The P2P service for the exchange of bitcoin, Paxful, launched a solution for online businesses to start accepting payments with the main cryptocurrency. Christened Paxful Pay, the e-commerce platform allows any business to process their sales with BTC. The option is available from yesterday, June 3, according to the company through a statement.
Merchants can now register and add Paxful Pay as an alternative for their customers to purchase products and services over the Internet with bitcoin. Entrepreneurs can manage their income and convert received cryptocurrencies to local currency using the marketplace, Paxful added .
“Merchants will also have control over the settings in their Paxful Merchant Dashboard and will be able to track every transaction. The company hopes to expand into other cryptocurrencies and also plans to introduce automatic conversion to stablecoins like Tether (USDT), ” Paxful highlighted .
This means that, if a merchant wants to exchange their bitcoins for a stable currency, they can do so without setbacks. These types of operations are executed when the commercial establishment does not want to expose itself to the volatility of BTC , for example, but offers the option of accepting the cryptocurrencies of its buyers.
Multiple alternatives with Paxful Pay
Another option that is under development for merchants using Paxful Pay is to enable automatic conversions from bitcoin to national currencies. With this function, businesses that do not wish to hold BTC can transform them into their fiat currency equivalent with direct transfer to a bank account.
Users who make purchases and wish to pay with bitcoin through Paxful Pay, only have to select the products or services to be purchased and choose this option as a payment method. If the person is not registered with Paxful, then they must complete the process and then finalize the purchase. If the operator is already registered then all you have to do is log in.
At present, the company already has registered more than 100 establishments that accept bitcoin on their websites with Paxful Pay . In this phase of the project Paxful will offer the service to a certain number of merchants. However, as the solution expands, support will be general for businesses that request it.
It was not clear what are the commissions that merchants must pay for the service or if there are conditions of minimum time of use of the platform. The alternative for merchants could represent a new business model for Paxful that already serves more than 6 million users worldwide, as reported by CryptoNews.