Atlanta, Feb. 04, 2020 (GLOBE NEWSWIRE) -- BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, in a move applauded by merchants, consumers, and the Bitcoin ecosystem, today announced that the company will soon allow all BitPay invoices to be paid from any Bitcoin wallet or exchange and has already begun a phased rollout.
BitPay Payments Merchants Bitcoin Payments Lingerie Coinbase Commerce Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards. Bitpay is a payment institution that was established in 2011 with the headquarter in Atlanta, Georgia. It is a payment gateway that offers merchants the availability to accept funds using bitcoin. Clients have the opportunity to directly transfer funds to the seller’s bank account using a bitcoin wallet.
The decision, driven by merchant feedback, puts control squarely back in the hands of those merchants to decide from which wallets they’ll accept payments and for consumers to use any wallet to make purchases with their favorite merchant. Further, merchants can elect to participate without any required technical development or implementation.
While merchants continue to benefit from features they’ve come to expect like no chargebacks and low processing fees, the ability to accept Bitcoin payments from any wallet will greatly expand their potential to grow sales and acquire new customers.
BitPay CEO and Co-Founder Stephen Pair said, “We listen to and rely on feedback from our customers and support merchants and consumers who want the ability to decide how they accept Bitcoin payments. Providing consumers and merchants the freedom to choose how they engage in commerce has always been one of our goals.”
“At times, Bitcoin has been a victim of its own success,” Pair conceded, “as adoption exploded in 2017 and 2018, network congestion and high transaction fees brought with them some tough decisions, like the one to implement Payment Protocol for all Bitcoin payments. As the Bitcoin market and technology supporting the blockchain has grown, BitPay believes support for all wallets will continue this trend and move Bitcoin mainstream.”
In 2018, BitPay set a record for reducing payment error rates. The dollar volume lost to cryptocurrency payment errors dropped dramatically from over 8% (in December 2017) to well under 1% of BitPay's total dollar volume processed. As the cryptocurrency market has matured and merchants and consumers better understand how to buy and sell goods with Bitcoin, BitPay is now able to support all wallets.
Over the past few years, BitPay has expanded its merchant and customer support infrastructure and processes to efficiently work with all wallets. With rising volumes and transaction values coupled with greater market maturity, BitPay expects to see fewer payment errors and exceptions. Merchants have increased opportunities for sales from millions of global wallet holders that have not implemented Payment Protocol and consumers have more places to make purchases. As a result, mainstream adoption for Bitcoin and cryptocurrency is on the horizon.
About BitPay
Founded in 2011, BitPay pioneered blockchain payment processing with the mission of transforming how businesses and people send, receive, and store money. Its business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency and fiat, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Visa® Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
Bitpay Merchants Account
The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank, member FDIC, pursuant to a license from Visa, U.S.A. Inc. “Metropolitan” and “Metropolitan Commercial Bank” are registered trademarks of Metropolitan Commercial Bank © 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule if any.
PassFort has worked with the crypto giant, BitPay, for more than 2 years honing KYC processes for onboarding and ongoing risk management.
BITPAY'S BUSINESS PROFILE
BitPay is a pioneer and leader in global blockchain payments. The company’s suite of products enable businesses to accept cryptocurrency payments globally for ecommerce goods and services or cross border transactions while receiving settlements in fiat currency.
In addition, BitPay powers a secure wallet used to store cryptocurrency, make payments or liquidate cryptocurrency to fund a prepaid debit card or dozens of retail gift cards. The BitPay Card enables customers to instantly turn cryptocurrency into fiat currency, which is then loaded onto the card and can be spent anywhere Mastercard debit is accepted around the world.
It has a global customer base and is experiencing huge growth. The company has offices in Atlanta, USA, and Europe, with 38 FTE in risk and customer success functions working on Customer Lifecycle Management processes.
THE BUSINESS CASE
BitPay's philosophy has always been to set a compliance standard in the world of blockchain payments. It is the largest bitcoin payment processor in the world and sets a best practice precedent in terms of meeting regulation.
BitPay is very well established, serving leading merchants around the world and it has achieved rapid growth. The firm is expanding by introducing new individuals and businesses to the world of crypto payments each day.
With the hope of welcoming a world of new customers, BitPay needed a CLM solution that would scale, achieve higher conversion rates, reduce drop offs and deliver practice on KYC compliance and risk management.
THE SOLUTION
PassFort was selected by BitPay to automate its customer onboarding journeys and carry out ongoing risk monitoring. We have now worked together closely for 2years.
BitPay has a high volume of new customers applying for its products each day across the world. The number of approved applications more than doubled from 12k in Q1 2020 to +30k in Q2 2020.
Bitpay Transaction Fees
PassFort digitised BitPay's workflow of KYC checks, maximising Straight Through Processing (STP), which means high numbers of applications can be handled with no manual intervention.
BitPay achieves an average STP rate of 89%.
It was also hugely important for BitPay to reduce abandonment rates during due diligence. This was about PassFort helping to make the KYC process as fast and frictionless as possible.
PassFort has been able to reduce the average Time To Decision (TTD) to 3mins on new applications. And, working with our data provider partners, BitPay's approval rates increased by 9% from Q1 2020 to Q2 2020.
PassFort has ensured high volumes of applications can be processed automatically; delivered faster Time To Decision on applications; helped increase approval rates; and ensure BitPay sets a standard for compliance.
BITPAY'S SENIOR PRODUCT MANAGER, YAMINI SAGAR, SAYS...
'BitPay is a pioneer and leader in global blockchain payments. It has grown into the largest bitcoin payment processor in the world, serving industry-leading merchants on six continents supporting hundreds of thousands of cryptocurrency users. It is a registered Money Service Business with FinCEN, a licensed money transmitter in numerous states and regulated business that complies with the Bank Secrecy Act.
BitPay is going through an exciting period of rapid growth with the addition of more crypto payment products for both businesses and individuals everywhere.
Bitpay Account
I am very impressed with PassFort as it helps BitPay in setting a great compliance standard and framework for the crypto industry.
Passfort has scaled to support our demand with its great platform and world-class team!
BitPay is now able to provide its customers with a great onboarding experience that is robust, automated and seamless. PassFort also provides us with great ongoing risk monitoring, real-time alerts and reports.
I love working with PassFort and the PassFort team; they make KYC, KYB, PEP/Sanctions/Adverse Media checks, risk scoring, ongoing monitoring, data retention, detailed metrics and reporting actually a lot more fun and easy for us.'
Get in touch
You can get a copy of the case study, if you'd like. And please get in touch if you'd like to talk about automation and efficiency in your Customer Lifecycle management processes - from onboarding to off-boarding to ongoing risk management.
Bitpay Merchants Bank
Email info@passfort.com and a member of the team will get right back to you!