We made a strategic decision over the summer to include bitcoin as one of the payment channels we process in our Clearingworks - Integrated Receivables Platform. At the time we weren’t familiar with what is involved in accepting and processing Bitcoin payments or exactly what role our technology would play. So we started like any other software development company: by outlining the Perfect World scenario.
The benefits of technology planning using the Perfect World scenario is that you really don’t have to worry about trivial details like time to market, cost to build, etc. – instead, you focus on the best solution for your clients and prospects. Dave, our CTO, outlined the necessary process to accept, validate and convert bitcoin payments to US Dollars. Once we agreed on the Perfect World scenario, the next decision was around whether to build, buy or partner, tackling those small details like time to market and cost to build that keep our CFO up at night.
Enter Coinbase, the most popular bitcoin wallet and easiest way to securely buy, use and accept bitcoin. After researching potential partners, it was clear that Coinbase’s technology already provided a key portion of the Perfect World scenario, in addition to a list of well-known partners already accepting bitcoin via their merchant tools. The team at Coinbase is great to work with and very focused both from a business and a technology perspective. With their help we were able to fully integrate Bitcoin payments into our Integrated Receivables Platform, enabling businesses currently using our solution to essentially “plug and play” this new payment method.
Coinbase, which has over 1.7 million users and 37,000 merchants worldwide across 19 countries, makes it simple to accept bitcoin payments and immediately convert to US dollars. Here at US Dataworks, we make it simple to integrate this payment channel with other Receivable payments so legacy accounting and ERP systems are not impacted. We were excited to announce our partnership with Coinbase today at the AFP conference.
You can read the press release here for additional information.