CoinGate, a leading payment gateway for blockchain payments in the European market, and PrestaShop, one of the largest open-source e-commerce platforms globally, announced a cooperation to enable tens of thousands of online merchants to start accepting cryptocurrencies as a payment method. The integration of CoinGate services into the back-end of PrestaShop platform will reach at least 80,000 EU-based merchants, giving access to this innovative payment method in a few clicks.
The payment module can be installed with a few clicks, and from there the merchant only needs to set up an account with CoinGate to start accepting payments. For merchants, the accumulated payments are settled in a single currency chosen by the merchant.
CoinGate CEO Dmitrijus Borisenka stated:
“Encouraging adoption among people beyond the tech-savvy early-adopters is one of the biggest priorities for us. PrestaShop has an ideal base of small to medium stores that may well utilize cryptocurrencies not only as an innovative and increasingly popular payment method, which is much cheaper than traditional card payments but also the promotional benefits that the Bitcoin tag carries.”
“There is an entirely new market of people who own all kinds of cryptocurrencies and are looking for ways to spend them, but the gap between customers and merchants in this sphere is still huge. It is, therefore, crucial to educate and encourage businesses to adopt a forward-thinking attitude and to overcome the prevailing misconceptions that surround cryptocurrencies.”
CoinGate also allows real-time settlements in Euros for its customers, delivering received payments to merchant bank accounts the next day – an important feature for merchants new to the crypto space or worried about the volatility of cryptocurrencies.
Dmitrijus Borisenka continued, “it is absolutely safe to accept cryptocurrencies as a way of payment. We protect our merchants from exchange rate volatility risk by locking the price of bitcoin at the moment of the purchase. Merchants who opt to receive Euro payouts from us, essentially, do not have to touch cryptocurrencies at all – we handle every stage of the process.”
CoinGate already works with over 1,500 businesses worldwide, and the partnership with PrestaShop will open doors for more than 80,000 online stores of all kinds to have an easy entry into the cryptocurrency market.