End-to-end payment ecosystem provider, Monneo, has simplified the process of making and receiving online cryptocurrency payments. Thanks to its recently launched service, Monneo is enabling online merchants to accept cryptocurrency payments natively through their websites.
The new solution converts the cryptocurrency payment into its equivalent fiat currency value and then Monneo settles it to the IBAN of the merchant, also provided by Monneo in a time and cost-effective manner.
Monneo's unique crypto payment solution ensures merchants do not take any volatility risk. The customer has 15 minutes to complete the transaction where the crypto to fiat rate is locked in and the merchant receives the full fiat amount, regardless of any rapid exchange rate fluctuations.
It uses the Lightening Network (where available), a second layer of technology which helps facilitate cryptocurrency to be exchanged instantly.
With an increase in demand for payments being made in cryptocurrency, Monneo’s new service, which is highly accessible and integrated within the company’s existing application, makes the cryptocurrency payment process far easier for customers and online merchants alike. With over 300 million cryptocurrency owners worldwide, the new update could soon help online merchants to expand their base of customers, improving revenue levels in the process.
Since its formation, Monneo has worked to develop a one of a kind, end-to-end payments ecosystem, which addresses several longstanding issues that online merchants have had to deal with for many years. Now, the company has taken this service to new heights through the introduction of a unique cryptocurrency payment service, which simplifies the process of accepting online cryptocurrency payments.
Speaking on the update, Lili Metodieva, Managing Director of Monneo, commented: “We’ve all witnessed the huge growth of cryptocurrency in recent years, but many online merchants have been unable to truly take advantage of this trend. Fortunately, this will now change thanks to a new update to our leading payment ecosystem platform, which is available to all merchants currently using our services.
“The new platform converts cryptocurrency payments into a fiat alternative, using real-time conversion rates. Being able to lock in the rate of conversion gives peace of mind that the payment is locked in place for 15 minutes with our in-built mechanism protecting online merchants and consumers from the effects of market volatility. We’re now looking forward to seeing how it helps our customers take advantage of this important area.”
The new update represents Monneo’s latest foray into the world of cryptocurrency. Last year, the company announced a landmark project with cryptocurrency exchange, Coinbase. On account of the partnership, merchants using Monneo’s platform can now settle B2B invoices in a range of leading cryptocurrencies. In addition to this, the Monneo platform continues to offer further payment options across 130+ fiat currencies.