One of bitcoin's leading merchant processors, BitPay, has introduced a new pricing plan that makes its basic level of service free and unlimited.
The new plan allows merchants unlimited use of any plugin, API or app from the BitPay library and access to the company’s email support.
executive chairman Tony Gallippi framed the announcement as one that would support the company as it seeks to meet its ambitious merchant enrollment goals:
The company's business and enterprise plans, which offer customers additional features, will continue at existing prices.
The new pricing plan helps further reduce the barrier to entry for new merchants that are looking to accept bitcoin payments.
Previously, BitPay’s basic pricing plan was available to merchants at a cost of $30 for 30 days, for transactions of up to $10,000 daily.
By contrast, Coinbase’s processing service has been free for merchants that want to receive and keep payments in bitcoin. The wallet provider and payment processor – and main competitor to BitPay – charges a 1% fee for merchants wanting to exchange their bitcoin sales’ earnings for dollars, but only after the company's first $1m in sales.
Further heightening the competition between the companies, this month, Shopify – whose payments processor was BitPay, initially – added Coinbase as a second option for its merchants.
The intent, the company told CoinDesk, was that the processing services might “innovate a bit more” so that customers might benefit.
Disclaimer: CoinDesk founder Shakil Khan is an investor in BitPay.
Image by Grace Caffyn
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.