Payfirma Corp., a Vancouver-based multichannel payments company, is launching their Bitcoin API that allows businesses to accept Bitcoin along with other traditional payment methods. This beta is available today for qualified merchants who can sign up at www.payfirma.com/platform/bitcoin.
Consumer preference and payment methods are changing, so it's important for businesses to quickly adapt and offer payment options: in-store, online, via mobile, and with alternative currencies. This solution will also give business owners access to consumers who exclusively purchase at bitcoin vendors. The Bitcoin API is yet another step in Payfirma's pursuit of innovation to better serve the growing needs of merchants and help them gain new customers.
Through a partnership with BitPay, Payfirma's Bitcoin API allows beta users to accept bitcoin as a payment method with an integration directly connected to their Payfirma account. With the ability to embed it into the eCommerce checkout experience, users can see purchases and refunds made with Bitcoin that are automatically exchanged into dollars (USD or CAD) at a verified exchange rate. This allows merchants to accept the payment types their customers prefer, in the currency they do business in -- all conveniently managed in PayHQ, Payfirma's centralized payments platform.
Payfirma has an existing agreement with CIBC to offer Payfirma services to CIBC business banking clients who are seeking innovative solutions for accepting payments from clients using mobile devices.
"Today's consumers are adopting new payment technologies, like Bitcoin, at a rapid pace," says Payfirma CEO, Michael Gokturk. "We're always iterating and innovating at Payfirma, building technologies that enable businesses to rapidly adopt payment technology without having to build new infrastructure or incur significant implementation costs."
"Our bank is focused on innovations that make a difference to our clients, and we are committed to developing the right FinTech partnerships to build on our leadership in this area, today and in the future," said Phil Griffiths, Senior Vice President, Global Transaction Banking, CIBC. "In this case, our partnership with Payfirma has already delivered new options to business clients for accepting payments, and will now position them to consider accepting payments in currencies such as Bitcoin if it supports growth in their business."