BitPay Enables Merchants to Receive Bitcoin Cash (BCH) Settlements
BitPay merchants can now receive settlement payments in Bitcoin Cash, making it the second digital currency settlement option for merchants on the platform.
For merchants to receive their settlement in Bitcoin Cash, they will need a wallet address that can receive BCH or they can use the in-built wallet on BitPay.
Bitcoin Cash was added to the platform earlier this year, which allowed merchants receive BCH payments from customers via its POS app. Until now, merchants had to convert their Bitcoin Cash payments into Bitcoin or fiat for settlements. With the rollout, clients can finally decide to keep sales proceeds in BCH if they choose.
Receiving payments in cryptocurrency has garnered a lot of traction in recent days, as service and product based businesses, alike are making the move in a bid to serve customers who have adopted the new way of doing business.
As reported by CCN.com, BitPay was granted a BitLicense by New York’s Department of Financial Services (NYDFS) earlier this year. The regulatory approval allows BitPay to offer its services to customers and companies based in New York. In addition, New York-based businesses can also use the platform to accept Bitcoin and Bitcoin Cash for purchases globally.
The company also partnered with U.S satellite service provider DISH, which allows DISH customers make payments with both Bitcoin and Bitcoin Cash for their monthly subscriptions and pay per view movies using a push transaction process developed and managed by BitPay.
Sonny Singh, the chief commercial officer with BitPay, noted at the time, that there will be a “seamless transition” from the satellite provider’s old payment service to BitPay.
“Our goal for DISH Network is a seamless transition to BitPay so all customers who are currently paying for services with Bitcoin continue to have the option to pay with Bitcoin or Bitcoin Cash,” he added.
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