BitPay.com is an electronic payment processing system for the bitcoin currency. If you are a business owner, you can now use BitPay to accept bitcoins, as a form of payment either in-person or on your website, just as you accept payments from Visa, Mastercard, or Paypal. With BitPay you can eliminate the risk of Fraud, Chargebacks, and Identity Theft from internet payments.
With Bitpay, you can expand your business globally and reach new customers by collecting payment from any country on Earth, with no risk of fraud. Accepting the digital Bitcoin currency as a payment method allows merchants to reach customers in over 60 countries not supported by PayPal. It also allows merchants to reach various countries that are restricted by Visa and MasterCard for high fraud or lack of infrastructure.
For consumers, there is mobile integration to pay on the go with BitPay. A consumer transacting in bitcoins needs only a mobile phone application or an Internet connection. BitPay makes any smartphone as a point-of-sale terminal. Merchants can accept mobile payments over wi-fi and 3G/4G without the need for NFC terminals.
BitPay accepts Bitcoin and then puts “real” money into the bank accounts of businesses. Basically, there’s no worry on the end of merchants, because they end up getting paid the way that they’re used to. The difference is that a small business in Lagos can now accept a payment from Tokyo for goods and services, which was nearly impossible before.
If you decide to accept payments using BitPay, your payments are sent to the bitcoin address of your choice. Merchants in some countries can choose to receive a direct deposit into their bank account.
BitPay offers simple plugins and extensions for popular shopping carts and billing systems though you must have a merchant account with BitPay to process orders with these tools. Bitcoin payment plugins for popular eCommerce platforms are available for download on the Bitpay website. Bitpay processing rate is as low as 0.99%. No setup fees / No monthly fees.
I see this as a good alternative to Paypal for Nigerian merchants. If Wordpress, Namecheap and thousands of merchants have adopted BitPay, what are you waiting for?
In my future posts, I will keep you updated with list of Nigerian Bitcon Exchangers should in case you are looking for where to fund or buy bitcoins online in Nigeria.