The product partnership will give businesses the ability to accept and get paid out in 15 different cryptocurrencies and seven fiat currencies globally and supports BlueSnap’s mission to help businesses across the globe increase their revenue and reduce costs.
Because crypto protocols are global by default, the addition of cryptocurrency acceptance and payout will help BlueSnap’s customers conduct business with stakeholders around the world more seamlessly, as the press release says. Businesses who accept crypto payments can benefit from lower processing costs, access to a new customer base, and no chargebacks. The partnership will also allow customers to accept crypto and be paid out in fiat currencies including EUR, GBP, USD, PESO, CAD, AUD, NZD.
BlueSnap helps businesses get access to global payments. Their Payment Orchestration Platform is designed to increase sales and reduce costs for businesses accepting payments. The company supports payments across all geographies through multiple sales channels such as online and mobile sales, marketplaces, subscriptions, invoice payments and manual orders through a virtual terminal.
For businesses looking for embedded payments, they offer white-labelled payments for platforms with automated underwriting and onboarding that support marketplaces and split payments. With one integration and contract, businesses can sell in 200 regions with access to local card acquiring in 47 countries, 100+ currencies and 100+ global payment types, including ewallets, automated accounts receivable, fraud protection and chargeback management, built-in solutions for regulation and tax compliance, and unified global reporting to help businesses grow.
Founded in 2011, BitPay is one of the oldest cryptocurrency companies. They see it, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and allow for borderless payments in cryptocurrency, among other services.
BitPay offers consumers a digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, allowing them to turn digital assets into USD for spending. The company has offices in North America, Europe, and South America.
Earlier in October cloud payment platform Letus chose BlueSnap to power payments for the property rental market. BlueSnap helps Letus facilitate global payments and provide flexibility for rental transactions. The company’s embedded payments product, BlueSnap Relay, is a Payfac-as-a-Service, a white-label offering protecting organisations from risk, while allowing them to brand it as they see fit.
In a parallel move, BitPay shook hands with the cryptocurrency tax management platform ZenLedger, who started accepting cryptocurrency payments for its services using BitPay’s platform. Representatives from BitPay said that as a crypto tax software, ZenLedger is filling a need for consumers who want to buy, invest, and spend crypto alongside other investment vehicles and keep track for accounting and tax purposes.
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