Sponsored

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

Follow us on Google News:
 Explained: What is SpendTheBits merchant portal and how to use it
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.

Source:© Horizon0428 | Megapixl.com

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.

 

Risk Disclosure: Trading in cryptocurrencies involves high risks, including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are highly volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK