MyCryptoCheckout, a company dedicated to increasing cryptocurrency commerce around the globe, announced the addition of unique fiat autosettlement capabilities to its payment gateway plugin for WordPress. This functionality allows merchants to bypass one of the biggest hurdles to accepting cryptocurrencies: volatility.
Please Note: This is a Press Release
For many merchants, the risk of accepting a currency that could be valued lower in a relatively short time of holding it outweighs the reward of that currency’s value rising. To date, the primary solution to solve this problem has been to use a custodial payment solution. How they work — a 3rd party payment processor accepts payments on behalf of the merchant, converts the cryptocurrency to fiat, takes a fee, and then gives the remaining funds to the merchant. This model essentially mirrors traditional credit card payment processors.
Why is MyCryptoCheckout’s fiat autosettlement solution unique?
To begin with, MyCryptoCheckout’s payment gateway is non-custodial, payments go directly from customers to the business with no middleman. Since they do not accept payments on behalf of merchants they developed a new method that allows merchants to automatically convert cryptocurrencies themselves.
With the new fiat autosettlement feature, merchants can connect their webshop to exchange(s) and instantly convert any received cryptocurrencies into fiat or fiat-backed stablecoins. The funds then remain in the merchants exchange account. Flexible settlement options enable merchants to setup as many autosettlement types as they wish. Different coins can be settled at different exchanges. Currently five autosettlement currencies are supported (USD, USDC, USDT, TUSD) together with two exchanges (Binance, Bittrex). Paired with the option to accept 95+ cryptocurrencies, this gives merchants the ability to create hundreds of autosettlement combinations to fit their needs.
“Volatility is one of the friction points we hear merchants talk about most often.” says MyCryptoCheckout Co-founder Jesse Sneider. “This is a great tool for people who want to accept bitcoin/altcoins but prefer to cash out immediately to avoid volatility. We developed it to be highly flexible so the merchant is in total control of what coins they cash out at what exchange for what settlement currency. Autosettlement types can be as simple or as complex as the merchants want them to be.”
MyCryptoCheckout is a cryptocurrency payment gateway for WooCommerce and Easy Digital Downloads. Accept 95+ coins. 0% transaction fees. Use any crypto wallet. Peer-to-peer transactions. No KYC or restrictions. For more details, please visit: https://mycryptocheckout.com/