With the announcement by BitPay and New West Technologies on their partnership with NitroSell, Bitcoin transactions in e-commerce as well as at brick-and-mortar retailers are going to become easier than ever.
The partnership between the companies brings the release of an e-commerce and point-of-sale solution for e-commerce retailers looking to accept Bitcoin payments from anywhere in the world, with low risk of fraud and zero chargebacks, according to the official press release from BitPay.
New West’s cutting edge solution includes a point-of-sale platform that integrates directly with any e-commerce merchant. Within the platform, BitPay’s Bitcoin Payment Gateway API will give customers the ability to settle transactions based on the Bitcoin spot rate at that specific time.
This means a merchant can complete a transaction online and in real time.
Users send payments by broadcasting digitally signed messages to the Bitcoin network. But don’t worry; the actual buying process does not change meaning you get what you pay for just like you would with paper money. The buyer tenders the Bitcoin, the seller scans the QR code and approves the payment.
Upon approval, BitPay locks in the exchange rate and, poof! The transaction is completed. Simple as that.
Also, BitPay enables merchants to convert Bitcoin into local currency with funds deposited into retailer’s bank account the next business day. If you think that takes longer than it should then remember that checks usually take from 48 hours to 5 business days to clear with the bank depending on where you live and the banks involved. Again, a lot of red tape and bureaucracy.
Not so with Bitcoin as without a middle-man bank having to clear a transaction, the combination of increasingly efficient e-commerce and deintermediation will make the processing of Bitcoin payments even quicker in the future as the technology develops.
President of New West Technologies, Dan King, commented:
“This tandem offering will be a 360 degree solution from omni-channel e-commerce to brick-and-mortar. Because of this partnership, merchants and customers can benefit from how fast and easy we have made the transaction process.”
NitroSell’s CEO, Jim Morrison, noted:
“Bitcoin is the closest thing to a cash transaction a retailer can offer online. It protects the retailer from many of the risks associated with accepting credit cards online or in-store.”