April 7, 2014 – Atlanta, GA – BitPay, the world leader in business solutions for the Bitcoin digital currency, today announced a partnership with New West Technologies, Inc. and NitroSell, with the release of an e-commerce and point-of-sale solution. The partnership between the companies brings a new and streamlined solution for e-commerce retailers looking to accept Bitcoin payments from anywhere in the world, with low risk of fraud and zero chargebacks. With Bitcoin, retailers can expand their payment options for customers, increase payment security and get a step ahead with the newest payment technology. For more information about the Bitcoin integration, visit www.newestech.com
“This tandem offering will be a 360 degree solution from omni-channel e-commerce to brick-and-mortar,” stated Dan King, President of New West Technologies. “Because of this partnership, merchants and customers can benefit from how fast and easy we have made the transaction process.”
New West’s cutting edge solution includes a point-of-sale platform that integrates directly with any e-commerce merchant. Within the platform, BitPay’s Bitcoin Payment Gateway API will give customers the ability to settle transactions, using the Bitcoin spot rate at that specific time. This means a merchant can complete a transaction online and in real time.
“Bitcoin is the closest thing to a cash transaction a retailer can offer online. It protects the retailer from many of the risks associated with accepting credit cards online or in-store.”
Jim Morrison, CEO of NitroSell.
Users send payments by broadcasting digitally signed messages to the Bitcoin network, however the process of completing a sale does not change. The seller tenders the Bitcoin, the consumer scans the QR code and approves the payment. Upon approval, BitPay gathers and locks in the exchange rate and the transaction is completed. In addition, BitPay also enables merchants to convert Bitcoin into local currency with funds deposited into retailer’s bank account the next business day.