Recently, on Dec 3, Atomicpay.io successfully launched a private beta of its crypto payment access with the backing for six different cryptocurrencies.
This new payment processor will completely eliminate the involvement of third parties and merchants can straightforwardly accept cryptocurrencies.
What the Founders Had To Say
According to the developers, a restricted group of dealers can access the private beta version of Atomicpay. However, anyone who is interested in trying it can register.
In addition, the Atomicpay founders stated that since the newly launched software is decentralized and non-custodial crypto payment processor, merchants can now receive digital assets straight from the clients in a secured and trustless environment.
During the announcement, the team clarified that they shall continue to process payments but will not hold any funds and thus no need for middlemen. This is good news because the money goes straight to the dealer’s wallet. The merchants now have immediate ownership and full control of their money.
What Atomic Pay Does
Currently, Atomicpay provides full support for SegWit (Segregated Witness) protocol implementation. AtomicPay also supports 156 fiat currencies and 6 Cryptocurrencies. These include Bitcoin core (BTC), LiteCoin (LTC), Bitcoin cash (BCH), Bitcoin gold (BTG), Dogecoin (DOGE), and dash (DASH)
The AtomicPay platform will help generate a payment link and key. It will also continue providing the customary Point-of-Sale (PoS) services. The platform also has e-commerce plugins and an application interface for website developers.
In addition to creating invoices within seconds, the gateway will now create a different address for making payments. This will be made possible for each invoice through the support of Hierarchical Deterministic (HD) wallet
Correspondingly, it provides a strategy for establishments or entities which would like to conform to know-your-customer (KYC) requests.
Moreover, the gateway gives an alternative to cryptocurrency-to-fiat payments. This feature automates uninterrupted transfers via the CCXT protocol to local exchanges.
In their own words, the Atomicpay developers explained, “The API will allow merchants to set an interval where funds will be automatically sent to the exchange, create an order from crypto to fiat and lastly request a withdrawal back to their bank,”.
Competition Alongside Other Free Payment Processors
Atlanta based company Bitpay is one of the leading cryptocurrency payment gateways. It is also among the many competitors that Atomicpay has. Nonetheless, Bitpay only trades with two cryptocurrencies.
Other competitors include Coinbase Commerce, Btcpay, and Anypay Global. Anypay Global produces payment bills that are payable via text message using an application known as Cointext.
The main feature that sets apart Atomicpay from other payment processors is the service charges.
Business users are expected to pay 0.9 per cent to use the platform, while normal dealers are required to pay a 1 per cent flat rate. Also, users shall be billed the monthly fees as opposed to being taken from each transaction.