SpotOn has 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.
SpotOn is a payments and software company that works in the merchant services industry. SpotOn brings together payment processing, customer engagement, and business management solutions, giving merchants data and tools to more effectively run and grow their businesses. The SpotOn platform offers tools for small and medium businesses, including payments, marketing, reviews, analytics, loyalty, and scheduling.
Vaultbank, according to the brand’s website, 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. The company intends to generate profits and distribute dividends to Vaultbank token holders, with each private security token representing a partial ownership stake in Vaultbank and its two main business lines: the Vaultbank Platform and Vaultbank Fund and Dividends.
SpotOn and Vaultbank’s collaboration offers technologies with new capabilities to the merchant services industry. “Today’s ever-evolving digital market demands that merchants need a payment service capable of accepting a wider diversity of currencies including virtual currencies,” says 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 enable 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, and trade cryptocurrency on the SpotOn platform.
Aaron Travis, the COO of Vaultbank, says, “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 have an option to simplify their businesses with an all-in-one payments platform.