BitPay Enables Free Bitcoin Payment Processing

July 30, 2014         By: Kevin Xu

BitPay, one of the leading bitcoin payment processors has announced an introduction of a free plan for merchants.

BitPay enables merchants to accept bitcoin and convert the payment, either all or a percentage, with support for daily direct bank deposits daily in nine different currencies and 33 countries.

The settlement process involves scanning bitcoin exchanges for the best exchange rate, which BitPay calls the Bitcoin Best Bid, providing the best price for merchants.

The best part, especially for merchants with an interest in taking bitcoin is that this service is now entirely free.

Instead of paying interchange fees for accepting credit and debit cards, merchants can now take bitcoin and save on fees.

Stephanie Wargo, VP of Marketing at BitPay, says that “Now merchants who sign up and want basic service pay nothing for the transaction. We didn’t get the cost down to zero, we just waved the fees.”

This is one in a series of major moves that BitPay has made in several months including partnering with online electronics retailer NewEgg, TigerDirect, joining the ranks of BitPay’s reported 35,000 merchants.

Tony Galippi, BitPay’s Co-founder and Executive Chairman said, “We have set a goal to enroll one million merchants by the end of 2016. When we started BitPay in 2011, we saw an opportunity to finally give merchants around the world relief from interchange fees. By offering a basic plan that is free and unlimited, forever, we give merchants yet another reason to be excited about bitcoin.”