Payment processor BitPay has already assisted more than 10000 merchants all over the world in their plans to start accepting payments in bitcoin.
As you may already know, the firm, that was founded in 2011, an year ago had confirmed only 1000th merchant, therefore it is completely clear that in just 12 months BitPay experienced an enormous growth.
The major part of BitPay clients, about 50%, are situated in North America, 25% are located in Europe. Over nine tenths of the merchants, that are using the above-mentioned payment processor are e-commerce businesses. BitPay additionally considers blogging platform WordPress as its client.
BitPay's co-founder and chief executive Tony Gallippi said that their largest merchants are selling high-end things like computers, electronics, jewellery, precious metals and bitcoin mining kits.
He also mentioned: these businesses have a high risk to be targeted by credit card cheaters, and that is why those merchants are interested in accepting bitcoins to lessen their risk.
Gallippi also said that BitPay each month processes 6-7 millions US dollars in merchant transactions.Last month they proceeded $6.4m. Starting this year, the firm has transacted 270,830 bitcoins which, according to today's Bitcoin Price Index, equals to over $34 millions.
QuickBooks Last week, BitPay made an announcement that now clients are able to import their sales into online accounting software QuickBooks. BitPay's chief financial officer Bryan Krohn said most of the merchants are "thrilled" about it and added that this possibility makes bitcoin sales even more frictionless.
Funding
Gallipi describes Atlanta, Georgia, where BitPay is situated, as a heart of fiscal technologies, "especially in the payment and merchant acquiring space".
He aforesaid there are a lot of "amazing" companies in the city that put a focus on "delivering real results through innovation".
Is known that earlier this year Founders Fund invested in BitPay $2m. This venture capital investment company consists of 5 partners who were founders or early investors in such corporations like Facebook, PayPal, Napster, and Palantir Technologies.
Competitors
BitPay could also be ahead of the pack as a payment service supplier, however we probably cannot say it doesn't have any competitors. Recently Coinbase tried to multiply its share within the market by giving new clients an option to proceed first 1 million US dollars without fees.
BIPS also claims herself as a largest supplier of bitcoin payment solutions in Europe.
Founder and chief executive of BIPS Kris Henriksen aforementioned that at the present time his firm offers its services to 15,000 customers in European Union, and already has around 1,000 regular clients. He added BIPS now have a number of certified partners, thus the business is going quite well.
Henriksen mentioned that relatively soon BIPS intends to expand, but he decided not to go into specifics and only forenamed BIPS is going to launch new feature to satisfy US customers needs.