Crypto Payment Processor BitPay Allows Merchants To Receive Bitcoin Cash Settlements

Announcements, News | August 31, 2018 By:

Blockchain payments firm BitPay has announced that merchants on its platform can now receive settlement payments in Bitcoin Cash.

In March of this year, BitPay, one of the largest bitcoin payment processors, added Bitcoin Cash support for merchant invoices and the company’s debit card loads. However, merchants had to convert their BCH payments into bitcoin or fiat for settlements.

In a recent blog post, BitPay said that merchants can now receive their settlement payments in Bitcoin Cash in addition to their supported fiat currency.

“Most businesses still do business in national currencies,” BitPay said. “But more are starting to hold and use digital currency, too, from making bill payments to managing their treasuries. That’s part of the reason why we have always offered BitPay merchants the option to receive settlement in the form of bitcoin. Now we’re excited to announce the second digital currency settlement option for BitPay merchants: Bitcoin Cash. We’ve been hard at work to deliver this new settlement option and close the payments loop for merchants serving Bitcoin Cash customers.”

In order to use Bitpay’s merchant services, users must register with the firm and find their way to the Bitpay merchant services dashboard. From there, a merchant selects ‘settings’ and then ‘settlement.’ Then, merchants add a BCH receiving address and choose how much Bitcoin Cash and/or fiat to receive after the sale, as it could be 100 percent or less.

In July of this year, BitPay was granted a BitLicense by the New York Department of Financial Services (NYDFS), which allows the payments firm to transact business with companies and consumers based in the region. In addition, New York-based businesses can also use the BitPay’s solution to accept bitcoin and Bitcoin Cash for purchases globally.

Earlier this month, BitPay partnered with cross border payment platform Flow to enable brands and retailers to accept cryptocurrencies.