BitPay offers retailers free payment processing

BitPay is now offering free basic payment processing to retailers—for life. Under the new pricing plan, BitPay hopes that more retailers will be able to offer customers the option to make purchases using the virtual payment.

Previously, the starter plan came with a 1 percent transaction fee, reported Gigaom.

"We have set a goal to enroll one million merchants by the end of 2016," said Tony Gallippi, BitPay's co-founder and executive chairman. "When we started BitPay in 2011, we saw an opportunity to finally give merchants around the world relief from interchange fees. By offering a basic plan that is free and unlimited, forever, we give merchants yet another reason to be excited about bitcoin."

The new free processing will allow retailers use of any plugin, API or app from BitPay's library and also gives them email support. The payment service provider will continue to offer its Business and Enterprise plans for retailers with other product and support service needs.

Most of the BitPay customers already on the starter plan are doing less than $100 a day in bitcoin sales. The paid plans used to have daily transaction caps, which have now been removed.

"There are lots of software companies out there that operate on a freemium model, so it's not new in the software world. But it's really new in the payments world," Gallippi told Gigaom. "There's no other payment company that can do this."

Because bitcoin payments are decentralized--verified on the block chain instead of by third parties--there is no need for credit card-type fees.

BitPay has made great strides in the last few months, as, Newegg and 1-800-Flowers recently announced they would start accepting bitcoin digital currency.

Simultaneously, Governor Jerry Brown has signed a bill to allow the legal use of bitcoin and other cash alternatives in California.

*This story originally appeared in FierceRetailIT's sister publication, FierceRetail.

For more:
-See this BitPay press release
-See this Gigaom article

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