FDCTech Accepts Payment in Bitcoin (BTC) as Market Acceptance of Digital Currency as a Medium of Exchange Grows Rapidly

Rhea-AI Summary

FDCTech, Inc. (FDCT) has announced the acceptance of Bitcoin (BTC) as a payment option, enabling non-US customers to pay technology and software fees without local currency transaction costs. Discounts will be offered for invoices over $10,000 paid in BTC. This initiative aims to streamline cross-border payments, reduce transaction fees by up to 4%, and lower chargeback risks. The company also intends to expand into developing economies where currency volatility is a concern, further boosting cash flow and reducing credit risks.

Positive

• Adoption of Bitcoin as a payment method enhances transaction speed and reduces fees.
• Discounts for large invoices incentivize the use of Bitcoin.
• Expected benefits in cash flow from faster settlements and reduced credit risks.

Negative

• Potential risks associated with Bitcoin price volatility impacting accepted payments.

Irvine, CA, March 03, 2021 (GLOBE NEWSWIRE) -- FDCTech, Inc. ("FDC" or the "Company," OTCQB: FDCT), a fintech company with a full suite of FX technology and business solutions, today announced that it is accepting Bitcoin (BTC) as a customer payment option. This initiative will allow non-US customers to seamlessly pay technology and software development fees while avoiding the financial intermediaries and transaction fees associated with payment using local currencies. To those customers choosing to pay in Bitcoin, FDC will offer discounts for any invoice over ten thousand ($10,000). The ease of cross-border payments via BTC also reduces the set-up time for non-US customers.

The Company sees several benefits to adopting BTC as a payment method – faster payment, decreased chargebacks and reduced transaction fees. The overall transaction fees can rise to 4% of the invoice amount if paid through bank cards via a third-party. Further, the Company may avoid the costs associated with managing multiple currency accounts for non-US customers. As more and more clients adopt and accept cryptocurrency, the Company expects cash flow to benefit from faster settlement and significantly reduced credit risks since bitcoin payments require funds to be present in digital wallets at the time of the payment.

The Company expects to expand its services in developing economies where the uncertainty of Covid brings the potential for currency volatility. For businesses operating in these countries, the use of bitcoin, a digital currency with a universal settlement, offers an attractive alternative to holding currency balances that may be subject to adverse movements in local currencies.

FDCTech is a business based in the United States, and as such, holds most of its liquid assets in US-dollars at an FDIC-insured institution.

FDCTech, Inc.

FDCTech, Inc. ("FDC"), formerly known as Forex Development Corporation, is a US-based, fully integrated financial technology company. FDC delivers trading technology solutions to forex market participants looking to access the retail and institutional spot forex markets.

Press Release Disclaimer

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third-party. Therefore, in no case whatsoever will Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

Contact Media Relations
FDCTech, Inc.
info@fdctech.com
www.fdctech.com
+1 877-445-6047
200 Spectrum Drive, Suite 300,
Irvine, CA, 92618

FAQ

What is the recent announcement by FDCT regarding Bitcoin?

FDCTech has announced that it will accept Bitcoin as a payment option for non-US customers.

What benefits does FDCT expect from accepting Bitcoin?

The company anticipates faster payments, decreased chargebacks, and reduced transaction fees.

Will there be discounts for paying with Bitcoin at FDCT?

Yes, discounts will be offered for invoices over $10,000 paid in Bitcoin.

How does FDCT plan to expand its services with the use of Bitcoin?

FDCT plans to target developing economies where currency volatility can pose risks.

What are the expected impacts of accepting Bitcoin on FDCT's cash flow?

FDCT expects improved cash flow due to faster settlements and lowered credit risks.