An extraordinary announcement came from BitPay executive chairman Tony Gallippi, as he said that as the company seeks to meet its ambitious merchant enrollment goals it has brought in new pricing plan that makes its basic level of service free and unlimited. He said that his company has set a goal to enroll one million merchants by the end of 2016.
According to him when BitPay came to existence in 2011, he saw an opportunity to finally give merchants around the world relief from interchange fees and now the time has come. He declared that by offering a basic plan that is free and unlimited, forever, his company gives merchants yet another reason to be excited about Bitcoin.
The announcement says that under the new plan merchants will be allowed for unlimited use of any plug-in, API or app from the BitPay library and access to the company’s email support. Also, there will be the company’s business and enterprise plans, which offer customers additional features. There won’t be any change in the existing prices.
There are a lot of problems for the companies that want to enter into Bitcoin ecosystem but don’t as there is a lot of interchange fee. However, BitPay says that the new pricing plan helps further reduce the barrier to entry for new merchants that are looking to accept Bitcoin payments.
Focused on New Merchants for Horizontal and Vertical Expansion
Thus, the entire effort on the part of BitPay is to move towards popularizing the digital currency by helping out the new businesses adapts to it. For instance, whereas previously, BitPay’s basic pricing plan was available to merchants at a cost of $30 for 30 days, for transactions of up to $10,000 daily, it has been changed dramatically to suit now.
The release from BitPay says that when compared to Coinbase’s processing service which has been free for merchants that want to receive and keep payments in Bitcoin, BitPay charges a 1% fee for merchants wanting to exchange their Bitcoin sales’ earnings for dollars; however, it will only charge after the company’s first $1m in sales.
BitPay believes that there are a lot of opportunities if the merchants are focused and for that it introduced Get Bits, a Facebook app that helps friends trade Bitcoin, as well as the beta version of its multi-signature wallet, Copay. Now, it has more than 35,000 merchants in its network, including WordPress, Virgin Galactic, TigerDirect, Newegg, etc.
To contact the reporter of this story: Deepak Tiwari at email@example.com