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Explained: What is SpendTheBits merchant portal and how to use it - Kalkine Media

Image Source: SpendTheBits Website Screengrab

Highlights

  • From luxury brand Gucci to internet provider OXIO, Bitcoin is now accepted by multiple businesses
  • SpendTheBits’ merchant portal is designed for businesses of all sizes, regardless of the daily transaction value
  • On the portal, businesses can be registered on the platform within minutes

Bitcoin (BTC) is not only the most dominant digital currency in the crypto verse; it is also making its way into the traditional financial world. Merchants around the globe are swiftly jumping onto the BTC bandwagon.

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Gucci, a renowned luxury brand, recently announced the acceptance of Bitcoin in some of its stores in the US. The brand also declared that this would eventually be rolled out across stores in North America. A Canadian crypto enthusiast can snap up that dream Gucci handbag by paying directly in BTC without first converting BTC to USD.

Using the SpendTheBits platform, Bitcoin transfers can be finalized in a matter of seconds. By deploying a user’s bitcoin onto the XRP blockchain, Users get all of the benefits as they will be able to send fast, cheap & eco-friendly payments to merchants. Let us explore more.

How to use the SpendTheBits merchant portal

The portal brings the same advantages -- speed and security -- that any user of SpendTheBits’ mobile wallet app enjoys. The dashboard is clean, with all transactions arranged chronologically. But how to go about setting a new account on SpendTheBits’ portal? Let us explore in detail.

Source: SpendTheBits Merchant Screengrab

Regardless of the business's size, the merchant can signup on the portal and create their profile. The company can be quickly registered, and after the KYB, the merchants can then create new stores and designate multiple employees to those stores who can access the dashboard. Accepting a Bitcoin payment involves an easy scan of the merchant’s QR code using the SpendTheBits app. Once the unique QR code is generated, the merchant can have it displayed at any convenient place.

A payment made by customers in BTC is added to the merchant’s account within a few seconds. The balance in the report is displayed in Canadian dollars. A clean interface with no extra and cumbersome add-ons is as easy as operating an email account.

Source: SpendTheBits Website Screengrab

Why do you need the SpendTheBits portal?

Gucci is not the only major retailer to accept cryptos. Microsoft, the tech giant that permeates virtually every business and household, was an early mover in this regard. The list is exhaustive, from Starbucks and telecom operator AT&T in the US to retailer Newegg and internet provider OXIO in Canada.

Cryptocurrencies are treated as commodities in Canada by the Canada Revenue Agency (CRA), and one of the major forces behind this recognition is the craze for these assets. Many holders of Bitcoin probably like to use digital currency as a mode of payment. For merchants in Canada, delaying the acceptance of Bitcoin could be like allowing the competitor to gain an advantage.

Source: SpendTheBits app screengrab

 

The SpendTheBits ecosystem

Powered by the XRP Ledger, which is used for cross-border transfers by big banks like Standard Chartered, the SpendTheBits app is a wallet that doubles as a BTC transfer app. The merchant portal is a natural extension designed for businesses of all sizes, regardless of their daily transaction value.

Also read: Salient features of SpendTheBits that make it a perfect app for crypto users.



 


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