The unique feature of Cycle Online for retailers is its "multi-currency wallet" that accepts BTC, BCH, LTC, ETH, and other cryptocurrencies. Retailers don't incur any volatility risks, as the exchange rate is fixed at the time of the transaction. Also, if the retailers prefer to make payments directly in fiat currencies, they can do so without holding any crypto assets on their accounts. The settlement occurs instantly, allowing retailers to avoid high bank card transaction fees and chargebacks incurred during traditional fiat transactions.
The Cyclebit team believes that the key focus of the service is to simplify transactions for the retailers and the customers seeking to obtain goods and services worrying about how to pay or how to get paid. Retailers can seamlessly sign up and start using Cycle Online by integrating its API into their PSP or directly onto their websites. Once the service is live, retailers can integrate into their e-commerce websites to accept crypto payments for goods and services and offer their customers a simple way of paying using digital currencies.
All crypto payments concluded via Cycle Online are performed in line with internationally accepted AML and KYC procedures, while payment security and compliance with AML/CTF Regulations and AML Procedures are ensured by a partnership with IDENTANCE.
The launch of the new service by Cyclebit is a significant step for the company, which is the leader in both in-store and e-commerce payments and has access to more than 200,000 merchants across the CIS and Southeast Asia. With its card payments turnover surpassing $1,5 billion in 2020, Cyclebit expects crypto payments to gain significant traction, as it sees great demand and potential for this service.
The need for flexible e-commerce payment solutions is becoming acute among retailers, especially during the Covid-19 pandemic, according to Daniel Bessmert, CEO of Cyclebit Group.
"Retailers want to open their businesses to the whole world, and currently they are limited, mainly to accepting fiat currencies. With Cycle Online, they extend their services to customers, who may never have visited them or purchased that product or service. We are not just a payments partner to our retailers, we are their 'Partner for Growth,'" as stated by Daniel Bessmert.
Cyclebit sees surging demand for its other products, like Cycle card and Cycle POS. Cycle Online is a perfect extension to the product offerings used by over 200,000 retailers. The service will be launched on Cyclebit's core markets on September 25, 2020. By the end of 2020, the solution will also be offered on other core markets like the US, Canada and Europe.
Cyclebit is one of the largest POS and payments providers in Eastern Europe and Southeast Asia. Launched in 2012, the company provides in-store and e-commerce solutions to thousands of retailers, transacting over $1,5 billion annually. The senior management of Cyclebit consists of former employees of such companies as PayPal and Citibank.