Merchants of the international e-Commerce platform Prestashop will soon have the option of accepting cryptocurrency payment. A recent partnership with Coingate, a cryptocurrency gateway service provider, will insure seamless integration to maintain their user-friendly payment interface.
Prestashop Payment Process
To opt in on accepting payments in cryptos, Merchants only need to do two things: select the option in the preferences for their Merchant webpage and create a CoinGate account.
Consumer payments can be made using a pool of 50+ cryptocurrencies.
Daily settlements from cryptocurrency to Fiat are made directly to the merchant’s account. For merchants that exchange to Euro’s, this transaction will be made in real-time and delivered to the associated bank account same-day.
270,000 businesses use the platform worldwide, and is offered in 60 different languages. The platform offers a rich array of customizability and merchant tools for eMarketing, unlike more rigid platforms like eBay or Etsy.
It was founded in 2007, and is headquartered in Paris, France – a country that is pushing strongly for regulation to adopt cryptocurrency use. It seems to be a perfect fit for utilizing cryptocurrencies and their lack of international boundaries.
The service is both a payment processor, and enables users to exchange fiat for Cryptocurrencies. They provide this exchange for Bitcoin, Litecoin, Ethereum and Dash.
As of 2017, they have over 10,000 registered users, but with the exposure from this partnership that number could grow exponentially.
Volatility, Middleman = Buffer-man
Any merchant using Coingate can receive their settlements with Euros or U.S. Dollars by bank transfer, PayPal or MoneyPolo to safeguard their income from the price swings of cryptocurrencies.
The greater ideal behind the use of cryptocurrencies was of course to remove the necessity of a middle man. However, in this case the middleman is providing a service that insures the value of the transaction made for the merchant’s product.
This must be seen as a step in the right direction that will spread a simple level of awareness or familiarity. With that baseline established, newcomers can begin to gain further knowledge of the positive capabilities of blockchain technology.