Bitcoin Forum

An easy and simple way for any online merchant to accept bitcoin as a payment is under development. This page http://unoco.in/merc gives you a brief glimpse of what you can expect when this module goes live!

I would like to hear your comments on the same. Suggestions and critics are welcome :)

How is this different or complementary to what the folks at Bitpay are doing?

I believe this would be more localized version of bitpay

Yeah that's all it is to put in simple words. One slight advantage is merchant can convert Btc to INR at a later date as they can sell bitcoins on unocoin.

Any future prospects of adding any altcoin?

Would be litecoin - dont know when it will happen yet. Have more things to do for bitcoins before we touch the altcoins.

is there any integration for ccavenue netbanking for buying bitcoin ?

They charge somewhere between 1% and 3% for diff options of payment from customer like debit card, credit card, net banking etc. So we cannot really provide any such integration. In India, NEFT and IMPS are fairly easy to do through all online banking websites - so we are just sticking to these as of now.

Good show! We need indianized, regs compliant merchant services in India
Maybe you guys can fill that gap

Thank you :)

that can be passed on to customers na.  for one time buyer thats suits better choice

If customers are ready to suck it up, then i dont see a reason why not. Will keep this in mind and see the opportunities around these sometime soon. Thank you

Now Unocoin has a newer looking home page https://www.unocoin.com :)

Ok the fee to get the integration is ranging between 25-50k from various providers we inquired and interesting none of them is willing to provide for a bitcoin business. So this cannot be done for now.

Launched merchant gateway integration on 3rd June - sorry forgot to update here :)
https://www.unocoin.com/merchants.php

There are some customers who have activated merchant gateway in their accounts but no merchant transaction has happened yet.

Congrats and all the best for your initiative

Regards,
Amit Kumar

Thank you  :)

What is the criteria for getting a merchant account? Can it be provided to an individual?

Hi,
Right it can be provided to an individual.


Merchant Prerequisites
The merchant should be a registered and verified customer on Unocoin in good standings. The merchant also has to explicitly provide his bank account details and enable Merchant Integration in his Unocoin account by visiting Account Settings -> Settings. In the process a merchant secret (unique key) is generated which needs to be used while communicating with Unocoin server.

Hi,
I saw the flow of payment processing on https://www.unocoin.com/merchants.php . How do you handle volatility risk for merchant as the payment reaches merchant account in 3 days ?

The btc got for the merchant's invoice is sold as soon as the btc transaction is confirmed. Just the merchant getting the INR will take upto 3 days. Merchant will get exactly the INR he has invoiced for his shoppper.
If you are buying a computer for 25,000 INR and if you pay using bitcoin, then the merchant get exactly 25,000 INR with in 3 business days (it will usually be next business day though).

So absolutely no risk of volatility for merchants.

ok, then its fine :) All the best guys!!!! I am a bitcoin developer myself and I am happy to see these kind of projects rolling out in India.

Is unocoin.com still working? Because verification is pending since last three days.

Sure it is working :)

Please send an email to support and we will be able to get back to you. Due to the high number of verification requests we are lagging a bit since a few weeks and are trying to catch up.

Regards