ATLANTA — January 22, 2013 — BitPay, Inc, the world leader in bitcoin payment processing, has successfully processed more than 10,000 bitcoin payments for their merchants. In their first 10,000 transactions, BitPay has experienced exactly zero cases of payment fraud. Not a single payment received has failed to confirm over the bitcoin peer-to-peer network, and reversals are not possible with bitcoin payments. Companies can now ship their merchandise with confidence to any country on Earth. This is a welcome relief for internet merchants who are battling payment fraud every day.
The key benefit that companies are starting to realize with bitcoin is the fraud mitigation. With credit cards, one out of every 167 transactions turns out to be fraudulent for domestic orders, and for international orders the rate is one out of every 50 transactions (source: Cybersource 2012 Online Fraud Report).
Every day, more companies are starting to see the value that bitcoin can bring to their business, whether it’s reducing risk, expanding international sales, or improving efficiency. However, integrating bitcoin has some unique challenges that other payment types do not have, and companies will quickly run into these challenges.
“We have a good grasp of all the edge conditions and scaleability issues that a typical company would face integrating bitcoin payments, since we’ve done this over 10,000 times,” says Anthony Gallippi, co-founder and CEO of BitPay. “We have some tremendous expertise in this area. This expertise puts our business solutions well ahead of all others in the marketplace.”
BitPay has the most expansive line of bitcoin payment tools available, including the leading Payment Gateway API for bitcoin, and plugins for popular eCommerce platforms such as Magento, WordPress, and Virtuemart.
BitPay recently closed their seed round of funding for $510,000 from a small group of angel investors. BitPay now has over 2,400 merchants using its platform to accept bitcoin payments, and recently disclosed that in 2012 they processed over $3 million in bitcoin payments for its merchants.