SpotOn Transact, LLC (“SpotOn”) announced that SpotOn merchants will soon be able to process transactions using cryptocurrency including Bitcoin, Stellar, Ripple and Ethereum through its new partnership with Vaultbank, a technology company that uses blockchain to create, issue and trade financial instruments.
“Today’s ever-evolving digital market demands that merchants need a payment service capable of accepting a wider diversity of currencies including virtual currencies,” said RJ Horsley, SpotOn President. “Our new technology will allow thousands of SpotOn merchants to accept cryptocurrency without having to onboard to another payment processor or manually convert cryptocurrency funds into fiat.”
The new feature will allow customers to pay in the currency of their choice, while the merchant can either convert the payment back to fiat currency or keep in cryptocurrency if desired. Additional features to be added in the future include the ability for merchants to have loyalty capabilities in cryptocurrency and the ability to buy/sell/trade cryptocurrency on the SpotOn platform.
SpotOn’s partnership with Vaultbank stemmed from investment in Vaultbank’s seed round of funding. Vaultbank is innovating the convergence of two worlds, traditional investments and cryptocurrencies. By creating a single platform for buying, selling, and spending crypto investments as well as tokenizing securities, Vaultbank is paving the future of financial services. Vaultbank intends to generate profits and distribute dividends to Vaultbank token holders, with each private security token representing a partial ownership stake in Vaultbank.
Aaron Travis, the COO of Vaultbank, said, “This partnership empowers the customer to pay in whatever digital currency they want, while the merchant gets paid in what they want, dollars.”
SpotOn was built on the premise of bringing valuable payment and software solutions to a wide array of customers. With the launch of SpotOn cryptocurrency, small business owners will now have another option to upgrade and grow their business with an all-in-one platform that helps simplify running their business.