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BitPay Drives Explosive Growth in Bitcoin Commerce

Posted by Austin Bitcoin on Monday, 02 December 2013 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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