I've been a long time lurker and have learned a lot of great things on these forums, and due to "the times" we are in, I have a question on litecoin/bitcoin payment processors... hopefully some people have experience with them. Basically I want the payment processor to accept bitcoins/litecoins and pay me in USD.
After reading about Overstocks huge success after accepting Bitcoin, and Zynga joining in on the action, it makes me believe I should also have another revenue stream option.
So far the only payment processor out there I could find (that accepts both currencies) is www.gocoin.com
There is Bitpay.com, but they do not accept Litecoin.
Does anyone have any experience accepting Bitcoin/Litecoin payments, and has it helped? Has anyone tried to integrate GoCoin on their website, and if so, how easy is it to implement?
Thanks for the help!
For the life of me I cannot understand BitCoin or why anybody would accept it. You can "mine" BitCoins, basically creating your own worthless money that some are willing to accept for payment. That old saying that there's a sucker born every minute certainly applies.
I think there are many valid reasons for BitCoin as a currency, along with LiteCoin and other cryptocurrencies, they just need support from merchants. Besides that, the payment processors mentioned above will pay you in USD or whatever currency so you don't accept the risk of holding btc/ltc.
As a case study look to Overstock as I mentioned. They made serious revenue as being one of the first large retailers to accept the currency. Sure people mine it, but that will be progressively harder and cost money for hardware and electricity.
My question is if anyone here has implemented accepting cryptocurrency payments, and what the results are... if anything
I am on the payments processing end however I have some thoughts that might help.
Recently had dinner with the founder of GoCoin. Nice guy, very staunch support of the crypto currencies. I think you would be safe working with them.
I have been speaking with the founder of Bitpay for several months. Also a nice guy and they are a large solid operation. We are close to integrating BTC payment option for our 2000Charge merchants through them.
My guess as to the reason Bitpay would not be accepting anything other then BTC is fairly simple one from a business perspective. They are at the forefront of pushing the adoption of these currencies by businesses. They focus on the strongest option (which is BTC in terms of public awareness). If they started adding others they would be making their pitch much harder as well as as CheeseDude believes making it appear these thing can be spun up at anytime and therefore have no true value.
Simply put BTC is the biggest crypto and yet it has a tiny market share of overall payment options. Barely measurable in terms of the e-commerce spending. Some folks just believe it will keep growing.
Let us know if you have any luck ..
I am also very intrigued in Bitcoins and cryptocurrencies. I think soon many ecommerce platforms will accept Bitcoins.
My friend's business just got Bitcoins integrated on his payment platform by Kayswallet.
Once receiving Bitcoins payments, he needs to go to a Bitcoins exchange market to convert it.
For the life of me I cannot understand why people call bitcoin "Worthless Money". Maybe it relates to the always true premise, as "cheesedude" admitted: He doesn't understand it. Those who do, recognize it as a revolutionary new payment technology and deflationary currency. Thats exactly what it is. More importantly, the merchant fees you get via Visa and Mastercard are reduced by nearly 90%. Yes ... by 90%. Accepting Bitcoin as a payment option virtually eliminates Merchant Fees altogether, and you can still convert immediately to US Dollar. The incentives for Merchants are HUGE.
Bitpay.com offers merchant accounts for those wishing to accept Bitcoin (not Litecoin), and has several shopping cart plugins including Magento, WooCommerce, and more. Coinbase.com also offers merchant accounts for Bitcoin, and is probably the 2nd largest company of its sort. Aside from that I am not familiar with other companies. Bitpay and Coinbase are the ones who have contracted with Expedia, NewEgg, Overstock, Wikipedia, and United Way Foundation enabling them to accept Bitcoin, so they are the legit options right now.