All About BTC, LTC, ETH mining as well as other alternative crypto currencies
The payment processor BitPay has just released an application called Bitcoin Checkout for mobile devices using iOS such as iPhone and iPad as well as for Android-based tablets and smartphones making it quicker and easier for merchants to accept Bitcoin payments. BitPay’s new point-of-sale application Bitcoin Checkout is designed to be really simple and easy to be used to accept Bitcoin payments from customers, so that it can easily be used alongside existing point-of-sale systems. The application works with the familiar 2D barcodes for the payment, but also supports NFC for payments, though support that could be limited depending on what kind of mobile device is used by both the merchant and the customers. This is a clear example of how simple and easy an alternative form of payments such as Bitcoin can be integrated by merchants without the need of specialized hardware as a payment processor. When you add the very small transaction fees for the merchant for Bitcoin payments as compared to what credit card payment processors charge there is no reason not to add Bitcoin payments as an option for attracting new customers. For merchants accepting Bitcoin payments there is also no risk from the Bitcoin price changing significantly as pretty much all of them are immediately exchanging the Bitcoins they receive as payment into USD, EUR etc.
BitPay, a Bitcoin payment processor, has announced a new free plan which offers basic payment processing free-of-charge, forever, making it even more attractive for new businesses to start accepting payments in Bitcoin from their customers. The new free plan allows merchants to use any plugin, API, or app from BitPay’s library and the only difference as compared to the $300 USD monthly Business plan is the lack of phone support and Quickbooks sales integration. With the free plan you still get support, however it is email only. BitPay is aiming to have one million merchants accepting Bitcoin by the end of 2016.
Coinbase, another similar service, has been offering for quite some time a plan to merchants that has no fees for the first $1,000,000 USD in transactions, after that the fee is just 1% to instantly convert Bitcoin to cash. The idea for accepting Bitcoin payments is to lower the fees for the seller and thus the price for the end user as compared to the fees when accepting credit card payments for example. This should help widen the Bitcoin adoption as a method to pay for services and goods with the merchant still getting his payment in USD or another currency even though the client pays in Bitcoins.
Today comes another very interesting announcement coming from Coinbase that will help the adoption of Bitcoin as an alternative form of payment for products and services. They have partnered with Intuit’s QuickBooks Online to offer PayByCoin, a new service that will enable small businesses to accept bitcoin payments.
How does it work?
– Small business operators register with Coinbase and link their bitcoin wallet to their QuickBooks Online account.
– When a customer receives an invoice, they now have the option to pay by bitcoin, in addition to existing methods such as credit cards and bank transfers.
– Intuit does not currently charge a fee for this new service. Coinbase does not charge any fees for the first $1,000,000 USD in bitcoin transactions; after that, a 1% payment processing fee with be charged when converting bitcoin to USD.
Just last year, Intuit processed approximately $40 billion USD in payments and by making bitcoin payment an option for the 624000 small businesses using QuickBooks Online this can significantly help in the mainstream adoption of Bitcoin as an alternative form of payment.