Popular digital currency payment service provider BitPay has partnered with Verifone to enable U.S. residents to make payments for goods using cryptocurrencies across Verifone supported payment terminals.
The new initiative, which will be rolled out later this year, will be designed in ways that will shield merchants from the massive price volatility associated with cryptocurrencies, BitPay said in an announcement today.
BitPay plans to protect merchants from crypto price volatility by quickly converting the funds into fiat, and paying its equivalent into the sellers’ bank accounts.
“Together we have solved all the potential challenges for merchants: There’s no volatility or fraud chargeback risk, low implementation costs, and consumers will find the payment experience very seamless,” Jeremy Belostock, head of APMs at Verifone, said.
Under the initiative, customers can now pay for goods using all BitPay supported cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), etc.
Merchants interested in receiving cryptocurrency payments can indicate by contacting their respective Verifone sales representatives.
How to Use Verifone Crypto Payments
According to the announcement, the service will be easy to use for everyone including merchants and consumers. Merchants will not be required to go through the process of creating an e-wallet before they will be able to accept cryptocurrency payments.
On the other hand, customers can make payments with cryptocurrencies by connecting to any of the supported e-wallets, such as Blockchain.com, Metamask, BRD, and BitPay, among others, which can be selected on the Verifone checkout device.
Upon checking out, the customer will be required to scan a QR code using their wallet, to complete the payment. Once the payment is complete, the merchant will automatically receive an approval message on the in-store terminal, which confirms the customers’ payment.
The integration of cryptocurrency payments could be of benefit to Verifone merchants because cryptocurrency adoption has continued to soar.
There have been several reports of merchants accepting cryptocurrency payments and BitPay seems to be at the forefront of the campaign.
It is wort noting that last year, BitPay partnered with point-of-sale (POS) terminal maker Poynt to enable over 100,000 retailers from different parts of the world to accept cryptocurrency payments.