Igot Brings Bitcoin Merchant Services To Nearly 40 Countries
Accepting Bitcoin payments as a merchant has become so much easier compared to just a few years ago, back when Bitcoin was relatively unknown and rather worthless. Ever since more and more major retailers decided to get on board with Bitcoin payments, there has been a hefty competition between payment processors such as Coinbase, BitPay and GoCoin. And it looks like Igot will be gunning for the top position in this market.
The Fastest Growing Bitcoin Exchange in the World
Most Bitcoin enthusiasts will have heard the name igot before, as this is the world’s fastest growing Bitcoin exchange to date. And that is a good thing, as we can use a lot more competition where Bitcoin exchanges are concerned. More competition leads to lower fees, which is something we can all benefit from in the end.
But being a Bitcoin exchange is just one part of igot’s business model, as the company is looking to branch out their services. By creating a Merchant Solution – allowing retailers to accept digital currency payments for a small fee – igot will try to take Bitcoin adoption and awareness to new levels.
igot Merchant Solution – Available in Nearly 40 Countries
In order to attract as many retailers as possible, it is important to open up your service to a very broad audience around the world. Coinbase is active in 24 countries at the time of publication, and BitPay is doing slightly better. But igot could be a tough competitor, as they launch their merchant service in 40 countries right away.
As a merchant, it is not easy to decide which Bitcoin payment processor you want to use. All of them offer the same functionality – avoiding the Bitcoin price volatility by having your transactions converted to fiat currency on the fly – and most Bitcoin payment processors run on low to no fees at all.
Bitcoin transactions through the Igot platform will be subject to a 0.5% fee per transaction, which is still much lower compared to accepting traditional payment methods. Credit cards, for example, one of the most commonly used payment methods on the internet, are subject to a 3%-5% fee per transaction.
Note from the Author: igot’s Merchant Solution will be available in interesting places such as India, Kenya, Malta, and the United Arab Emirates. It will be interesting to see if Bitcoin can gain a foothold in these markets.
But this is where igot can truly shine, as their Bitcoin merchant solution is not just available for online retailers, but you can start accepting in-store payments in BTC as well. When you look at things from that perspective, the 0.5% fee per transaction becomes nominal and leaves business owners with a lot more money in their pocket on a monthly basis.
True to Bitcoin’s nature of borderless payments, igot will roll out their Merchant Solution to nearly 40 eligible countries. In doing so, the company gains a competitive advantage over companies such as GoCoin, Bitpay and Coinbase. And by offering to convert Bitcoin payments to any of the local currencies supported in these countries, they may see an explosive growth in the near future.
“Accepting Bitcoin through igot has multiple advantages for merchants.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. This is a win-win situation for merchants and the Bitcoin community. With a flat 0.5 percent transaction fee, we expect to get a lot of traction.” – Rick Day, igot Co-Founder
Thorough Security Checks
Igot’s plans are very ambitious to say the least, and one of the key areas will be to thoroughly “vet” their customers for any illegal activity. The Merchant Solution is compliant with the most stringent security standards, and there are multiple fraud prevention methods in play to make sure everything is done in accordance to the law.
Every merchant and individual user of the igot platform will go through multiple stages of verification before being given access to all of the available tools. On top of that, igot has implemented bank-grade 2FA in order to properly protect customers’ funds. Last but not least, the risk of chargebacks is nullified by Bitcoin’s non-refundable aspect.
Source: Press Release via Email