Mega Soft and Cryptobuyer established an alliance for handling transactions. The configuration of the equipment has already started and they would start to operate in June.
More than 20,000 businesses in Venezuela use the platform Merchant Server of the payment processor Mega Soft. After establishing an alliance with the Panamanian startup and exchange Cryptobuyer, they will be able to accept cryptocurrencies.
The agreement offers the possibility, to those establishments that request it, to receive payments with cryptocurrencies such as Bitcoin, Ether, Litecoin, and Dash, among others.
César Hernández, director and partner of Mega Soft, noted that the configuration of the equipment has already started and that they could come into operation next June.
The executive said that Merchant Server works in stores, on cash registers that process payments for products or services. He explained that these devices have already begun to receive upgrades, but each establishment must request their activation to process payments with cryptocurrencies. He added that each business must evaluate whether or not it is convenient for them to accept this type of payment.
To purchase a product or service in an establishment, customers notify the cashier that they are going to pay with cryptocurrencies from their mobile wallets. The cashier indicates to the system that the payment with Bitcoin will be processed, for example, and a QR code is generated to send the transaction from the customer’s wallet to that of the business.
At this point, Cryptobuyer enters as it will fulfill the role of custody or exchange to receive the funds of the establishment, in a previously established account. Hernández stated that businesses will issue their invoices in bolivars (VES) and that Cryptobuyer will establish an exchange rate to calculate the amount to pay with the crypto assets. Besides, it was announced that several businesses have already requested Mega Soft to activate the service.
These companies are reportedly talking with Cryptobuyer to define the most technical aspects of the process. These include the number of commissions, if the businesses prefer to protect the cryptocurrencies at the exchange, or if they want to convert them into fiat currencies and have them transferred to bank accounts.
It is not a matter of installing physical points of sale to process payments with cryptocurrencies, but of updating the platform Merchant Server of Mega Soft, which will be enabled to process payments with crypto assets. In other words, the solution does not involve installing any type of hardware but will work on already active computers.
Adoption in the Country
Jorge Luis Farías, CEO of Cryptobuyer, reported that the technical aspect, legal advice, and negotiation between both parties began more than one year ago.
The executive considers that the market, business people, and the general public understand that the payment with cryptocurrencies is a real alternative to traditional means of payment. He said that the scope of this alliance, which they have managed for more than a year, covers the whole country, especially the largest cities like Caracas, Valencia, Maracaibo, and Nueva Esparta.
Cryptobuyer stated that its solution will allow businesses that operate with Merchant Server to accept cryptocurrencies, to automatically settle their payments in fiat currencies, or to keep the cryptocurrencies stored in their accounts.
Venezuela already has large establishments that accept payments with cryptocurrencies and use Cryptobuyer solutions, among which are the Tamanaco Intercontinental and Eurobuilding hotels in Caracas.
By Alexander Salazar