Payment processor Payza has completed the loop, now allowing users to deposit funds in the form of bitcoin. In August, they enabled withdrawals via bitcoin.
In addition to now functioning as a bitcoin wallet of sorts- users will be able to send/receive bitcoin to each other- you can effectively use the platform as a means of buying or selling digital currency.
Along with its prepaid cards, Bitcoin is Payza’s only other deposit option (in many countries) which carries no fees. For bitcoin withdrawals, however, the fee is 2%.
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The credit card option, by comparison, carries a 3.5% fee for deposits and 0% to 1.6% for withdrawals, depending on the amount. There is an additional 2.5% fee for foreign currency conversions, standard for the industry.
Independent of the currency type, sending funds is free, while receiving funds costs 2.5% + $0.25 USD.
Payza brought on Charlie Shrem to help introduce bitcoin to the processor. Shrem worked as a consultant under relaxed terms of house arrest. He pleaded guilty to charges of aiding and abetting an unlicensed money transmission business in September. Sentencing is scheduled for January.