Business 23 April 2018Dennis Wafula
BitPay accepts Bitcoin Cash on Checkout point-of-sale app
Cryptocurrency payment service provider BitPay has expanded its Bitcoin Cash (BCH) support, allowing merchants to accept the cryptocurrency on its Checkout point-of-sale (PoS) app.
With this recent development, customers will no longer have to convert their Bitcoin Cash to BTC coins when paying for their purchases. Now, they can go to the retail store and pay for their goods—using BCH. This will be done by scanning BitPay Checkout QR code using their mobile or tablet. Once the customer makes the payments, the checkout system allows the retailer to receive a “local currency bank settlement within one day.”
In a statement, BitPay said that the new version not only “improves the app’s design and performance” and extends Bitcoin Cash support, it also adds BitPay’s changes for Payment Protocol-any payments and other invoice updates.
“Now, brick and mortar businesses can accept error-free [BTC coins] and Bitcoin Cash payments in a flash from customers, with no risk to cryptocurrency price volatility,” according to BitPay. “Merchants get every dollar or euro they charge, minus BitPay’s 1% processing fee.”
The decision to add another cryptocurrency to its PoS app comes after seven years of only supporting BTC coins on their platform. In March, BitPay made it possible for clients to transfer Bitcoin Cash through VISA card invoice loads. After loading the card, users can make either BTC coin or Bitcoin Cash payments. At the time of the launch, BCH network fees were 0% while the BTC network fee was 1.9%.
Adding a BCH settlement option to the BitPay platform will help retailers to keep their proceeds in Bitcoin Cash if they so wish or convert them to the currency of their choice. Currently, retailers receive an equivalent amount of the paid BCH converted into BTC coin or any fiat.
Businesses that have tried BitPay’s Checkout PoS app include retail merchants participating in a “Bitcoin Boulevard” in Paris’s Passage du Grand Cerf, a cafe in Deloitte’s Toronto office, retailers and restaurants in St. Petersburg and Madeira Beach in Florida, and Gino’s Classic Barber Shoppe in Atlanta, Georgia.
In his earlier interview with CoinGeek, BitPay CEO Stephen Pair said, “Offering the same services for the Bitcoin Cash blockchain will make it easier for customers and businesses to use BCH for important transactions.”
The new changes are not available to certain groups of business. In their Term of Use agreement, BitPay bans the explicit sale of drugs, sexual content (porn) and ammunition.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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