Flat fee payment processing with BitPay | TigerDroppings.com
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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

Flat fee payment processing with BitPay

Anyone interested in talking about disruption in the payment processing arena and not about bitcoin specifically?

BitPay introduces the world's first All-Inclusive Processing with Zero Transaction Fees, and Zero Hidden Charges.

Flat monthly fee and 0% transaction fees when a customer pays with bitcoin through BitPay. And the merchant gets US dollars (or the currency of their choice) in their bank account.

Any thoughts on the potential for disruption here? Any small business owners want to chime in on the costs of transaction fees with processors like Visa, MC, PayPal, etc?
This post was edited on 10/7 at 12:53 pm



Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58914 posts

re: Flat fee payment processing with BitPay
I'll bite. I also want to know if they are going to bump the spread a little bit. Kinda like brokerages do.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Flat fee payment processing with BitPay
quote:

I also want to know if they are going to bump the spread a little bit. Kinda like brokerages do.


I don't know what you mean by that.

Typically with BitPay, merchants price their goods in US dollars, so for instance, if you sell an item for $5 dollars but the buyer pays in bitcoin, then BitPay remits $5 to you (minus any transaction fees, which in the case of their new offerings, will be 0% if you pay their monthly flat fee - $30 per month for the lowest tier).


LSURussian
LSU Fan
Member since Feb 2005
85152 posts

re: Flat fee payment processing with BitPay
quote:

I don't know what you mean by that.


LSUzealot
New Orleans Saints Fan
Napoleon and Magazine
Member since Sep 2003
57393 posts

re: Flat fee payment processing with BitPay
In essence, if you pay them 30 a month, the consumer pays you in bitcoin then you receive the same funds in USD?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Flat fee payment processing with BitPay
quote:

In essence, if you pay them 30 a month, the consumer pays you in bitcoin then you receive the same funds in USD?



Right. You can opt to pay $30 per month for them to process your bitcoin transactions and pay you in US dollars. If you choose this option, you will pay no transaction fees for each transaction.

You can also opt to pay no monthly fee, but instead pay a 1% fee for each transaction.

I suppose as a merchant you would need to do the math to see if you have enough bitcoin sales to make the monthly payment options worthwhile.


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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
31895 posts

re: Flat fee payment processing with BitPay
The $30/month deal is the personal plan, not sure why someone would bother unless they're a more natural fit for the business package anyway, which is $300/month.

And Square offers payment processing for a flat $275/month fee to small businesses. Still not worth it.

It may make sense for people/businesses already doing business in bitcoins. But for everyone else I don't see the value here.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Flat fee payment processing with BitPay
quote:

And Square offers payment processing for a flat $275/month fee to small businesses. Still not worth it.


yea but Square has a $400 single transaction limit, and a $21,000 monthly transaction limit with their $275/month plan, whereas BitPay's $30/month plan has higher limits, and their $300/month plan has no limit on either of those

eta: plus you have to deal with chargebacks with Square. but not with BitPay

eta2: and with Square you only get swipe only



This post was edited on 10/7 at 2:57 pm


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58914 posts

re: Flat fee payment processing with BitPay
quote:




Quit laughing. You don't know either.


LSURussian
LSU Fan
Member since Feb 2005
85152 posts

re: Flat fee payment processing with BitPay
quote:

Quit laughing. You don't know either.
Wanna' bet?


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58914 posts

re: Flat fee payment processing with BitPay
quote:

Wanna' bet?


Nope. Because I know that you know, exactly what I'm talking about. Shame that he doesn't.


Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41799 posts

re: Flat fee payment processing with BitPay
quote:

BitPay introduces the world's first All-Inclusive Processing with Zero Transaction Fees, and Zero Hidden Charges.


No it isn't.

I'll give them that this is the CHEAPEST all inclusive processing I have seen, but they are years behind the first flat monthly payment processing service.


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Flat fee payment processing with BitPay
quote:

Shame that he doesn't.


you were trying to fit a square peg into a round hole.

i explained how the service typically operates. you've not commented on that since.

if you want to see more on how they calculate this stuff, then read up: https://bitpay.com/bitcoin-exchange-rates

but you probably won't


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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41799 posts

re: Flat fee payment processing with BitPay
quote:


yea but Square has a $400 single transaction limit, and a $21,000 monthly transaction limit with their $275/month plan, whereas BitPay's $30/month plan has higher limits, and their $300/month plan has no limit on either of those


None of this changes the assertion that Bitpay is the first to offer a flat service with no hidden fees.


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Flat fee payment processing with BitPay
quote:


None of this changes the assertion that Bitpay is the first to offer a flat service with no hidden fees.


their assertion is that "BitPay introduces the world's first All-Inclusive Processing with Zero Transaction Fees, and Zero Hidden Charges."



Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41799 posts

re: Flat fee payment processing with BitPay
What am I missing that Square doesn't also apply?


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Flat fee payment processing with BitPay
quote:

What am I missing that Square doesn't also apply?


"All-Inclusive"


Square Pricing

quote:

What about non-swiped transactions?
Square Wallet transactions receive 0% processing and count towards your processing limits. Manually-entered card transactions and cash recorded with Square do not count towards your limits. Manually-entered cards cost just 3.5% + 15¢ per transaction.


This post was edited on 10/7 at 4:42 pm


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58914 posts

re: Flat fee payment processing with BitPay
quote:

and Zero Hidden Charges."



That's the funniest part. They are going to make a shitload of money pegging their own rate and then turning around and dumping it back into the market at market rate. And usually nobody is the wiser. Because, hey, no fees


WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Flat fee payment processing with BitPay
quote:

They are going to make a shitload of money pegging their own rate and then turning around and dumping it back into the market at market rate. And usually nobody is the wiser. Because, hey, no fees


Please explain like I'm 5 how they can do this successfully.

And are you just throwing out wild accusations with no basis or do you have some kind of evidence that would lead you to believe they are doing what you say they are doing?


Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
58914 posts

re: Flat fee payment processing with BitPay
quote:

And are you just throwing out wild accusations with no basis or do you have some kind of evidence that would lead you to believe they are doing what you say they are doing?


I have no evidence that it's going to happen. But it is. The financial professionals will be in here to back me up shortly.
This post was edited on 10/7 at 4:47 pm


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