Shopify Managing Director Louis Kearns justified the decision to bring both companies on board with the fact that the dealers now have the opportunity to choose between one of the two suppliers depending on their needs.
The European Commission has announced a deal with the Bitcoin payment processor Coinbase. This gives another 70,000 merchants the opportunity to accept Bitcoin as a means of payment in the future.
In November of last year, Shopify chose BitPay as its Bitcoin payment processor. Now merchants can choose between one of the two leading providers.
Shopify CEO Louis Kearns justified the decision to bring both companies on board with the fact that merchants now have the option to choose between one of the two providers depending on their needs.
Kearns said about cryptosoft:
“By partnering with the two companies, we are stimulating innovation which will ultimately benefit customers. At the same time, it is of course a great development for cryptosoft and the Bitcoin as a whole”. Read more on: https://www.geldplus.net/en/cryptosoft-review/
On the Shopify homepage, the user will find detailed instructions on how to integrate the two providers into the online shop.
Coinbase took the initiative
Kearns pointed out that he strongly believes he can improve service to customers with a second service provider and that Coinbase had taken the initiative to develop the Shopify integration tool independently. Once the tool was complete, Shopfiy only needed to approve it and release it to customers.
Kearns explained crypto trader:
“We offer an open source crypto trader platform for the integration of different payment methods. This gives crypto trader companies like Coinbase the ability to develop their own Shopify integration and get it up and running. Coinbase took the initiative and developed such an integration”.
As a result, merchants can now test both vendors before finally choosing a payment processor.
Extension of Shopify functions
Kearns also justified the introduction of Coinbase with the fact that the demand for this special Bitcoin payment processor was constantly present due to the different features of both platforms.
Kearns anticipates that the new offering will attract more Shopify merchants and increase Bitcoin’s popularity and acceptance:
“Both companies have a special segment in which they are the dominant market leaders. Coinbase, for example, is more focused on the US mark and the user needs an American bank account to exchange Bitcoin for Fiat currencies. BitPay, on the other hand, focuses more on the international market.”
As shown on the Shopify website, both companies offer different pricing models. BiPay charged a transaction fee of one percent for standard sales and zero percent for users with a monthly subscription. Coinbase, on the other hand, does not charge a transaction fee until the customer has reached USD 1 million in revenue.
Building on success
Although Kearn doesn’t give any official figures, he did point out that Shopify has seen a steady growth in Bitcoin payments and that several BTC payments with a total value of “several million US dollars” have already been processed.
The key to success are high-profile Bitcoin companies and enthusiasts. The Hip Hop artist, for example, uses 50 cents to sell textiles and accept Bitcoin.