Pilot Program Offers Free Service to Approved Sites
Monetran, a fintech company headquartered in Wilmington, Delaware, is seeking ecommerce sites built with the WooCommerce plugin for a “Merchant Outreach Program” which will enable accepting cryptocurrencies as payment for goods and services. Sites fitting this criterion will be able to apply for acceptance to the program which will result in one-year of free service from the cryptocurrency payment gateway MyCryptoCheckout, if approved. The service, which normally costs $59 per year, enables merchants to accept up to 187 different cryptocurrencies, including Bitcoin and Ethereum.
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The program will provide free cryptocurrency gateway service for up to 100 approved sites.
In return, Monetran requires that those approved ecommerce sites to accept the company’s stable token, known as Moneda.
The Moneda token is 100% backed by dollar denominated assets such as U.S. Treasuries, I bonds, and cash. The tokens are redeemable for U.S. currency which is deposited directly into the merchant’s bank account.
Aside from the stability of the token, there are other compelling reasons for a merchant to accept Moneda. Monetran’s CEO, Don Bielak, outlined some of those reasons.
“We designed the Monetran system in general, and the Moneda token specifically, to provide as much benefit as possible to our customers and merchants,” Bielak said. “After much deliberation, we built the system on the Stellar blockchain, which enables transfers of value in 3-5 seconds anywhere in the world at a cost of a fraction of a cent per transaction. We are able to pass these savings onto our merchants in the form of extremely low fees. Combined with our crypto payment gateway, MyCryptoCheckout, we can offer $0 transaction fees with the only charge being a small redemption fee – typically a fraction of 1%. Surely, this paradigm brings the promise of blockchain, in the context of transfers of value, closer to fruition. Simply put, I think this is the way that transactions will be made in the future.”
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The CEO went on to say that the technology employed by Monetran – namely the Stellar blockchain – has enabled the company to offer services for pennies which until now cost merchants up to 3% when accepting credit cards for purchases.
“Blockchains such as those Bitcoin or Ethereum run on can’t match the low cost or speed of transfers that Moneda provides,” Bielak added. “The technology we use in the Monetran system does not require mining, like Bitcoin, Ethereum, and many other cryptocurrencies that require vast amounts of electricity to execute a transaction. In addition to saving merchants money, Monetran is environmentally friendly because we don’t waste electricity, which is often produced by coal plants. These are all benefits that the better known cryptos just can’t claim.”
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