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Computop and Bitnet Enable Merchants to Accept Bitcoin as Payment

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Computop, a leading payment service provider, and Bitnet, a bitcoin payments processor, today announced a strategic technology partnership. Through this partnership, global merchants will be able to accept bitcoin as a payment method on Computop Paygate.

Bitcoin is a decentralized digital currency that does not depend on any central authority such as a bank to process or validate transactions. Instead, the computing power from a global network of users is leveraged to authenticate transactions and record them in a distributed and publicly available ledger known as the blockchain. This transparency, coupled with the ability to address points of friction in traditional payments networks, has led to a surge in interest in bitcoin in recent years.

Through the Computop and Bitnet partnership, merchants are able to offer bitcoin as a payment option to customers in a simple, safe and secure manner. Merchants benefit from low fees and freedom from chargebacks, in addition to being able to extend their global reach without incurring cross-border fees. Merchants will be funded by Bitnet in the local currency of their choice, while enjoying the seamless transaction flow they have come to expect through Computop Paygate.

We recognize that the bitcoin ecosystem is growing throughout the world and are excited to be the first European PSP to partner with Bitnet to enable merchants to accept payments in bitcoin.

said Ralf Gladis, CEO of Computop.

Through this partnership, retailers don’t have to worry about the management of this evolving payment method. They can simply accept bitcoin as payment from customers, and know that the process will be smooth and risk-free for them.

Our partnership with Computop enables us to extend our bitcoin payments processing functionality to merchants globally,” said Akif Khan, Chief Commercial Officer at Bitnet. “We look forward to working with Computop to enable merchants throughout Europe, the U.S. and Asia to accept bitcoin payments from their customers.

About the Computop Paygate platform

Computop Paygate is a PCI DSS certified payment platform that provides multichannel service providers and retailers with secure payment solutions and efficient fraud prevention for international markets. With just one interface needed, Computop Paygate allows retailers access to over 60 payment methods including all relevant local and international payment options for e-commerce, MOTO, mobile payment and PoS solutions. Leading e-commerce solutions from the likes of Demandware, hybris, Intershop, Magento, IBM Websphere and SAP Business ByDesign all support Computop Paygate as a preferred payment service solution for global payment processing. In addition, Computop offers Computop Paygate as a white label solution to banks and payment service providers (PSPs) enabling them to provide their customers with secure and seamless payment processing.

About Computop

Computop is a leading global payment service provider (PSP) that provides compliant and secure e-commerce, Point of Sale (PoS), m-commerce and Mail Order and Telephone Order (MOTO) payments globally. The company, founded in 1997, is headquartered in Bamberg, Germany, with local teams in the U.S., UK and China. Computop annually processes transactions totalling $14 billion per year for over 3,500 large international merchants within industries such as retail, travel and gaming. Global customers include Bigpoint, C&A, Fossil, Metro Cash & Carry, Samsung and Swarovski. In addition, since the recent asset-deal with the Otto Group, all 100 international Otto trademarks now use Computop Paygate to support retail payments. In order to provide a complete multichannel solution for merchants, Computop has an international partner network and a global banking portfolio providing merchants with a seamless and secure transaction process.

About Bitnet

Bitnet provides a digital commerce platform enabling enterprise-scale merchants to accept bitcoin payments. Bitnet’s engineering, product, and business development team helped build and manage the world’s largest payment gateway, CyberSource (NASDAQ: CYBS), which was sold to the world’s largest payment network, Visa (NYSE: V), for $2 billion in 2010. Bitnet has offices in San Francisco, California; Belfast, Northern Ireland; and Singapore.

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