SnapCard, an online startup, provides a multi-currency, digital currency wallet to buy, store, send and receive digital currencies. It is offering bank-level security and a very user-friendly UI. The company helps avoid merchant integration and make it easier to use digital currencies. The digital currency wallet service enables users to make purchases on e-commerce sites which don’t even accept bitcoins. This is a unique feature which the wallet service provides.
Using SnapCard, users can avoid unnecessary logins on retailers’ websites. It offers a unique bookmarklet system through which users can gain information on products and further add them to SnapCard’s integrated shopping cart. In a certain way, SnapCard acts as a payment processor enabling users to checkout from their shopping carts and use linked virtual currency wallets or even traditional payment options.
Here is an illustration citing how SnapCard works:
SnapCard charges quite a low processing fee of 0.5% on per transaction basis. It also provides additional e-commerce oriented services like shipment tracking and order processing. It currently supports the top 4 digital currencies – Bitcoin, Litecoin, Dogecoin and Ripple. It currently offers a dedicated mobile-POS app and APIs as well for online integration. It works well with prominent retailers like Target, Best Buy, New Egg, Amazon and Walmart.
For merchants, SnapCard currently offers the following as part of a package deal:
- Free Android Tablet pre-loaded with SNAPCARD App to create invoices, track digital currency sales and easily integrate into existing accounting software.
- 0% Transaction Fee. Merchants can set the price and choose to receive all or portions of payouts in digital currency.
- Free Promo Material to let customers know that the merchant’s establishment is digital currency friendly.
- Complimentary Targeted marketing on social media to let more than a hundred thousand digital currency users know that merchant’s business now accepts digital currency payments.
The wallet service first came out of its beta back in November 2013. By the end of 2013, it had reached 1000 users and had completed transactions worth more than $10,000. The company recently ran a major campaign in San Francisco offering its services to 500 businesses. SnapCard recently raised $1.5 million in a seed round.