from Jan Griesel
We heard from many customers who are interested in using Bitcoins as a payment instrument. Therefore, we integrated BitPay as a payment provider. Bitcoins are used as an international currency rather than a national one. As such, they facilitate international commerce and make it easy to sell to customers all over the world.
The company was founded in 2011 and is a leading payment provider for the virtual currency Bitcoin that makes international trade possible without any currency exchange rates or transaction fees. There are 3 versions of BitPay available. The first one is free of charge and features an unlimited order volume, daily synchronization of bank information and E-mail support.
What exactly is Bitcoin?
Bitcoin is an alphanumerical digital online currency that is generated by computers. So called cryptographic technology is used for Bitcoins. This cryptocurreny makes Bitcoins a decentralized and secure digital currency.
The Bitcoins are saved on a virtual account and require two separate keys. Only the person who has the private key can use the Bitcoins for making payments. It is possible to generate as many Bitcoin key pairs as desired.
The amount that needs to be paid by the customer will be displayed in the store's currency, e.g. Euro. During the payment process, this amount is converted into Bitcoins according to the exchange rate. This way the customer pays with Bitcoins.
Customers who click on the "Buy" button in the online store will be forwarded to the following page (see image below). Here the customer can scan the QR code or click on the "Pay with Bitcoin" button to continue the payment process.
Customers need to have a special app (Android or IOS) or a program on their PC in order to scan the QR code and use the button. There are several apps available for paying with Bitcoins and seeing the actual Bitcoin balance.
How can you use BitPay in plentymarkets?
The interface is now available and you can begin offering Bitcoins as a payment currency. The payment process is almost the same for your customers as with any other payment method. It is completed in a few steps.
The customer adds an item to the shopping cart and proceeds to the checkout. Once the customer chooses Bitcoins as the payment instrument, he or she will be forwarded to BitPay.
The customer will then have to log into his or her user account and pay. Once the payment is made, the customer will return to the online store. You, as the merchant, will receive an E-mail from BitPay informing you about the payment.
What is the advantage for merchants?
- Bitcoins are anonymous
- They can be used worldwide
- No transaction fees
- No more trouble with different currencies
plentymarkets thus offers you a new and low-cost payment method. You need to set up an account with BitPay before you can use BitPay as a payment provider.
For further information about integrating Bitpay into your system, refer to our manual.
BitPay is the leading payment service provider (PSP) specializing in the peer-to-peer virtual currency Bitcoin which provides for instantaneous transactions from anywhere in the world with no risk of fraud or chargebacks.
Using BitPay enables merchants to easily accept Bitcoins for payment just like with Visa, Mastercard, Paypal or cash. Merchants can choose what percentage of revenues are kept in Bitcoins or converted to a fiat currency and direct deposited daily into their bank account. Unlike most credit card providers BitPay does not impose any fee to process and convert payments. This way it is much easier for businesses to accept Bitcoins and properly account for tax purposes.