Topic: [ANN] Bit-Pay offers daily direct deposit to SIX additional countries (GBP, EUR) (Read 2091 times)

Thanks, that's very very good news. Better than the results of biitinstant, because that means the bitcoin economy is alive, and not only in the back market. I hope you keep on growing

I would expect our numbers to be much, much smaller than what goes through the exchanges.  Bitcoinica doing $1M/month is just crazy as well.

Bitcoin will probably track many other commodities like oil, gold, etc.  There is much more activity in trading them than in actually using them.  Gold and Silver, for example, regularly trade volumes on the exchange in one day that is equivalent to their entire annual production!

Awesome! So both Bit-pay and BitInstant saw excellent growth in April. Great to see corroborating figures.

We processed over 7000 BTC (about $35,000) worth in transactions during April and that is strong growth over the previous month.  This represents bitcoins being used in real commerce to buy real goods and services.  We are happy with our progress thus far and believe that several more years of investment will yield good results.  Looking forward, our continued growth is dependent on our ability to attract more merchants selling higher priced products.  We believe that our ability to deliver risk free, next day deposits for very large, international orders sets us apart from many other payment processors.

Hello bit-pay,

Do you have some stats about your services? Can you tell us approx. how many btc are spent using your services, and the trend (growing, stagnating, decreasing)?

Yes I know I'm curious but I think it would be a good indicator of the health of the bitcoin economy.
Raphael

Do you also pay out in USD to EU bank accounts? The USD fees are much lower (probably due to higher volumes in exchanges? I personally don't really get why you wouldn't just do USD <--> EUR outside of MtGox in that case, but well...) and 3.99% means I might often have fees above Painpal ones.

Anyways, it might still take a while for my project(s) anyways and I'm looking forward to the day on which you support all SEPA countries...

Great!  We look forward to working with you.

nice to know, hope i get to do the paperwork of the online marketplace soon and get to use your service in Madrid, Spain
i will surely contact you guys if i get in troubles with the transfer limits on bit-pay  

We have two stable sources for Euro transfers, so even if one becomes disrupted we can still operate for our merchants.  They are not available to all EURO/SEPA countries just yet though, just the 5 countries I mentioned, plus the UK.

Right now we don't have any businesses hitting the limits, but we do have options in place incase we need to go higher.  it's a paperwork hassle, so there's no need to burden every account with it.

you guys are awesome, thanks for enabling euro transfers with your service. Any chance you raise those limits for businesses ?
And here goes another, the euro wires are sent internationally or from within SEPA zone ?
Thanks

The banking rules in Brazil are strict, and in China even stricter. 

To open a bank account there, you need proof of local residency.  As volumes pick up, we may be able to justify the costs to invest in this, but for now its not the best use of the capital we have. 

If you have a specific merchant that is interested, by all means contact me, and i will see what we can work out.

Any plan to support Brazil?

When will you support China ? 

Bit-Pay can now support SIX additional countries with daily direct deposits into the merchant's local bank accounts.  The countries include the United Kingdom, France, Germany, Spain, Italy, and the Netherlands.  This brings the total number of countries to nine, including the United States, Canada, and Mexico.

Merchants can accept bitcoins with any of our versatile, easy-to-use payment tools. Merchants can choose to keep the bitcoins, or have some of all of them instantaly converted to their local currency.  The funds are transferred directly to bank accounts every business day.

Bit-Pay will collect a processing fee from each payment. It is important to note that our payout is guaranteed in the merchants local currency. So if they set an order price in Pesos, they receive that exact amount of pesos, minus our fee. It does not matter how many bitcoins we collect, how long it takes us to sell them, or what we can sell them for. The merchant has zero volatility risk of accepting bitcoins with Bit-Pay.

The processing fees are as follows:

GBP, EUR:  3.99 % all inclusive for order processing, currency conversion, and funds transfer
No Hidden Fees!  One low fee is all you pay for everything.

Typical funds transfer time is 2-3 business days.

Login to your account and select the "Direct Deposit" icon to see the new payout choices!