# Bitpay



## splitice (Mar 15, 2015)

In case anyone missed it Bitpay is now requiring compliance information from those merchants who are using it.



> Hello,
> 
> Thank you for being a valued BitPay merchant! We have recently updated our compliance policies, and these changes could potentially affect processing for your account. As a part of BitPay’s Anti-Money Laundering (AML) Program, we are required to collect certain verification information depending on the nature, volume, and value of our merchant’s transactions. BitPay has a Tier system in place that will enable higher daily transaction volume after additional verification information is provided.
> 
> ...


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## KuJoe (Mar 15, 2015)

Never got the e-mail but it looks like their Approved Volume tiers aren't working anyways. Applying for the correct tier anyways just in case.


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## Steven F (Mar 15, 2015)

Stripe's BitCoin program is now public, but they charge 0.5%. I'd love to see a rate comparison between what BitPay and Stripe charge customers.


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## KuJoe (Mar 15, 2015)

Steven F said:


> Stripe's BitCoin program is now public, but they charge 0.5%. I'd love to see a rate comparison between what BitPay and Stripe charge customers.


Straight from their website:



> No transaction fees, ever.
> 
> 
> 
> All of our plans put the world's most powerful bitcoin infrastructure at your fingertips — no fees, no percentages, ever. You get paid exactly what you charge.


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## splitice (Mar 15, 2015)

Its not really a comparison with fees, BitPay is free. Unless you want enterprise / large business features. Great for innovation in my opinion.

On a side note, don't let the free level of support worry you. I was very impressed with the support I received. I contacted them to confirm that bank settlement details were correct, since the details my bank gave me didn't map 1-to-1 (terminology differences). Got a reply within 2 hours forwarding it to someone with knowledge in the area and 12 hours later the exact instructions I needed for my bank.

Ive put my request in for verification, from what I understand it doesn't take effect for 10 days. I got this via email in response:



> Tier Request
> 
> Thank you. We have received your Tier upgrade request.
> 
> Please allow up to 3 US business days for our compliance department to review your request.


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## KuJoe (Mar 15, 2015)

@splitice I wonder if we're using the same BitPay, here's the automated response we got:



> Tier Upgrade Request
> 
> 
> 
> ...


I find it very strange that their automated responses are different for the same function.


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## splitice (Mar 15, 2015)

@KuJoe We are Australian, probably allowing for extra time with unfamiliar countries.


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## mitgib (Mar 15, 2015)

Took me about 5 hours if that after submitting on Friday



> Hello,
> 
> Thank you for choosing BitPay. This email is to notify you of your current approved daily sales volume. Your merchant account is approved to process up to a maximum of $1000 per day. If you would like to increase your approved daily sales volume, please log into your BitPay merchant dashboard > My Account > Approved Sales Volume and select the level appropriate for your processing needs.
> 
> For questions regarding this process, please contact [email protected]


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## Steven F (Mar 15, 2015)

KuJoe said:


> Straight from their website:


I meant the BTC to USD conversion rate.


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## KuJoe (Mar 15, 2015)

Steven F said:


> I meant the BTC to USD conversion rate.


I don't know about that but if I invoice a client for $50 I get $50 in my bank account.

Their FAQ says they don't add any fees to the buyer. I'll go check though.


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## Steven F (Mar 15, 2015)

KuJoe said:


> I don't know about that but if I invoice a client for $50 I get $50 in my bank account.
> 
> 
> Their FAQ says they don't add any fees to the buyer. I'll go check though.


Yes, but if there is a substantial difference in the rate, I would rather use the one that is typically cheaper even if it means a 0.5% fee.


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## MarkTurner (Mar 15, 2015)

Has anyone tried accepting Bitcoin via Stripe? How fast do they confirm funds?


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## dave (Mar 16, 2015)

I use bitpay all the time as a customer paying for goods or services.  They don't add any fees, though they probably make a little on the spread between the buy/sell price.


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## Licensecart (Mar 16, 2015)

I keep bitcoins in bitcoins with BitPay as I can use the money and if not keep it safe in the wallet for when the bitcoins go up. Oh and I didn't get that email either.


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## VPSAliens (Mar 16, 2015)

The Approval is easy and just took a little over an hour with Supporting Docs.



> Tier Upgrade Approval
> 
> Good news! Our compliance team reviewed your Tier upgrade request and your account is now approved for tier 1. The processing volume for this Tier is $1,000.
> 
> ...


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## splitice (Mar 16, 2015)

Ours came through in roughly a day and a half.


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## texteditor (Mar 16, 2015)

KuJoe said:


> Straight from their website:


how is "no fees, ever" sustainable? Bitpay can't float on venture capital forever


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## splitice (Mar 16, 2015)

@texteditor They do charge to large clients.



splitice said:


> BitPay is free. Unless you want enterprise / large business features.


They probably make a little on interest (especially on smaller clients where cash-out might only be every few months) as well.


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## splitice (Mar 16, 2015)

By the way Bitpays exchange rates can be found here - https://bitpay.com/bitcoin-exchange-rates

I have always found them to be very good.


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## KuJoe (Mar 16, 2015)

texteditor said:


> how is "no fees, ever" sustainable? Bitpay can't float on venture capital forever


They probably hold onto the bitcoins and cash them out when they've increased in value. They also make $300/month on business plans and more on their enterprise plans.


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## Steven F (Mar 17, 2015)

Their exchange rate is higher than most exchanges, too! That's crazy!


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## texteditor (Mar 17, 2015)

KuJoe said:


> They probably hold onto the bitcoins and cash them out when they've increased in value.


This can't be a good plan either, considering the price history


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## SkylarM (Mar 17, 2015)

At one point they charged 1% on the basic accounts, at least that's what it was when I initially signed up *shrug*


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## splitice (Mar 18, 2015)

They take the highest value from reputable exchanges, given their volume of sales they can likely lodge an automated trade very quickly and have minimal risk of fluctuation.

I would hazard that they make their money of large business / enterprise. And for small business off interest on money held for payout. Sure VC probably pays alot of their starting costs for now, but they do have sources of income and that's what matters in the long run. When I signed up they charged 1% and I was fine with that, but after splitting all the coins it probably dint work out very profitable for them on small transactions.

By the way to those who question the rates, or suspect a bit of money making off them. From the bitpay site:

"Buyers will always get a better value by spending their bitcoins at a BitPay merchant than by selling them on an exchange."


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