OLB Streamlines Cryptocurrency Processing for Merchant Convenience

Rhea-AI Summary

The OLB Group (NASDAQ: OLB) announced that its SecurePay payment gateway is now optimized for cryptocurrency processing, enabling merchants to accept various cryptocurrencies with efficiency. The gateway supports Bitcoin, Ethereum, USDC, and DAI, and is wallet agnostic, integrating with wallets like MetaMask and Coinbase. Transaction fees are collected in the original currency, speeding up the process. This advancement allows merchants to handle both crypto and traditional payments without additional equipment, and typically at lower fees compared to credit card transactions.

Positive

• SecurePay supports multiple cryptocurrencies including Bitcoin and Ethereum, enhancing payment options for merchants.
• Transaction fees for cryptocurrency processing are typically lower than credit and debit card transactions, potentially increasing merchant profitability.
• Merchants can accept cryptocurrency payments alongside traditional payments without the need for new equipment.

Negative

• None.

The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small and mid-size merchants, announced its SecurePay payment gateway is now optimized to support the processing of cryptocurrency purchases and settlement of merchant funds. This speeds all aspects of the transaction process, keeping crypto payments on par with credit and debit processes.

“We are at the leading edge of mainstream cryptocurrency use by both purchasers and merchants, and are working diligently to ensure fair and efficient processing throughout our solutions portfolio,” said Ronny Yakov, Chief Executive Officer for OLB. “OLB is drawing on years of card and electronic transaction processing knowledge to build and grow a cryptocurrency ecosystem that leverages inherent blockchain security while providing a familiar, fast, and accessible business model for merchants and consumers.”

SecurePay currently supports multiple cryptocurrencies, including Bitcoin, Ethereum, USDC, and DAI across all merchant platforms. OLB systems are wallet agnostic and through integration with third-party software, support cryptocurrency wallets such as MetaMask^TM, Coinbase Wallet^TM, Crypto.com, and Trust Wallets^TM, as well as general purpose wallets such as Apple Pay® and Google Pay® when they offer direct cryptocurrency support.

Contributing to SecurePay’s efficiency is the collection of any transaction fees in the original currency, eliminating delay-riddled multistep conversions and compounded rounding that can skew final settlements.

Currency conversion is completed at the gateway through the services of licensed currency exchange providers, enabling all merchant settlement to be completed in U.S. dollars. Providing all cryptocurrency operations at the SecurePay gateway also enables merchants to accept cryptocurrency payments alongside traditional card-based or digital wallet payments without any equipment changes. In addition, fees for cryptocurrency processing are typically lower than those collected from credit and debit card transactions.

Merchants interested in implementing omnicommerce services or accepting crypto within their existing payment infrastructure can set up an account at https://cryptoaccept.com.

For more information about The OLB Group, please visit www.olb.com or www.olb.com/investors-data .

Future OLB Press Releases and Updates

Interested investors or shareholders can be notified of future Press Releases and Industry Updates by e-mailing investorrelations@OLB.com .

Safe Harbor Statement

All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption “Risk Factors” in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.

About The OLB Group, Inc.

The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchant’s brand with market-leading technology and solutions. For more information about solutions, services, or to find a reseller, please visit www.olb.com . Investor information is available at www.olb.com/investors-data .

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FAQ

What new features does OLB's SecurePay payment gateway offer?

OLB's SecurePay payment gateway is now optimized to process cryptocurrency purchases, supporting multiple cryptocurrencies and offering efficient transaction processing.

Which cryptocurrencies can merchants accept with OLB's SecurePay?

Merchants using OLB's SecurePay can accept Bitcoin, Ethereum, USDC, and DAI.

How does OLB ensure lower transaction fees for cryptocurrency?

OLB collects transaction fees in the original currency, avoiding delays and rounding errors, which helps maintain lower costs compared to traditional card transactions.

Can merchants use existing equipment to accept cryptocurrency payments?

Yes, merchants can accept cryptocurrency payments alongside traditional payments without needing to change their existing equipment.

What is the primary benefit of using OLB's SecurePay for merchants?

The primary benefit is the ability to streamline payments by processing both cryptocurrency and traditional payments efficiently and at lower fees.