Swapcoin Bsc.c is a company registered in the Kingdom of Bahrain with trade activities that allow the entity to process payments in digital currency, cryptocurrency, digital wallet solutions, e-commerce payment gateway, ability to exchange cryptocurrency directly on users’ accounts which are offered to merchants and local businesses.
The company can also supply the software and payment tools and solutions including the provisioning of the technology to payment industry members such as telecommunications, public departments, enterprise and other industries.
Swapcoin Today is a virtual currency/digital exchange platform and Merchant Payment Service provider which provides the facility for merchants/customers on accepting virtual currency, cryptocurrency, payment gateway for eCommerce and SMEs or a local business.
The technology allows the end-users to swap and exchange currency, virtual currency and an option to convert cryptocurrency back into the account instantly.
Fully verified merchants will now be able to sell cryptocurrency to their customers. Merchants can now accept cryptocurrency as an option for payments and receive the exact amount in the local currency of their choice directly to their bank account within 24-48 hours without any risk of losing the value of the crypto to local currency conversion.
INTRODUCTION
It is a notable fact that Blockchain and Cryptocurrency have entered the year of awareness and mass adoption during the global pandemic and the market itself is valued at Trillion-dollar the ongoing growth with innovations like non-fungible tokens, smart contract development, and digital tokens, EPS providers, innovators and those willing to adapt and adopt are positioned to revolutionize the financial services for end-users to a well-established business.
Although at this point there are only a few key players that are moving towards the adoption of merchants' solutions on accepting crypto, one of the reasons that are slowing such a move is acquiring proper licenses, regulations and proper introduction to the merchants.
Our company recognizes that there is a vast opportunity to expand the use of crypto and digital payments by small and medium entrepreneurs (SMEs). (EPS) or electronic payments are widely used by businesses as the gateway into financial services. Systems like these bridge the financial exclusion gap.
It also allows SMEs to expand their customer database by opening their digital payments solutions towards the global market, although there are certain limitations that SMEs can do when it comes to cross-border payments, including remittances across other suppliers outside the jurisdiction of their company. Such challenges affect the SME’s potential growth and fees acquired from every transaction as well as the time to receive the payments from a third party causes a huge loss for SMEs.
Swapcoin aims to provide accessibility to SMEs to expand their customer base by using the technology to receive payments in crypto whilst providing them with the gateway and solution to easily manage their funds and transfer the payments received directly into their bank account instantly. The Merchant Payment System (MPS) provides other benefits including security and protection against fraud and theft, easier management and evaluation of revenue and cost flows, access to new financial services, plus the ability to receive crypto payments and access to a conversion/exchange to local currency and immediate transfer to their bank account.
The Bahraini Government has taken a great step to legalize the use of cryptocurrency which makes it an attractive industry when it comes to businesses and a large number of companies are making their way through.
Fully-verified merchants who signed with us have a business account and can withdraw and deposit their funds at any time.
PROBLEMS & SOLUTION
The company's mission is to provide the customers with easy access to cryptocurrencies. The main goal of the Swapcoin Bsc.c is to provide accessibility in point of acceptance of virtual currencies, digital currency to the local shops and businesses who are facing difficulties in conversion, thanks to the use of innovative and easy-to-use technology. Based on the research conducted on the Gulf region, we have created solutions that respond to the increasing demand for cryptocurrencies.
There are few common challenges for accepting cryptocurrency as payment despite a significant growth in e-commerce and crypto adoption where brokers continue to face barriers to its implementation are as follows:
Integration of Cryptocurrency
Most organizations don't have the essential technical skills to coordinate cryptographic money integration into their business. Just giving businesses an address that takes cryptocurrency isn't an answer for this issue. These transactions include much more than receiving payments other than getting installments. It incorporates invoicing, responsibility, receipt affirmation, Instant Payment Notification (IPN), and all the other things related to a payment processor. Merchants need a simplistic Blockchain payment arrangement that can be introduced flawlessly into their framework, on top of existing conventional and digital payment choices.
Speed of Cryptocurrency Transaction
It’s crucial for a business dealing with a cryptocurrency to carry the transactions with the same ease and speed as compared to other monetary transactions. A delay in these transactions directly affects the adoption of digital currency in everyday businesses
Price volatility of Cryptocurrency
Volatility is a function of time. The longer a free-market cryptocurrency remains in a merchant’s wallet, the less predictable its price becomes concerning fiat. The price volatility in the cryptocurrency market is one of the key factors that slow down merchant adoption.
Exchange of Cryptocurrency
Most traders should trade digital currency to government-issued currency so they can pay the costs of doing business with fiat. The issue is the dealer never knows how much government-issued currency he will get eventually. Exchanges through a cryptocurrency payment gateway is indirectly a conversion of cryptocurrency to fiat currency based on the payment gateway’s conversion rate Due to the lack of economy of scale with a payment gateway, it leads to price inefficiency during conversion and merchants often incur losses on exchange rates unknowingly.
Our Solution!
Crypto Merchant Payment System
As a solution to all these problems, we introduced the Crypto Merchant Payment System which will allow fully verified merchants to sell cryptocurrency to their customers. Now the Merchants can also accept cryptocurrency as an option for payments and receive the exact amount in the local currency of their choice directly to their bank account.
Using Merchant payment system for crypto, we will support the SMEs and businesses to receive crypto payments using the POS (Payment operating System) which will facilitate the payments both in crypto and Fiat, and Merchants will have access to their business account which generates multiple wallets such as BTC, ETH, USDT or 200 Top currencies including Fiat currency. The Merchant can then easily manage the swap and conversion on their account and withdraw the currency directly to their bank account.
Advantages of Crypto Merchant Payment System
* Ability to receive any Crypto Payment in a certain business
* Ability to earn 0.5% on spread on cryptocurrency exchanges
* Earning 0.5% on fees as a merchant by accepting crypto payments.
* Receive the exact amount paid by your customers directly into your bank account.
* Easily Deposit any type of crypto/ digital currency on your wallet.
* Easily Transfer your funds to any external wallet.
* Easily send funds to any user using their email address or telephone number with no fees.
* Eliminating the risk of theft or fraud. * Everything is just one scan away. Scan the QR code and pay in crypto
