Cyclebit Launches E-commerce Payment Service For Accepting Cryptocurrencies Alongside Regular Payment Methods
The unique feature of Cycle Online for retailers is its “multi-currency wallet” that accepts BTC, BCH, LTC, ETH, and other cryptocurrencies. Retailers don’t incur any volatility risks, as the exchange rate is fixed at the time of the transaction. Also, if the retailers prefer to make payments directly in fiat currencies, they can do so without holding any crypto assets on their accounts. The settlement occurs instantly, allowing retailers to avoid high bank card transaction fees and chargebacks incurred during traditional fiat transactions.
The Cyclebit team believes that the key focus of the service is to simplify transactions for the retailers and the customers seeking to obtain goods and services worrying about how to pay or how to get paid. Retailers can seamlessly sign up and start using Cycle Online by integrating its API into their PSP or directly onto their websites. Once the service is live, retailers can integrate into their e-commerce websites to accept crypto payments for goods and services and offer their customers a simple way of paying using digital currencies.
All crypto payments concluded via Cycle Online are performed in line with internationally accepted AML and KYC procedures, while payment security and compliance with AML/CTF Regulations and AML Procedures are ensured by a partnership with IDENTANCE.
The launch of the new service by Cyclebit is a significant step for the company, which is the leader in both in-store and e-commerce payments and has access to more than 200,000 merchants across the CIS and Southeast Asia. With its card payments turnover surpassing $1,5 billion in 2020, Cyclebit expects crypto payments to gain significant traction, as it sees great demand and potential for this service.