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Business

Blog entries that describe businesses and merchants that accept Bitcoin and/or other cryptocurrencies as payment.

SACRAMENTO, CA – January 16, 2014 – Today, theSacramento Kings announced they will become the first major professional sports franchise to accept Bitcoin, a popular online currency. The bitcoin purchases will be processed through BitPay – the world’s largest payment processor for virtual currencies.

 

 

Since purchasing the Kings earlier this year, majority team owner Vivek Ranadivé has directed a business philosophy coined "NBA 3.0," which focuses on investments in technology, globalization and deep community partnerships. The BitPay relationship marks another manifestation of the 3.0 philosophy in Sacramento.

 

 

Tapping into a new and innovative digital currency community in which bitcoins can be earned and saved by users across the globe, the Kings have begun to accept bitcoins in the Kings Team Store through a simple checkout process, and will offer fans the ability to pay online for team merchandise and tickets by March 1. With this technology provided by BitPay, Kings fans will be able to purchase Kings merchandise and experiences in a faster and more secure way using bitcoin.

 

 

“We are maniacally focused on creating the most seamless experience for our fans in all facets,” said Ranadivé. “With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is yet another step in that process.”

 

 

BitPay’s Bitcoin Payment Gateway API is the most advanced and most reliable bitcoin-processing platform, both key reasons the Kings chose to partner with BitPay.

 

“We make it easy for businesses like the Sacramento Kings to accept bitcoin as a form of payment both in-person and online,” said Tony Gallippi, co-founder and CEO of BitPay. “As the first professional sports team to accept bitcoin, the Sacramento Kings continue to show that they are at the intersection of sports and technology.”

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Also Surpasses 15,500 Merchants

 

ATLANTA -- December 11, 2013 --BitPay Inc, the world leader in business solutions for virtual currencies, announces it has processed over $100 million in transactions this year, and has increased its merchant base to over 15,500 approved merchants in 200 countries. Since the announcement of the new All Inclusive Pricing Plan in October, along with the integration with Shopify in November, the number of new merchants has increased over 50% and the transaction volume has tripled.

 "This year, the 2013 holiday season was Adafruit's biggest ever. We are delighted to offer bitcoin payments via BitPay to our community and customers. It was fast and easy, hundreds of orders and happy customers getting educational electronics, using bitcoin!" shared Limor Fried, Founder and Engineer with Adafruit.

 Bitcoin has "clear potential for growth and could become a major means of payment for online transactions” a Bank of America analyst told CNBC. As the number of Bitcoin users continues to increase, merchants such as Adafruit, BTCTrip, Alliance Virtual Offices, and Clearly Canadian, see the value of working with BitPay to help expand their business.

 "BitPay is the gateway payment for business that want to accept bitcoin. It's the main player to develop the merchant economy for bitcoin community,” said Martin Fernandez, CEO BTCTrip.

 BitPay has made the process of becoming a merchant simple, hassle free and accessible everywhere. Merchants choose the way they want to accept Bitcoin; either via mobile device in-store, NFC into a POS terminal, online through any of BitPay’s shopping cart partners, or through direct API. Merchants can also choose how they want their funds settled from one of the 40 local currencies BitPay offers including Bitcoin.

 Many of BitPay’s new merchants are “trying to stay ahead of the curve, while expanding our customer base,” says Anthony Gallippi, Owner of Smoke Bourbon BBQ House in Toronto, Canada.

 The recently launched global directory features many of the world’s greatest bitcoin-accepting merchants. The directory gives bitcoin users access to thousands of businesses and charities that now accept bitcoin.  By continuing to add new merchants daily, BitPay continues it mission to expand Bitcoin in the e-payments world.

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Posted on in Business

BitPay Drives Explosive Growth in Bitcoin Commerce

Also sees rapid enrollments in all-inclusive processing plans
 

ATLANTA -- December 2, 2013 --  BitPay, the world’s leading merchant processor for virtual currencies, announces that in November it processed a record 55,288 bitcoin merchant transactions, representing a 165% increase from October.  Strong activity from KNC Miner, Gyft, and Amagi Metals led the increase.
 
 
During the Bitcoin Black Friday event on November 29, BitPay processed 6,296 bitcoin transactions in a single day, making it the most popular day in the history of bitcoin commerce.  On November 29, more than 6% of all transactions on the bitcoin network were spent on goods and services through BitPay’s platform.  

“BitPay’s order volume is the most accurate indicator of the real bitcoin economy, and today that economy is soaring higher as merchants are seeing tremendous value in accepting bitcoin payments,” states Tony Gallippi, BitPay Co-founder and CEO.  “We are building the most powerful, reliable, and scalable tools for businesses to accept bitcoin.”

Last year, the Bitcoin Friday event was BitPay’s largest volume day in 2012 and the company processed 99 transactions.  The year-over-year growth of BitPay on Black Friday is 6,260%.

BitPay continues to enroll new merchants at a rapid pace, onboarding over 3,000 merchants in November to exceed a total of 14,000 bitcoin-accepting merchants.  Shopify’s integration of BitPay into its checkout process now makes BitPay available to 75,000 merchants using the Shopify ecommerce platform.

Enrollment in BitPay’s all-inclusive processing plans is also accelerating.  By selecting one of the all-inclusive plans, BitPay merchants can choose the software features they need, and process an unlimited number of transactions with zero transaction fees.  

“No merchant service provider riding on the traditional interchange rails can offer all-inclusive pricing because there are three or four middlemen who take a cut of every transaction,” says Gallippi. “Some processors tease merchants with flat-rate pricing, but there are many hidden fees and limitations that make flat-rate offers an illusion.”

Square, which offers a flat-rate credit card processing plan for $275/month, recently announced they would be discontinuing this plan on February 1, 2014, and would charge merchants a 2.75% or 3.5% processing fee on every transaction.
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Posted on in Business

BitPay, in keeping with its mission to build a better e-payments world, has launched a new global bitcoin directory which features many of the world’s greatest bitcoin-accepting merchants. Shoppers looking for everyday goods and services or unique gifts will find a wide variety of places to spend their bitcoins in the bitcoin directory.

“We are often asked where to spend bitcoins and this global directory allows bitcoin merchants around the world to get discovered,” says Tony Gallippi, BitPay Co-founder and CEO. “With this service we will be linking over 5 million bitcoin users with merchants and we will continue adding more merchants.”

The directory gives bitcoin users access to thousands of businesses and charities that now accept bitcoin. Some of the most popular categories include Web and IT Services, Electronics and Precious Metals. BitPay has also included a Travel and Tourism section for bitcoiners looking to plan their next vacation and a search feature that shows them where to spend bitcoins with local merchants.

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BitPay Processes $1 Million Bitcoin Merchant Transaction

Bitcoin Magazine

Original author:  Elizabeth Ploshay

The Bitcoin economy has now surpassed 2 billion USD and transactions sizes between USD and BTC continue to rise. Just this morning, lead Bitcoin payment processing company, BitPay, announced the processing of the largest Bitcoin merchant transaction ever of 1 million USD. BitPay not only set a record, but also processed, cleared and settled this transaction next business day for Butterfly Labs. BitPay, unlike PayPal, the lead USD payment processing company, guarantees no reversibility or chargeback of payment.

BitPay issued the following press release:

BitPay Processes $1 Million Bitcoin Merchant Transaction  

Processes, Clears, and Settles to Merchant’s Bank the Next Business Day

ATLANTA — October 29, 2013 — BitPay, the world’s largest payment processor for virtual currencies, announces that it has processed its largest bitcoin merchant transaction ever, a single order for $1,000,000 for Kansas City-based bitcoin mining hardware manufacturer Butterfly Labs.  BitPay  processed, cleared, and settled the transaction within their normal one business day time frame directly to Butterfly Labs’ bank account.

 “The speed, reliability, and certainty of payments over the bitcoin network is expanding at a rapid pace, and in many regards has already surpassed the functionality of our 60-year old credit card networks,” states Tony Gallippi, co-founder and CEO of BitPay.  “Butterfly Labs can now ship this merchandise with confidence that there will be no reversibility or chargeback of the payment, which is a significant risk found when accepting credit cards online or PayPal.”

Butterfly Labs sells bitcoin mining hardware, which is part of the distributed computing network that secures the bitcoin accounting ledger.  The amount of computing power of the bitcoin network has grown exponentially this year, from 20 Terahashes per second (Th/s) on January 1, 2013, to 3000 Terahashes per second today.  The network took 4.5 years to reach 1000 Th/s, then one month to reach 2000 Th/s, then and week to reach 3000 Th/s.  

BitPay has also expanded the translations of its checkout process into 40 languages, with new additions including French, Chinese, and Portuguese.  Customers making a bitcoin purchase with BitPay can now view and complete the entire checkout process in their native language. Business selling electronics, jewelry,  and  computers can now increase their exports to emerging markets as these items tend to be the most often purchased internationally.

For businesses reaching international customers, accepting bitcoin through BitPay offers a tremendous value.  The business can accept a payment from customers in any country on earth, with no risk of fraud or chargebacks, which makes it ideal for businesses selling high-priced items online.

CEO Tony Gallippi will be speaking on Bitcoin’s Place in the Global Financial Market at Webit Congress November 6th in  Istanbul, Turkey.

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.

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