New element to existing crypto-payments network offers assurance to online and brick-and-mortar retailers wanting to tap into a $270bn market by taking payments in BTC, LTC and ETH.
Canadian firm NetCents Technology Inc. has announced what it calls a “true game changer for the cryptocurrency market” in the form of its Instant Settlements application, which will provide merchants “guaranteed protection against market-volatility and liquidity issues associated with processing cryptocurrency transactions”.
Citing these elements as “the real gating item preventing cryptocurrencies to truly become mainstream” as a day-to-day method of payment, NetCent’s instant settlement facility with initially cover transactions in Bitcoin, Ethereum, Litecoin – all of which will be underpinned by a system using its own NetCents Coin, which can also be accepted. Using its own coin as a back-end mechanism, makes the system currency agnostic – meaning, we’re told, additional cryptocurrencies can and will be added over time.
“Through Instant Settlements,” NetCents says, “merchants will now be able to take advantage of all the benefits of lower fees, faster processing, and leverage the liquidity of ‘crypto-to-fiat or crypto-to-crypto’ settlement without being exposed to the risks or the price fluctuations inherent with cryptocurrencies.”
Its system, the company claims, will essentially remove merchant concerns regarding price volatility, enabling crypto to “mirror” existing payment methods, ultimately leaving stores indifferent to how their customers choose to pay.
“Through this development,” said Clayton Moore, CEO of NetCents Technology, “merchants can now expand their products and services to an untapped $270+ billion dollar cryptocurrency market, increase sales with ease, convenience and security.”
NetCents merchant gateway is a “plug-and-play payment processing platform” that can be integrated into a website or bricks-and-mortar retail setup using its API. It has been up and running, in the main, for a year now – with Instant Settlement the latest, and perhaps most eye catching, element of its offering.
Companies or organisations that want to take a close look at the NetCents platform should register at its site.