Introducing a new pricing plan today, BitPay is launching free basic bitcoin processing to merchant customers. According to BitPay, they view the new model as an integral part in expanding merchant acceptance of bitcoins increasing overall usage of the digital currency.
On this and BitPay’s long term goals, Tony Gallippi, BitPay’s Co-founder and Executive Chairman stated in the company’s public remarks that “We have set a goal to enroll one million merchants by the end of 2016. When we started BitPay in 2011, we saw an opportunity to finally give merchants around the world relief from interchange fees. By offering a basic plan that is free and unlimited, forever, we give merchants yet another reason to be excited about bitcoin.”
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Confirming details of the new pricing structure, Gallipi stated to DC Magnates that the free plan comes with no monthly limits of merchant processing of bitcoins, with the company’s previous 1% fee on its starter plan fully removed. Also included is unlimited use of BitPay plugins, API, or library apps. Not available in the plan is live phone support and integration assistance which is offered as a premium service.
For BitPay, the news is part of an active 2014 which has included the release of new products, office expansion, workforce hiring, and the securing of $30 million in funding. Among new customers added this year include Newegg and Euro Pacific Partners, to along with WordPress, Shopify, and Magneto.
Looking ahead, the free plan could put pressure on other merchant processing providers such as Coinbase and GoCoin to follow suit in what is now becoming a competitive, but still fast growing market. Benefiting will be consumers and bitcoin users who should see increased adoption of merchants deciding to accept bitcoins as well as possible reduced rates for using the digital currency.