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Bitcoin payment processing solution by SoftSwiss

Chris in Uncategorized published on 12, November 2013

softswissWith the emergence of Bitcoin as a popular substitute of traditional payment methods and its amazingly quick growth, many online businesses, especially those who want to attract advanced users and respect their anonymity, decide to accept the crypto-currency on their sites. This trend is pushing software providers to start looking for technology solutions which will provide such a possibility to online business owners and allow for processing Bitcoin payments in the most safe and efficient way. One of the recent solutions which caught our eye was Bitcoin payment processing system developed by the online casino softwareprovider SoftSwiss.

“We have numerous requests coming from all over the world daily for setting up an online casino which would accept payments in Bitcoin, so we decided to create our own solution to cover the needs of Internet business working with Bitcoin. Our programmers have come up with a system which is 100% secure, easily manageable, and highly adaptable in terms of cash out options. It provides the operator with full control over finances, which is most important thing”, – says Ivan Montik, SoftSwiss CEO.

Since financial security is the operator’s primary concern when it comes to accepting and paying in Bitcoin, SoftSwiss addressed this issue and developed several scenarios for cash out. While payments from users are accepted automatically with each player having his own address for deposits, cash out can be carried out in several different ways.

The first possible option is manual cash out with control over Bitcoin being on the operator’s side. The user who wants to withdraw money makes a cash-out request which needs to be manually approved by the casino administrator. The administrator performs a payment transaction by transferring the necessary amount of Bitcoin from the wallet residing on his computer. Extra security can be achieved by using an offline computer for cash out processing. It allows perfect protection from any sort of viruses, exploits and any other possible attempts of compromising the offline wallet computer which is disconnected from internet entirely.
As an alternative to manual withdrawal moderated by the operator SoftSwiss offers an instant cash out option. It presupposes use of hot wallet for automatic payments without prior approval of the site administrator. With zero confirmation, the cash-out transaction is based on the cash-in transaction and Bitcoin withdrawals are made instantly. This feature adds attractiveness to a casino and is appreciated by players who use small amounts for testing out a new gaming site. The casino operator can set limits and define maximum amounts which can be withdrawn without prior approval.

There can also be a combination of instant and operator-controlled cash out models. Small amounts are withdrawn automatically, whereas larger amounts require approval and go through the administrator’s online or offline wallet.

SoftSwiss claims that their solution has analogues on the market and possesses a number of unrivaled advantages, which are increased financial security with no third parties involved in transactions, flexibility, and ease of integration into any existing site through an API. It can be used not only in casinos, but in any type of gaming and non-gaming Internet business that wants to explore the possibilities of the promising crypto-currency.

 

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