[ANN] Bit-Pay expands Direct Deposit to CANADA and MEXICO, lower fees for USA

[BitPay Business Solutions]

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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[rjk]

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.

[Piper67]

One day, when the history of Bitcoin is written, Bit-Pay will deserve its very own chapter.

[kangasbros]

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.

[hazek]

Are those fees even competitive to paypal and credit cards??

[BitPay Business Solutions]

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.

[hazek]

It was an honest question and I had no knowledge either way.. Thanks for the answer.

[grue]

once again, great work!

[Portnoy]

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.

[occulta]

good work guys

[DILLIGAF]

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.

[finway]

Great!

[Stephen Gornick]

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

[rjk]

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.

[Portnoy]

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?   

[BitPay Business Solutions]

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

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

[kjlimo]

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!

[BitPay Business Solutions]

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 Business Solutions]

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?

[Stephen Gornick]

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)