Paxful, a global, peer-to-peer bitcoin exchange platform, has announced the launch of Paxful Pay, a new ecommerce solution to allow businesses around the world to receive bitcoin as payment for their goods and services, according to a news release.
"We're thrilled to bring Paxful Pay to our global community," shared Artur Schaback, COO and cofounder of Paxful, per the release. "There is a clear need to offer local options for bitcoin and this product is a culmination of our efforts to deliver on that demand.”
Paxful Pay works as a checkout integration into merchants' ecommerce websites. The tool allows buyers to make purchases with 400 payment methods, then the assets used for the purchases are exchanged into bitcoin that is sent to the merchants’ digital wallets. Interested merchants can start a signup process on the Paxful website.
Transactions made with Paxful's ecommerce integration are handled through the company's peer-to-peer bitcoin exchange platform, which utilizes a robust and secure escrow system. Additionally, all fees are paid by the buyer and vendor, with no expenses incurred in using Paxful Pay as a merchant.
Upon the completion of a successful payment, the merchant can have a callback configured to release the goods to the buyer. And although payment funds get deposited on the seller's merchant account by default, automatic send-outs to any Bitcoin address can be enabled in the dashboard –– which incur fees of 50,000 satoshis. Furthermore, merchants can also track transactions, manage their earnings and convert their funds into local currencies at any time.
By introducing this new ecommerce checkout integration, Paxful is lowering entry barriers for merchants worldwide to receive bitcoin as payment for their goods and services. With six million people already using Paxful to buy and sell bitcoin in a peer-to-peer way around the world, merchants can now tap into a liquid, non-custodial solution to start getting paid with the hardest form of money in the world. And in the medium and long terms, Paxful Pay is also set to further increase bitcoin adoption by incentivizing a decentralized exchange of goods and services for bitcoin.