Future.Travel, the Asian based global Online Ticketing Agency (OTA), has implemented the acceptance of payments via Canadian company Neutronpay using their multi-currency merchant platform for accepting Bitcoin (BTC) payments via the Lightning Network. Funds are converted at time of sale into the local Vietnamese currency.
The Lightning Network is a Layer 2 solution for transfer of data using block chain technology to enable faster transactions than the standard protocols currently in use for normal Bitcoin transactions. The faster speed takes the transaction processing time down to 3 to 4 seconds in most cases as compared to 3 to 4 minutes or hours depending on network mining load for a normal Bitcoin blockchain transaction.
David Watson, General Director at Future.Travel says: “Being able to offer consumers real-time secure financial transactions is the main issue in developing a reliable, trusted, and growing online business. The Lightning Network is the next step to reducing overheads of both cost and time.” Future.Travel has been accepting Bitcoin for more than six years as a form of payment and recently added Litecoin – LTC, Bitcoin Cash – BCH, and Etherium – ETH payments to their online payment methods.
Watson went on to say “Neutronpay approached us late last year about a way to reduce cost to the consumer and to us as a merchant via accepting faster payments online. Our initial investigation saw the potential and now six months later we are pleased to be able to roll it out to the consumer.
Our Lightning Network payment methods are treated the same as cash so consumers have no additional in-bedding of credit card fees into our pricing structures. One more added benefit is it eliminates online fraud and associated credit card charge-backs.
It is a win-win situation where the consumer is not paying credit card fees and we as a merchant have reduced our costs of fraud and transaction processing to something that we can actually absorb and do not have to pass to the customer. ”