BitPay No Longer Offers Free and Unlimited Introductory Offer to New Merchants

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BitPay No Longer Offers Free and Unlimited Introductory Offer to New Merchants

Like any other company would like to attract customers and win their loyalty, even BitPay offered exclusive services. One of them was free and unlimited introductory services to new merchants. However, now it appears clear that BitPay will no longer offer its “free and unlimited” introductory service to new merchants looking to accept Bitcoin as payment.

According to the announcement when the offer was introduced in July 2014 the company had planned to ask the startup reach its goal of enrolling 1 million merchants by 2017. Talking about the decision executive chairman Tony Gallippi said that such a pricing scheme would continue “forever” in a bid to entice merchants to the platform.

Would Affect Small Merchants?

The decision is receiving all kinds of reactions from all segments of businesses; however, one factor that has been consistently been put forward well is that it marks a break from the 0% transaction fee model BitPay has sought to market since late 2013 when it introduced a Professional Plan, Business Plan and Enterprise Plan for customers.

Elaborating further Gallippi said that the decision would be unlikely to affect small merchants accepting payment via the service. He was quoted saying that the new Starter Plan will remain free for up to $1,000 daily and 30 transactions per month, giving many small businesses more than enough access to our platform for their needs.

The Decision Won’t Have Severe Impact

Gallippi is of the view that the idea won’t have a substantial impact on customers, adding that “nearly all merchants” processing enough transactions chose to upgrade to a paid subscription package. There are special offers for the customers who want to process their payment.

For instance, Starter Plan customers who process more than 30 transactions a month would be charged a 1% fee on additional transactions. Similarly, the firm discloses that subscribers to the company’s Business Plan aimed at enterprise users will now be charged a 1% fee based on use, rather than a $300 recurring monthly cost.

The official statement from the government says that the new plan will lower the risk of experimenting with Bitcoin acceptance for mid-sized businesses, while enabling the team to better focus on Business Plan merchants.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

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Deepak Tiwari, a law graduate, has been working as a journalist for six years now. He currently writes on Bitcoin, economic, and Forex related news at ForexMinute, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers for readers, traders and brokers. His other specialties include writing on law & governance, finance, internet marketing, careers, politics, international relations & diplomacy, etc.