Bitnet and PAY.ON Enter Strategic Partnership to Enable PSPs Globally to Offer Simplified Bitcoin Acceptance
Bitnet, an enterprise bitcoin payments processor, and PAY.ON, a leading provider of white label global payment gateway solutions, today announced a strategic partnership that will enable payment service providers globally to offer bitcoin as a payment method via PAY.ON's RESTful API-based payment platform.
Bitcoin is a digital currency that allows merchants to accept payment from anyone, anywhere in the world, at low cost and with no chargeback risk. The global reach of bitcoin, coupled with the ability to address points of friction in traditional payments networks, has led to a surge of interest in recent years.
PAY.ON's clients, ranging from local payment providers to multi-national PSPs servicing the world's largest retailers, can now enable their merchants to add bitcoin to their checkout pages quickly and easily. 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 specifically to service both the merchant and PSP ecosystems. Founded and staffed by a team of ex-Visa and ex-CyberSource payment professionals, Bitnet allows merchants to set prices in local currency, accept bitcoin payments from consumers, and settle the transaction in the merchant's currency of choice. Bitnet guarantees payment within seconds with their unique Instant Approval service, preserving the typical merchant checkout flow that is designed for card acceptance, and therefore simplifying implementation. This is in keeping with PAY.ON's mission to remove the complexity from payments and streamline cross-border e-commerce. Merchants additionally benefit from offering a digital payment method that expands their business to a new customer base, generating a new revenue stream without significant implementation costs.
"PAY.ON and Bitnet have built robust, industry-leading payment processing technology based on the same fundamental principles," said Markus Rinderer, CEO and Founder at PAY.ON. "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."
"Our partnership with PAY.ON enables us to achieve scale by enabling bitcoin acceptance for over a hundred PSPs globally," said John McDonnell, CEO and Founder at Bitnet.
"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."
Bitnet provides transaction processing and risk management services that enable retailers, online marketplaces and exchanges to accept and trade digital currencies such as bitcoin (BTC). Bitnet's engineering, product, and business development team helped build and manage the world's largest payment gateway, CyberSource, which was sold to the world's largest payment network, Visa, for USD$2 billion in 2010. Bitnet has offices in San Francisco, California; Belfast, Northern Ireland; and Singapore.
PAY.ON delivers white label global payment gateway solutions to payment service providers, ISOs, acquirers, ISVs, and VARs, enabling them to fully outsource payment transaction processing or integrate a gateway-to-gateway solution. The core payment gateway provides cross-border payment processing, PCI-compliant merchant boarding, and access to more than 300 domestic and international acquirers and alternative payment methods. Modular solutions are configured to specific business cases, with additional fraud prevention tools, monitoring and reporting, and business services. PAY.ON enables payment providers to rapidly increase international revenues, reduce costs and risk, and accelerate market expansion.
Headquartered in Munich, PAY.ON has subsidiaries and representation in New York, Hong Kong, Salzburg, London, and Sydney.
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