South African crypto firm Coindirect announced a new business to business cryptocurrency payment solution designed to facilitate borderless transactions within a secure and transparent environment.
The company said the business to business (B2B) offering allows for merchants to receive payments in Bitcoin and a variety of other cryptocurrencies with only a small 1% merchant fee.
The platform accepts cryptocurrency pay-ins and pay-outs both globally and locally allowing for the funds to be placed into the merchant bank account in either ZAR or Euros.
“The South African market has had limited to no access to secure, transparent and cost-effective cross border B2B payments until now,” says Nic Haralambous, Coindirect COO.
“Our cryptocurrency payment platform allows for merchants to accept payments globally, instantly and affordably, receiving fiat with no currency risk. We have signed several leading merchants onto the platform that will launch in Q4, 2019.”
The coindirect B2B payment platform has been designed to address some of the significant issues affecting cryptocurrency payments in the local market.
It allows for a 15-minute payment window while providing for a guaranteed ZAR/BTC or EUR/BTC rate and payment is treated as legitimate and ‘seen’ from the moment it arrives in the mempool. This bypasses some of the challenges that have influenced cryptocurrency payments in the past – delays on verification and limited timescales within which to complete transactions.
In addition to flexible operating capabilities and global access to cryptocurrency payments merchants only pay a 1% fee to coindirect for use of the service.
“Merchants can accept payments without having to invest into any crypto infrastructure, and can use the system to email invoices anywhere in the world,” said Haralambous.
“The platform allows for merchants to connect to a growing cryptocurrency ecosystem while benefiting from instant, secure, irreversible and global transaction support. The coindirect cryptocurrency payment solution is built on high-end security infrastructure and provides merchants with the transparency and visibility into transactional data that they require.”