we are excited to be working with their team to bring bitcoin acceptance to their PSP clients around the world.”