amuck-landowner

Bitpay

splitice

Just a little bit crazy...
Verified Provider
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.

If you are receiving this email, it is because our compliance team needs you to choose the Tier that best suits your processing needs so that your transaction capabilities are not disrupted. Please login to your merchant Dashboard undefined Settings undefined Approved Volume to apply for the appropriate Tier, and you will be prompted via email to upload the necessary compliance documents.

Please complete this process within the next 10 business days to avoid any disruption to your transaction capabilities and processing volume. Based on the information we have on file, your transaction capabilities may be temporarily disabled or set to a minimum daily amount if we do not receive your response. Please contact [redacted] with any questions.We appreciate your cooperation and look forward to continuing to service your business!

Thank you,

BitPay Compliance
 
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KuJoe

Well-Known Member
Verified Provider
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.
 

Steven F

New Member
Verified Provider
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.
 

KuJoe

Well-Known Member
Verified Provider
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.
 

splitice

Just a little bit crazy...
Verified Provider
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

Well-Known Member
Verified Provider
@splitice I wonder if we're using the same BitPay, here's the automated response we got:

Tier Upgrade Request  

 

Thank you for completing your Tier upgrade request.  

 

Please allow 1-2 US business days for our compliance department to review your request.
I find it very strange that their automated responses are different for the same function.
 

mitgib

New Member
Verified Provider
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].
 

KuJoe

Well-Known Member
Verified Provider
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

New Member
Verified Provider
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.
 

dave

Member
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.
 

Licensecart

Active Member
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

New Member
Verified Provider
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.

For additional inquiries or details, please contact [email protected].
Thanks for using BitPay!
– BitPay Team
 

splitice

Just a little bit crazy...
Verified Provider
@texteditor They do charge to large clients.

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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KuJoe

Well-Known Member
Verified Provider
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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