Merchant Services

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Merchant Services 2013-12-23T14:31:20+00:00

If you a business owner, there are specific companies that have developed Bitcoin shopping carts that can be integrated into your existing payment processing system. Just as there are Visa, MasterCard, and American Express payment platforms, there are Bitcoin payment platforms.

When a person drops something in the online shopping cart and goes to the checkout process, the transaction would be in the local currency most of the time. But with the new Bitcoin shopping cart functionality, as they work their way through the checkout process, they literally are choosing whether they want to pay with a credit card or pay with Bitcoin.

If they choose to pay with Bitcoin, the cart interfaces with the payment platform and figures out what the market price is at that particular moment. It locks in the price for a period of time for the transaction to complete.

One of the payment platforms we’re aware of is BitPay. They have different pricing levels. The starting level is a 1 percent transaction free. They support over 20 different shopping carts, with WordPress being one of them.

Coinvoice is a payment processor that offers an online invoicing service which allows merchants to invoice in US dollars and receive Bitcoin as payment for goods and services worldwide. Coinvoice makes it easy for any merchant to receive Bitcoins without them or their customers having to worry about the infrastructure necessary to conduct and process these transactions.

Coinbase has a merchant integration system as well. Look for the “For merchants” button at the top of the page.