BitPay is a global bitcoin BitcoinSign.svg payment service provider headquartered in Atlanta, Georgia. It was founded in May 2011 by Tony Gallippi and Stephen Pair. BitPay provides payment processing services for merchants, and is one of the largest bitcoin payment processors. In 2014, BitPay started processing $1 million USD daily.
BitPay has partnered with many large merchants over the past year including Microsoft, NewEgg, TigerDirect, and Warner Bros. Records. BitPay has also partnered with PayPal as well as Merchant Acquirers such as Global Payments and Alternet Systems.
BitPay's merchant processing offerings mitigate the risk of bitcoin price volatility by allowing the merchant to accept bitcoin and immediately converting it to US Dollars, Euros, or the currency of the merchant's choice. Bitpay works across 30 currencies and because it is non-reversible, it makes it valuable for merchants who are working internationally. In 2013 it was announced that merchants could accept Bitcoin and receive fiat currency the next day for a low 0.99% fee.
In July 2014, BitPay announced that it would offer free and unlimited payment processing, forever. This announcement resulted in TechCrunch declaring that bitcoin is a catalyst for the commoditization of payment processing. Merchants have the ability to accept bitcoin with numerous open source plugins and hosted solutions.
The service for Bitcoin payments, fulfilled by Amazon was first introduced in 2013 and was seen as a positive move for the Bitcoin currency. The module was developed with WooCommerce and has meant that web stores using Amazon.com for fulfillment could from that point forward accept Bitcoin currency. Following the integration it was explained that the module worked closely with the fulfilment API and that the process would be completed automatically. When compared to other processors such as PayPal, many of them have to go through and enter information manually in order to complete the purchase, which isn't the case with BitPay.
In addition to their eCommerce offerings, BitPay also has point-of-sale integration solutions with SoftTouch, VisualTouch and DC POS as well as a Web-App and Android app. The company also provides a payroll API whereby American employees can elect to have all or part of their salary paid in bitcoin. 2014 also brought the introduction of Get Bits, an easy to use Facebook app designed for Bitcoin beginners that searches a user's network to find someone who has Bitcoin available.
BitPay has frequently employed members of staff to work on open source projects to benefit the Bitcoin currency. In 2013, one of their new developers who had moved from Red Hat stated that he had been employed by BitPay to simply work on open source projects to aid the development of Bitcoin.
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