Bitpay Apple Pay Mastercardreichertcnet – BitPay was built to be a global payment platform that’s connected to the world’s economic system. BitPay allows merchants and consumers to have an interest-free, instant international bank account. Unlike credit cards, electronic banking systems, or wire transfers, merchants can accept payments as bitcoin without any fees from recipients. This is because BitPay never charges any fees for itself–only the merchant pays a small debit for processing Bitcoin credit card transactions on its behalf.
BitPay is a global e-commerce payment service provider that uses Bitcoin to fund merchant accounts in over 100 countries at the same time. BitPay accepts credit cards from customers, but does not know or store credit card data for its merchants. This allows BitPay to process payments instantaneously and allows merchants to receive funds without having to wait for bank transfers or convert funds from another currency before receiving it.
BitPay services allow businesses to accept Bitcoin payments from customers, after which BitPay converts them into dollars. BitPay charges a one percent fee for processing the credit card transaction and another one percent fee to convert it into dollars. This means that the merchant’s profit is one and a half percent over the credit card company’s profit. The service is free for personal use, but less than $1 million in Bitcoin or fiat currency transactions per month are charged 0.99% per transaction.
BitPay’s team is led by Stephen Pair, who was the CTO of another Bitcoin merchant payment processor called BitCoinJ. Antonie Geerts, BitPay’s founder and CEO, is a Dutch national that is the visionary of the idea. Richard Crowe has been with BitPay from its inception, and has made it one of the most notable payment service providers in Europe.
BitPay is one of the first Bitcoin companies to be funded by top venture capitalist firms, such as Founders Fund and Virgin. The company also recently received $510,000 of seed funding from BitFury Group and another $100,000 from SBI Investment. BitPay has raised over $32 million in venture capital since its inception in 2011. In September 2014, BitPay purchased several hundred dollars worth of Bitcoin through companies like Coinbase and various other exchanges so that they can sell them at a higher price to their clients. BitPay also has a partnership with Micros Pay, which is a mobile point-of-sale (mPOS) company in the payments industry.
BitPay’s business model has meant that it has received lots of negative and positive criticism from the community. The company made news recently when it announced its intentions to accept Apple Pay, which is Apple’s own payment service similar to Google Wallet and Softcard. Apple Pay is an NFC-based mobile payment service that allows users to pay with the credit cards on file within iTunes.
Because Apple Pay is still new, the service only supports American Express, MasterCard and Visa credit and debit cards. BitPay will be launching its own Bitcoin debit card in 2016 so that it can accept any bitcoin and have it instantly converted into a fiat currency. The Bitpay card is called Copay Card and will allow you to use your Bitcoin anywhere in the world where MasterCard or Visa are accepted. The company has already partnered with BitPay card to be their debit card partner in the USA.
Normally, merchants must pay a fee of 1.5 percent per transaction when they are processing credit cards, which is how it costs BitPay to process the transactions and send funds to its merchants. Because Apple Pay is still new, Bitpay will also be charged a one percent fee to transfer the funds from Apple Pay into dollars and will then charge merchants 0.5 percent for each purchase that is made on their mobile app via Bitcoin.
