Dello wants to change the dynamic of buying goods and services with cryptocurrency.
The Montreal-based fintech startup believes that, currently, sending and receiving cryptocurrency payments in consumer sale situations is unnecessarily complicated.
Cryptocurrency’s high-transaction fees “can make purchases for low-priced items difficult, or the slow and inconvenient process of converting cryptocurrency can have costly exchange fees,” the Canadian company notes. These hurdles “are why many sellers and buyers have avoided crypto for consumer transactions.”
Dello has launched a new payment processing solutions for cryptocurrency users which it says makes it easy to handle transactions—whether it be for small everyday purchases or large-ticket items like motor vehicles and real estate.
“Someone enters a business to buy something valued at X dollars and pays in crypto,” explains Olivier Benloulou, the company’s president. “Dello takes the crypto and guarantees the exact dollar value to the business.”
Dello simplified crypto payment handling to deliver benefits to retailer partners, including debit-fast transactions via the Bitcoin Lightning Network and transaction fees from 1.25% to 0.1% based on the size of purchase.
The company also says it offers protection against chargeback fraud by offering full, non-reversible transactions.
“Cryptocurrency transactions feature fixed network fees regardless of the payment amount,” the company stated. “Dello converts the crypto sent by the buyer into local currency and sends those converted funds to the seller, minus a small processing fee.”
Dello notes this “nearly instant” process lets buyers completely avoid traditional banking. It has been developing its point-of-sale technology for crypto and conventional digital payments since 2021 before rolling out its sales platform to interested merchants.
Benloulou says Dello’s mission is simple: to enable easy, everyday crypto payments.
“Until people have somewhere to spend crypto, widespread crypto adoption is in a holding pattern,” he states. “We’re here to break that pattern.”