Leading payment processing company ECommPay has teamed up with international digital currency payment gateway GoCoin to assist merchants in accepting transactions carried out in cryptocurrencies. The new frontier of payment systems is now open to ECommPay clients, promising an increase in turnover and customers satisfied with the payment tools available.
Bitcoin, the decentralised electronic currency established in 2009 as an open protocol for securely exchanging value between two parties over the Internet. Individuals download a free Bitcoin wallet from a mobile app store or to their computer. Bitcoins are, typically purchased from any number of exchanges around the world or privately for cash between consenting parties. Once you receive your Bitcoin into your wallet, you are the exclusive owner of the coins and they can only be sent to another wallet with your secret password, which must be protected. In contrast to traditional payment systems, Bitcoin accounts do not run the risk of forced closure; payments and payouts bypass external screening; chargebacks are impossible; and fraudulent use of third-party funds is minimal on account of Bitcoin's advanced security measures. Bitcoin is advantageous in the e-Commerce marketplace on the basis of its low commission fees, rapid processing times, and the lack of location restrictions for either party involved in the payment process. Merchants furthermore benefit from the possibility of microtransactions carried out in Bitcoin currency.
As cryptocurrencies grow in popularity, experts agree that Bitcoin will be one of the most popular payment systems of the future. ECommPay's Chief Technology Officer, Denis Astafiev had the following to say about Bitcoin's integration into the broad portfolio of payment methods available to clients:
"Bitcoins blockchain is a public ledger of every transaction providing the ultimate transparency and confidence to each party that a payment has been sent. Bitcoin has emerged as the most well-known digital currency payment systems in the world today. The cryptography applied to cryptocurrencies has immense potential - having initially gained popularity amongst small groups of enthusiasts and tech start-ups, Bitcoin surpassed this audience to enter the mainstream. An entire industry has centered around cryptocurrency technologies, suggesting, on the one hand, Bitcoin's place as an established alternative payment instrument, and, on the other, driving its development ever further.
ECommPay has long recognised the benefits presented by decentralised payment systems, working with its partners to offer clients the unique opportunity of accepting payments via cryptocurrencies."
ECommPay's cryptocurrency processing partner GoCoin is one of the largest companies working within this sphere of business. In addition to processing Bitcoin payments, GoCoin likewise facilitates payments carried out in the alternative cryptocurrencies Litecoin and Dogecoin - the latter of which is immensely popular in Japan. ECommPay clients can take advantage of the company's partnership with GoCoin and begin accepting cryptocurrency payments today.