Elegro Gateway: “Live” Payments Powered by Blockchain

ELEGRO Ecosystem / November 1, 2018 / Comments: 0
01.11.2018post

Have you ever thought about scaling your business to its full potential at the expense of cryptocurrencies? Well, it looks like now you have two good reasons for that! The first one is, crypto coins would see accelerated growth. According to the Kraken CEO, cryptocurrency market as a whole is about to cross a valuation of $1 trillion by the end of 2018. Even if some coins fall, the general prognosis is good: the market cap seems to increase year after year.

Another great news is, you can use crypto coins TODAY! Elegro Gateway, a brand-new solution developed by the world’s first blockchain acquirer can make life easier for merchants all around the world. Powered by blockchain technology, it allows merchants to accept crypto coins on their sites and get payouts in local currencies.  

A few reasons to trust blockchain

Even these days, it’s quite hard to do business without banks. But what if there’s another, more secure and fast way to manage your funds? Oh, lucky you! Elegro Gateway is that very option that can save the day.

Traditionally, when you process money with a bank, you have to do with an intermediary. Like it or not, but that “interlayer” has all your information including data about spending habits. Sure thing, you can switch to financial services to transfer money, but get ready to face long waiting and extra fees.

Instead, you can entrust your payments to the blockchain offering a whole bunch of business-friendly opportunities including:

  • A decentralized network to transfer payments in conventional currencies. That allows your funds to bypass existing banking infrastructure, with the goal of payment accelerating and reducing cost.
  • Global payments get lightning-fast and smooth (no hassle, that’s right).
  • You can forget about chargebacks, fraud and theft.
  • Smart contracts that execute themselves when specific conditions are met. For instance, a self-executing contract might trigger automatic payment processing when a company verifies product shipment. As a result, transactions get instant more error-proof.

Elegro payments are easy

Here’s how the “blockchain magic” works inside Elegro Gateway:

  1. Suppose, a customer wants to buy a product for crypto coins. He/she pay, say, 100 EUR in crypto on a merchant’s website.
  2. A transaction created is added to a “block” to be added to the blockchain network
  3. Elegro Gateway integrated with the store via Elegro API converts the customer’s coins into the merchant’s local currency
  4. And voila, both parties got what they want! The buyer got a desired thing, and the merchant got 100 EUR converted from a cryptocurrency.

01.11_blog_scheme

One of the greatest things about Elegro’s gateway is that merchants don’t need to crash the whole payment processing system to adapt it to their stores. The payment process remains unchanged. Just as before, a merchant continues to receive “traditional” cash. A buyer in turn can pay with a cryptocurrency as if he/she did it with EUR, USD or any other money. The crypto gateway will take care of the details.

As for other features merchants and their customers get from Elegro acquirer, they are:

  • Instant fiat/coin exchange with no fees charged.
  • Fair processing fee.
  • 0% volatility guarantee.
  • Nobody can delete or change transaction information “without telling.”

A gateway to larger markets

If you’re looking for better business opportunities, you can get them. If you need a solution to go global, you have it already. Elegro team was the first blockchain-based payment services provider that managed to move from the experimentation phase to a whole suite of FinTech products powered by blockchain technology. Elegro Gateway providing a pathway to larger markets is just one of them.

Leave a comment

Comments

Subscribe to newsletter

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Last posts

Password reset

Register

Confirmation of registration will be sent to your e-mail.

Already have an account? Log in