More than 60,000 US merchant locations can accept 100+ cryptocurrencies and stablecoins for in-store payments by leveraging the proprietary omnichannel payment gateway of Flexa. Merchants are guaranteed payment in US dollars or a preferred digital asset.

Flexa’s crypto acceptance platform, which connects to 13 blockchain networks, was built to be deployed by larger merchants. Customers include Nordstrom, Chipotle, Barnes & Noble, Ulta Beauty, GameStop and Sheetz, which accepts cryptocurrency for payments at its more than 750 restaurant and convenience store locations.

Consumers use their digital asset wallet to initiate a payment by scanning the Flex QR code at a POS terminal. Crypto payments are authorized and completed in less than 500 milliseconds. Flexa’s digital asset exchange partner, either Coinbase or Gemini, converts crypto into US dollars.

Merchants determine when they will receive settlement. No relationship with the merchant’s payment card acquirer is necessary. Flexa has integrations with seven payment service providers that provide access to POS terminals. Crypto transaction reports are integrated with the merchant’s ERP (enterprise resource planning) and CRM (customer relationship management) software systems.

Flexa manages all compliance requirements. Consumers go through a KYC (know your customer) and AML (anti-money laundering) screening process the first time they make a payment and are assigned a Flexa customer credential that accelerates subsequent purchases. Those credentials are regularly updated. Flexa holds money transmitter licenses or has licenses pending in 43 US states. The company is exempt from registration in 7 states.

Merchants pay a flat 1% of each crypto transaction. Flexa pays for the integration of its service into the merchant’s existing payment acceptance stack. The company’s Payment Pages gives smaller merchants the ability to offer crypto payment acceptance online with the integration of two lines of code.

Flexa holds 22 patents. It is authorized to provide crypto acceptance services to merchants in Canada and will launch there later this year, providing settlement in Canadian dollars. Flexa has been operating in El Salvador in a partnership with Banco Agricola since 2021.

The company is seeking partnerships with banks, providers of digital wallets and global merchants.

Prior issues: 1278, 1275