One of the news topics that has gone by pretty much unnoticed over this last week is the fact that CardinalCommerce integrated Bitcoin payments. Such a “nod of approval” from the global leader and pioneer in the remote payments industry can only be seen as a positive for Bitcoin and its underlying technology. For merchants, there is no valid reason not to consider at least accepting Bitcoin payments right now.
CardinalCommerce – Remote Payments
Even though we all use the existing financial infrastructure on a frequent basis, most of the companies making our way of paying possible are never mentioned. Up until today, most of our readers may not have heard of CardinalCommerce, despite the company’s efforts of enabling authenticated payments in the card-not-present payment industry since 1999.
What makes CardinalCommerce such an interesting company in the payment industry is their openness towards new and innovative technologies. In fact, most of their business model focuses on using alternative payment methods – such as mobile commerce services and digital wallets – in order to create a hassle-free ecosystem for consumers and merchants alike.
As a result, CardinalCommerce has dubbed their payment solution “One Connection”, which has all the tools to complement any other payment provider in the marketplace. After all, secure transactions which remain ease-of-use to lower entry barriers for alternative payment systems are what CardinalCommerce is all about.
One could go as far as stating that CardinalCommerce services and platforms are powering virtually any payment system in the world today. Not only in terms of merchant platforms, but also legacy processing systems, wallet services and authentication methods. Over the years, CardinalCommerce has grown to become a global leader in their own regard, and they have now set their eyes on integrating Bitcoin as an alternative payment method.
“Cardinal is thrilled to be able to offer our merchants the ability to accept bitcoin through our newest payment brand partner, Bitnet. Their many combined years of payment industry experience makes them the best choice for Cardinal and our merchants who want to offer bitcoin as an alternative way for their Customers to buy. The many benefits of bitcoin make it a win-win for merchants and Customers around the globe!” Alasdair Rambaud , Cardinal’s SVP of Merchant Services told DigitalMoneyTimes.
Joining Forces With BitNet
If you have ever looked into integrating Bitcoin payments for both online and offline usage, you may have noticed there are multiple parties to choose from. Yet CardinalCommerce has decided to partner with BitNet, as they brand themselves as the world’s digital commerce platform. Due to this partnership, any merchant with an online presence can immediately start accepting Bitcoin payments.
In order to make this transition as smooth as possible, BitNet brings some powerful tools to the table. For instance, any merchant has the ability to determine prices in one of the 60 major world currencies, and receive Bitcoin payments for that exact value. Once the transaction is completed, the merchant will receive his/her payment in fiat currency without ever being exposed to Bitcoin’s price volatility.
Combining CardinalCommerce’s global reach with BitNet’s digital e-commerce solution can lead to creating a potent ecosystem in the future. And, the best part about this partnership comes in the form of requiring no additional IT resources for merchants when a wallet needs to be upgraded, or if a payment protocol needs to be changed. All of this is taken care of in the backend by CardinalCommerce and their payment platforms.
“Bitcoin has turned the global Internet into a secure, seamless payment network – likely the most significant leap forward in FinTech history. We are honored to be partnering with CardinalCommerce to deliver the tremendous benefits of bitcoin to merchants. Cardinal [CardinalCommerce’s proprietary SafeCloudTM payment platform] is the ‘go-to’ provider for cutting edge payments solutions, so it is no surprise that our friends at Cardinal are as excited as we are at Bitnet to help merchants eliminate fraud while reducing processing costs through Bitcoin acceptance.” John McDonnell , co-founder and CEO, Bitnet told us.
Images courtesy of CardinalCommerce and BitNet