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Author Topic: [ANN] Bit-Pay expands Direct Deposit to CANADA and MEXICO, lower fees for USA  (Read 5406 times)
BitPay Business Solutions
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March 19, 2012, 01:58:22 PM
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ORLANDO - Bit-Pay can now support bitcoin-accepting merchants in the United States, Canada, and Mexico with direct deposits into their local bank accounts.

Merchants can accept bitcoins with any of our versatile, easy-to-use payment tools. Merchants can choose to keep the bitcoins, or have them converted to US Dollars, Canadian Dollars or Mexican Pesos. The funds are transferred directly to bank accounts in USA, Canada and Mexico, every business day.

Bit-Pay will collect a processing fee from each payment. It is important to note that our payout is guaranteed in the merchants local currency. So if they set an order price in Pesos, they receive that exact amount of pesos, minus our fee. It does not matter how many bitcoins we collect, how long it takes us to sell them, or what we can sell them for. The merchant has zero volatility risk of accepting bitcoins with Bit-Pay.

The processing fees are as follows:

Canada: 3.99 % all inclusive for order processing, currency conversion, and funds transfer
Mexico: 3.99 % all inclusive for order processing, currency conversion, and funds transfer

No Hidden Fees!  One low fee is all you pay for everything.

We have also reduced our fees for customers in the United States, starting March 18, 2012:

United States: 2.69 % all inclusive for order processing, currency conversion, and funds transfer

And for all countries worldwide, all of our automated tools only cost 0.99% for bitcoin payouts.

But we are not done yet! By popular demand, merchants can now split their proceeds into two currencies. For example, a merchant can elect to receive 20% bitcoins and 80% Canadian Dollars. The processing fees are only applied to the prorated amount that is to be converted.

Login to your account and select the "Direct Deposit" icon to see the new payout choices!



https://bit-pay.com

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March 19, 2012, 02:02:39 PM
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Splitting the funds is an excellent feature. Get your cost in USD, and your profit in BTC if you want to. Also, lower USD fees for the win.

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March 19, 2012, 02:30:45 PM
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One day, when the history of Bitcoin is written, Bit-Pay will deserve its very own chapter.

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March 19, 2012, 02:35:24 PM
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As an European user, I'm eagerly waiting you can provide these services in EU.

However, another type of service could be very useful for some: I have a bill, which I can pay with bank transfers. I have some bitcoins, that I want to spend. Would it be possible to set up a service, very similar to bitpay, where I could pay this bill using bitcoins? The fee could be paid by the buyer.

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March 19, 2012, 02:59:47 PM
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Are those fees even competitive to paypal and credit cards??

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March 19, 2012, 03:24:52 PM
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Are those fees even competitive to paypal and credit cards??

very competitive.

https://bit-pay.com/accountingHelp.html

Have you ever tried to send PayPal to or from Mexico?  or use a credit card?  If it works, the fees are usually double the cost of a domestic US transaction.

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March 19, 2012, 03:47:38 PM
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It was an honest question and I had no knowledge either way.. Thanks for the answer.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

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March 19, 2012, 03:52:01 PM
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once again, great work!

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March 19, 2012, 05:07:17 PM
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Are those fees even competitive to paypal and credit cards??

very competitive.

https://bit-pay.com/accountingHelp.html

Have you ever tried to send PayPal to or from Mexico?  or use a credit card?  If it works, the fees are usually double the cost of a domestic US transaction.

What about Canada? I send money via paypal from Canada to the US now and then and I think it is still less expensive then this.
For my case there are no trust issues with the person I am sending to so something like chargebacks aren't a concern. 
Good step in the right direction anyway.
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March 19, 2012, 06:04:41 PM
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good work guys Smiley

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March 19, 2012, 06:39:52 PM
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Are those fees even competitive to paypal and credit cards??

very competitive.

https://bit-pay.com/accountingHelp.html

Have you ever tried to send PayPal to or from Mexico?  or use a credit card?  If it works, the fees are usually double the cost of a domestic US transaction.

What about Canada? I send money via paypal from Canada to the US now and then and I think it is still less expensive then this.
For my case there are no trust issues with the person I am sending to so something like chargebacks aren't a concern. 
Good step in the right direction anyway.

The Paypal conversion fee from CAD to USD is at least 3% if not more then you add on their fee for the transaction and you are past the fee charged here.
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March 19, 2012, 11:38:10 PM
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Great!

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March 20, 2012, 12:50:01 AM
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Can anyone become a "merchant" or does there need to be an ecommerce site?

This is because for someone in the U.S. to send money to Mexico going through Bit-Pay for the cash out to a bank in Mexico at a 3.99% fee is now competitive with the least expensive money transfer alternatives.

Here's a recent report with some price comparisons:
 - http://www.consumerreports.org/cro/2012/03/the-best-ways-to-send-money-abroad

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March 20, 2012, 12:52:38 AM
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Can anyone become a "merchant" or does there need to be an ecommerce site?

This is because for someone in the U.S. to send money to Mexico going through Bit-Pay for the cash out to a bank in Mexico at a 3.99% fee is now competitive with the least expensive money transfer alternatives.

Here's a recent report with some price comparisons:
 - http://www.consumerreports.org/cro/2012/03/the-best-ways-to-send-money-abroad

Pretty sure anyone can sign up, brb going to try it. NVM, not really.

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March 20, 2012, 01:02:50 AM
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Are those fees even competitive to paypal and credit cards??

very competitive.

https://bit-pay.com/accountingHelp.html

Have you ever tried to send PayPal to or from Mexico?  or use a credit card?  If it works, the fees are usually double the cost of a domestic US transaction.

What about Canada? I send money via paypal from Canada to the US now and then and I think it is still less expensive then this.
For my case there are no trust issues with the person I am sending to so something like chargebacks aren't a concern. 
Good step in the right direction anyway.

The Paypal conversion fee from CAD to USD is at least 3% if not more then you add on their fee for the transaction and you are past the fee charged here.


Bit-pay doesn't charge a fee for conversion from CAD to USD?   Wink

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March 20, 2012, 01:17:16 AM
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Bit-pay doesn't charge a fee for conversion from CAD to USD?   Wink


Can anyone become a "merchant" or does there need to be an ecommerce site?

This is because for someone in the U.S. to send money to Mexico going through Bit-Pay for the cash out to a bank in Mexico at a 3.99% fee is now competitive with the least expensive money transfer alternatives.

Here's a recent report with some price comparisons:
 - http://www.consumerreports.org/cro/2012/03/the-best-ways-to-send-money-abroad

Pretty sure anyone can sign up, brb going to try it. NVM, not really.

We are designed for business services.  Businesses in Canada and Mexico can now accept bitcoins, and be paid directly into their bank accounts.   Person-to-person payments cross-border can be made already using bitcoin, you don't need Bit-Pay Smiley

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March 20, 2012, 07:42:12 AM
 #17

ooooo, I will start to include these lower fees & split pay out options into my conversations; however, I will admit that these details are for the second tier clients.  That is, I'm not sure if my cold calling will be able to get to these two talking points.

But a hats off to Bit-pay.com for continued evolution!  Without bit-pay.com, I doubt bitcoin would have a chance!

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March 20, 2012, 01:15:16 PM
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ooooo, I will start to include these lower fees & split pay out options into my conversations; however, I will admit that these details are for the second tier clients.  That is, I'm not sure if my cold calling will be able to get to these two talking points.

But a hats off to Bit-pay.com for continued evolution!  Without bit-pay.com, I doubt bitcoin would have a chance!

The reason for the split payouts is that businesses can get enough USD to cover their costs and pay their bills, but also start accumulating some bitcoins directly.  

BitPay : The World Leader in Bitcoin Business Solutions

https://bitpay.com

Does your website accept bitcoins?
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April 05, 2012, 05:04:10 PM
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we'd like to get a couple more businesses in Mexico excited about bitcoins!  Now that we can put a direct deposit in pesos into their bank accounts, are there any more businesses in Mexico that would be interested?

BitPay : The World Leader in Bitcoin Business Solutions

https://bitpay.com

Does your website accept bitcoins?
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July 28, 2012, 12:32:04 AM
 #20

As an European user, I'm eagerly waiting you can provide these services in EU.

From another thread:

We can pay direct deposits in Euros each day to bank accounts in Germany, France, Italy, Spain, and the Netherlands. 

So is the list of direct deposit methods now like this?

 - U.S. (USD)
 - Canada (CAD)
 - Mexico (MXN)
 - Germany (EUR)
 - France (EUR)
 - Italy (EUR)
 - Spain (EUR)
 - Netherlands (EUR)

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February 12, 2014, 12:41:37 AM
 #21

This is a heads up for Bitpay account holders in Mexico and other countries
outside the USA.

I have been waiting a week now to receive a direct deposit
of 50,000 MXN (about $4,000 USD) from Bitpay.

The funds were deducted from my Bitpay account last Wednesday
yet the deposit never arrived in my bank account the following day, nor
did they arrive the day after that.

On Monday February 10th, 2014 I emailed Bitpay and they said their
bank forgot to make the direct deposit.

Later Monday evening they admitted their bank is no longer making
international wire transfers.

This is totally understandable as many USA banks were announcing in
December of 2014 that they would no longer allow outgoing international
wire transfers after a certain date yet I find it very hard to believe a company
like Bitpay would be the last to know about this or be at all surprised about it.

What is shocking is that Bitpay has really bungled their handling of this.

I have been waiting for 6 full days now to receive my deposit. When Bitpay told me
their bank was haggling with them about making future international wire transfers
I asked Bitpay to just cancel the wire transfer and refund me the BTC to my bitcoin
account.

Sadly, they started dragging their heels and stopped replying to my emails
which makes me think they are not telling the whole truth of the matter.

I am posting this so any international Bitpay account holders may be spared some of the
anxiety and suffering I have been enduring from this fiasco.

Be advised if you are a Bitpay international client: They are not completing international
wire transfers currently and the worst part about this is that if your funds are deducted
from your Bitpay account awaiting direct deposit, they will just be lost in limbo. They
don't even bother replying when you ask them to just cancel the direct deposit and
simply refund your BTC.

Support did reply to me after 24 hours more or less but they just made a vague
promise that they would have this worked out this week, yet they still do not reply
to requests to cancel the transfer and refund the BTC.

My advice to any who have funds in Bitpay that they really need is to
make sure your settlements are set to 100% BTC so your funds don't get
lost in direct deposit hell.





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February 19, 2014, 02:26:40 PM
 #22

I seriously hope this is not true. We too have been having issues with $17K AUD sent on Friday that is yet to be received. We were told it was due to the snow storm in Atlanta. This does not explain another missing payment from the 5th of February however.

Up until this month BitPay have been excellent in both service and support and do not seem like the type of company to hide issues from their clients. Did they really admit their bank is not processing international transfers? That must affect affect a huge amount of their clients! It honestly boggles the mind if this is true.

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February 19, 2014, 09:06:16 PM
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What, still nobody from BitPay to comment?

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February 19, 2014, 10:56:28 PM
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I seriously hope this is not true. We too have been having issues with $17K AUD sent on Friday that is yet to be received. We were told it was due to the snow storm in Atlanta. This does not explain another missing payment from the 5th of February however.

Up until this month BitPay have been excellent in both service and support and do not seem like the type of company to hide issues from their clients. Did they really admit their bank is not processing international transfers? That must affect affect a huge amount of their clients! It honestly boggles the mind if this is true.

Just following on from this, the missing transactions have been withdrawn from our BitPay account a long time go but never showed up in our bank account. Overnight BitPay has confirmed they have identified both transactions and both should clear our bank in the next few days.

Looking forward to getting some cash flow back!

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February 20, 2014, 03:24:34 AM
 #25

All of our funds are now received. What a relief!

How's it looking for you guys?

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