Invading ecommerce, travel websites, software services, domain providers, and even nonprofit organizations — BitPay has now made a name for itself as one of the largest payment processing company in the blockchain industry. And now, the US-based company is integrating Ethereum for payments.
Meaning, if you are a merchant, you can start accepting Ethereum as a payment for all your online and in-store transactions. The integration will happen in the back-end, so existing BitPay merchants don’t have to make any changes to their checkout pages.
BitPay can reside along with your traditional payment processors like Stripe and PayPal.
There’s More: You Can Store Ethereum Too!
As per the press release, BitPay CEO Stephen Pair believes adding Ethereum to BitPay is a “logical choice.” Plus, on the consumer side, one can store these Ethereums on a BitPay wallet (and even use the BitPay prepaid visa card).
It goes without saying that merchants will not receive Ethereums. Instead, the received ETHs will be converted in real-time based on the market price. Then funds will then be transferred to the bank account in local currencies like US Dollars, Euros, GBP, NZD, and more.
What does BitPay get? 1% of the commission as a fee.
Ethereum is now the third cryptocurrency added after Bitcoin and Bitcoin Cash. With this move, the payment processing company wishes to enter new markets and establish its footprint while exposing cryptocurrency payment option to over 150 countries.