BitGold Makes Global Merchant Payments Easier

April 14, 2016, Written By John H. Oldshue
Illustration of a stack of gold bar reserves

GoldMoney announced the launch of its BitGold Business Accounts and merchant processing program at the Money 20/20 conference last week. BitGold will allow business owners, freelancers and sole proprietors to request and accept payments in vaulted-gold bullion, which will allow instant cross-border payment and reduce risks and delays.

BitGold Business Accounts include a suite of payment applications:

  • Invoices: Businesses gain access to customizable invoice templates. The software also allows them to manage inventory and customer lists, and use global tax and shipping calculators.
  • BitGold Pay: A checkout payment system that makes international eCommerce fast, easy and safe for customers. Shoppers can make payments in any currency. A 1% transaction fee will apply, but no cross border or foreign exchange fees will be applied.
  • Developer API: Developers will be able to add a gold payments option to third-party invoices, eCommerce platforms and payment gateways.

“We want to accelerate business growth by making it easy to request and accept payments, including micropayments, around the world instantly using a secure, closed-loop network,” said BitGold Co-Founder Josh Crumb. “In our view, every business should only have to consider two forms of money when accepting payment for a transaction – a local currency integrated with their local banking system, and gold, the world’s most recognized, stable and best performing international money. BitGold’s global debit network is empowering merchants who might otherwise be limited by their location. This advance reduces the fees and hassle part of ‘foreign’ in foreign exchange.”

Vaulted-gold provides a low-risk and low-volatility payment option. BitGold provides a closed-loop network, so transactions are settled instantly. Customers and clients can pay via debit or credit card or bank transfer and send gold as payment. After the BitGold payment is received, businesses can transfer the money to a local currency or bank account.

“We’ve upgraded the underlying infrastructure and transformed the process-flow to a new gold standard that optimizes cross-border payments,” said Darrell MacMullin, CEO of BitGold. “We’re obsessed with injecting efficiencies into global commerce, so we created a better way for people and now businesses to take advantage of the benefits of using gold safely and securely using our network.”

The Canadian-born platform is available in more than 150 countries and 100 currencies.



The information contained within this article was accurate as of April 14, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.