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IREU Top500 The Customer Report: 2018

IREU Top500 The Customer Report: 2018

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New partnership promises to make it easier for UK retailers to accept bitcoin

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New partnership promises to make it easier for UK retailers to accept bitcoin
New partnership promises to make it easier for UK retailers to accept bitcoin
UK retailers could soon find it easier to accept payment in bitcoin, as Computop says it is to become the first European payment services provider to enable retailers to offer payment in the digital currency.

The company says its strategic technology partnership with Bitnet, a bitcoin payments processor, means that soon global merchants will be able to take payment in the fast-emerging crypto-currency. It says the tie-up will make offering bitcoin a more simple and secure process than it is at present and that's likely to increase the use of bitcoin in ecommerce.

Currently, according to Wheretospendbitcoins.co.uk, some 155 UK websites accept the currency. Many are computing service providers or bitcoin specialists, while some smaller retailers also offer the currency as a payment option. But this move, says Computop, could make the currency a reality for more and larger businesses.

"Through this partnership, retailers don't have to worry about the management of this evolving payment method," said Ralf Gladis, chief executive of Computop. "They can simply accept bitcoin as payment from customers, and know the process will be smooth and risk-free for them."

Benefits for merchants of accepting the currency, says Computop, include low fees, freedom from chargebacks, and global sales without cross-border fees. Merchants are funded by Bitnet in the local currency that they choose.

Akif Khan, chief commercial officer at Bitnet, said: "Our partnership with Computop enables us to extend our bitcoin payments processing functionality to merchants globally."

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