On Monday, the platform dealing with the processing of online payments publicized information of its new partnership with VaultBank, a blockchain startup which creates and trades financial tools. The new business union will allow merchants to accept crypto for their goods, including the first top four coins: BTC, XRP, ETH and XLM.
World of commerce in need of crypto
The president of SpotOn, RJ Horsley, believes that these days the digital market requires that a payment operator can take a wide range of payment means, including crypto. He intends to let merchants and customers use crypto without changing the SpotOn platform for a different payment processing system.
Besides, the new technology that comes from VaultBank will allow converting digital coins into fiat currencies — which will be convenient for merchants.
Paying in crypto is expected to make buyers happy.
The new payment option
The new tool will enable clients to buy goods and services with digital coins of their preference, and merchants will be able to change these assets to fiat money or take the crypto on their balance.
In the future, SpotOn intends to add a feature of letting customers buy/sell or trading crypto on the platform.