BitBay Pay, a service of European giant BitBay, provides cryptocurrency payment gateways to land-based and online stores from anywhere in the globe.
BitBay Pay is a modern cryptocurrency payment service provider for both online and land-based stores anywhere in the world.
This crypto transaction gateway is a product of BitBay, a digital asset exchange for Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Lisk (LSK), and more. Launched in Poland in 2014, the trading platform became the biggest in Central and Eastern Europe.
Traditional transactions using fiat currencies have presented a number of potential problems for both the customers and the merchants.
For one, cross-border transactions would usually take a long time before they are completed. In addition, such transactions would cost participants a significant amount of fees.
Both of these problems could be attributed to the centralized model of the traditional financial system, in which transactions involving fiat money go through intermediaries—usually in the form of banks.
Meanwhile, one of the biggest concerns of business owners is credit card-paying customers who take advantage of the chargeback method.
Thankfully, blockchain technology has provided solutions to some of these problems.
Online nodes all around the world usually maintain a network of this kind. That would mean transactions could be conducted almost anywhere and could be verified significantly quicker than fiat deals. Moreover, transactions recorded on the blockchain could not be reversed, sparing merchants of the fear and the hassle involved in chargebacks.
BitBay Pay aims to bring these benefits within reach of consumers and businesses through its wide array of crypto transaction services. Some of these services are as follows:
1| Quick Payments
Owing to how blockchains work, crypto transactions take only a small amount of time before confirmation. Payments involving Bitcoin (BTC)—the first and the biggest crypto—usually take around 10 minutes before they complete verification. Additional methods could be implemented to make that brief amount of time even shorter.
2| API and POS Machines
Merchants of all kinds could tap into the potential of cryptos as a payment method thanks to BitBay Pay. Online stores can integrate BitBay Pay through an application programming interface (API). Meanwhile, establishments could deploy BitBay Pay’s point of sale (POS) terminals. Both of these gateways could be customized to the tastes of the merchants.
3| Exchange to Fiat Currencies
BitBay Pay provides easy conversion of cryptos received into one of the four supported fiat currencies—euro (EUR), US dollar (USD), pound sterling (GBP), and złoty (PLN).
Merchants that would use BitBay Pay’s services could be assured that their businesses could reach a wider audience as this payment provider supports more than a dozen of the most-used cryptos like Bitcoin.
An estimated 10,000 companies all across the globe are using BitBay Pay for their business ventures. And with the rise of cryptos that many supporters are expecting soon, BitBay Pay hopes that it could invite businesses to embrace this emerging and innovative technology.