This Innovative Payment Solution Aims To Seamlessly Integrate Fiat And Cryptocurrency Transactions
ForumPay bridges the gap between fiat and 97 per cent of cryptocurrencies by value
After a near-decade of skepticism surrounding the long-term viability of cryptocurrency, 2021’s record-shattering valuations of digital currencies such as Bitcoin and Ethereum reflect the rapid adoption of cryptocurrency with more than 300 million users now participating in the $3 trillion-and-growing market. Though increasingly popular, the inherent weakness of cryptocurrency was the inability to purchase everyday goods and services with it: it was simply a store of value.
“In order for crypto to become accepted across the globe, you need to be able to transact with it,” said ForumPay Chairman and co-founder William Erbey. “By using ForumPay, crypto-to-fiat transactions become incredibly simple to execute.”
ForumPay bridges the gap between fiat and 97 per cent of cryptocurrencies by value. Crypto holders can make purchases utilizing crypto with the merchant receiving the currency of their choice with instantaneous price determination at the point of transaction, turning price volatility into a thing of the past.
Thanks to its full compatibility with the large majority of digital currencies and 100 percent of all wallets, ForumPay streamlines the transaction process for merchants as well as the rapidly increasing population of crypto consumers who can simply pay from their wallet. For the merchant, a ForumPay transaction looks exactly like a credit card transaction. Plus, it is a customer acquisition tool; according to Forrester, crypto users spend twice the amount as credit card users. Furthermore, merchants who offer to receive payment in crypto find that 40 per cent of their customers who pay in crypto are entirely new customers.
ForumPay’s Application Programming Interface (API), widgets and stand-alone terminals make for seamless integration into merchants’ payment systems giving merchants the opportunity to easily accept cryptocurrency as a means of payment ForumPay serves both brick-and-mortar and online sales. Ease of integration enables merchants to gain market share tapping a large and growing affluent consumer demographic without the price volatility risk associated with crypto.
“After we launched mid-2021, merchant adoption of ForumPay was nearly instantaneous,” said ForumPay CEO and co-founder Joshua Tate. “While accepting cryptocurrency was once perceived as an option that was ‘nice to have,’ with the current growth trajectory of digital currency, Forum Pay has quickly become a ‘need to have’ for businesses.”
Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.