Epayments bitcoin

Scroll down and select the currency to display ( currency showed to customer) , the currency of your settlement and your email for payment notifications, then click on the “save POS” button (you can also open the POS in your current browser clicking on “open POS”) that’s it, you are ready to receive payments with bitcoin or others currencies, to follow your transactions you can simply click on the “reports” tab in the header

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How to receive Bitcoin and Crypto Payments, epayments bitcoin.

How to receive bitcoin and crypto payments

Today, we are going to show you how you can integrate a simple tool to receive bitcoin payments on your website or on a brick and mortar store. You can find a lot of tools for that propose, but for this specific guide we are going to show you how to do it with bitcoinpay . Bitcoinpay believes everyone should be able to easily and inexpensively accept payments instantly, no matter where in the world they are, without risking fraud or charge-backs.

Part 1: register your company/website

Part 2: configure your account

You can use this option to receive payouts in FIAT (USD, EUR, . ) and in bitcoin choosing what percentage of payments you would like to keep in each currency, for example: 40% split means that the merchant will receive 40% in bitcoins and the remaining 60% will be credited in FIAT.

Fill in all the gaps with your/company information (you can also get verified and increase processing limits by uploading your documents in this page. Upload at least one document showing directors ID together with corporate documents if applicable. Documents need to be of high quality and not cropped, text must be legible. Expired ID's will not be accepted)

Here, you can see your API key or set a new one. The API key is used for backend authentication and you should never reveal your API keys to anyone. If your API key becomes compromised, create a new one and delete the old one.

In this page, by scrolling down, you can also create a callback password (if you set a notification password, it will be used for the hash calculation of the HTTP and HTTP response notifications) and send a notification test. After a successful payment, you will be notified of the executed transaction while the customer is redirected to the success page. This is done by calling the notification URL (notify_url) you set when you created a new payment request via API (API: create new payment request ). Sometimes developers need to debug and retrieve the information again, so bitcoinpay has created a simple tool that resends the notification again.

If you want to have bitcoinpay mobile terminal available in your shop or restaurant on any PC, smartphone or tablet, you can download the app in this page or simply go to your “tools” tab, then “payment terminal (POS)” tab, scroll down and use the link below (you can save on favorites of your pc). You can bookmark the link in your smartphone or tablet. Then, anytime you open the bookmark in browser, the payment terminal will appear (no need to be logged in your bitcoinpay account). Type in amount and get paid. It's that simple

Add some favorite items to get a fast access to the products you sell regularly.

To continue adding favorites, click on the “add new favorite item” button

Then fill all the information required:

Amount/currency - price and currency set by merchant and required to be collected from the buyer

Select currency of your settlement - select the currency in which you wish to receive payments from bitcoinpay (you can add more currencies in the payout section)

Reference - make a note of what you are being paid for (you can later dynamically change the reference per payment)

Email or URL for payment notification - email address or URL where notification about payment is emailed / posted . See API documentation for reference (url in `http(s)://. ` format).

Landing page after payment - enter your website address, where you wish to send your clients after they have made a successful or unsuccessful payment

Then click on “create sample payment”

A window will pop up with the code you need to paste on your website.

That’s it, you are ready to receive payments with bitcoin or others currencies, to follow your transactions you can simply click on the “reports” tab in the header

We hope this guide was helpful for your journey as a merchant in the cryptosphere! For more information, please visit the bitcoinpay website here .

Exchange epayments to bitcoin

Here are all options for exchange epayments USD to bitcoin BTC . The best exchange options with the perfect exchange rate are placed at the top of the monitoring table. All exchangers are verified by administrator so the exchangers monitor contains only trust exchangers with a perfect reputation. How selected exchange epayments USD to bitcoin BTC . To change the exchange direction, use the left sidebar and do not forget to select currency type in the drop-down list.

Specify an amount of exchange at the top of the table to see a calculated data for exchangers. Place the cursor at the numbers highlighted in red to see a reason for their highlighting. You can mark your favorite or untrusted exchangers by adding them to the 'favorites' or 'blacklisted' by clicking the right mouse button on the exchanger, after which the exchanger will be highlighted and placed on the appropriate tab.

Buy bitcoin (BTC)

Profitable to buy bitcoin BTC can be exchanged advanced cash (USD/ EUR/ GBP/ RUB/ UAH/ TRY/ KZT) , capitalist (USD/ RUB) , epay (USD) , neteller (USD/ EUR) , payeer (USD/ EUR/ BTC/ USDT/ RUB) , paymer (USD) , paysera (EUR) , perfectmoney (USD/ EUR/ BTC) , QIWI (RUB) , skrill (USD/ EUR) , webmoney (WMZ/ WME/ WMR) , wechat (CNY) , yandexmoney (RUB) , МИР card (RUB) , 0x (ZRX) , augur (REP) , basic attention token (BAT) , bitcoin (BTC) , bitcoin cash (BCH) , bitcoin gold (BTG) , bitcoin SV (BSV) , bittorrent (BTT) , cardano (ADA) , chainlink (LINK) , cosmos (ATOM) , dash (DASH) , dogecoin (DOGE) , EOS (EOS) , ethereum (ETH) , ethereum classic (ETC) , ICON (ICX) , lisk (LSK) , litecoin (LTC) , monero (XMR) , NEM (XEM) , neo (NEO) , omisego (OMG) , paxos (PAX) , QTUM (QTUM) , ripple (XRP) , stellar (XLM) , tether (USDT/ ERC20/ TRC20) , tezos (XTZ) , tron (TRX) , true USD (TUSD) , USD coin (USDC) , verge (XVG) , zcash (ZEC) , alfa-bank (USD/ EUR/ UAH/ RUB) , alipay (CNY) , avangard (RUB) , belarusbank (BYR) , fortebank (KZT) , gazprombank (RUB) , halyk bank (KZT) , kaspi bank (KZT) , kazkommertsbank (KZT) , monobank (UAH) , openbank (RUB) , oschadbank (UAH) , OTP bank (RUB) , privat24 (UAH/ USD/ EUR) , promsvyazbank (RUB) , PUMB (UAH) , raiffeisen aval (UAH/ RUB) , RNKB (RUB) , rocket bank (RUB) , rosselkhozbank (RUB) , russian standard (RUB) , sberbank (RUB/ UAH/ KZT) , tinkoff bank (RUB) , ukrsibbank (UAH) , unicredit (RUB) , URALSIB (RUB) , visa/mastercard (USD/ EUR/ GBP/ RUB/ UAH/ KZT/ BYR/ PLN/ AMD/ CNY/ TRY/ MDL/ KGS) , VTB24 (USD/ EUR/ RUB) , contaсt (USD) , golden crown (USD) , moneygram (USD/ EUR) , ria (USD/ EUR) , unistream (USD) , western union (USD/ EUR) , wire (SEPA) (USD/ EUR) , wire (SWIFT) (USD/ EUR/ GBP/ RUB/ UAH/ KZT/ PLN/ TRY/ BYR/ NGN) , cash (USD/ EUR/ UAH/ RUB/ KZT) , binance coin (BNB) , exmo (USD/ BTC/ USDT/ RUB) , NIX money (USD) , waves (WAVES) , kykyryza (RUB) or PM e-voucher (USD/ EUR) .

Bitcoin, epayments and the future of skyprivate

Blockchain technologies like the one that bitcoin was built upon, are gaining wide acceptance across multiple industry sectors from finance to more recently live camming. Bitcoin had a rough start but it is well on it’s way to becoming the go to solution for online payments all around the world.

Since it’s launch in 2009, many financial analysts have seen the potential of this incredible electronic currency. This potential increase over the years and more people started to use bitcoin because of the privacy that it offers and also for the likelihood of rapidly increasing an investment.

We really see a great future for bitcoin and we want to be ready and capable to offer our models the possibility of using bitcoin in their business.

Why would you use bitcoin?

It is possible to send and receive bitcoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Bitcoin allows its users to be in full control of their money.

Same fee for any amount

It doesn’t matter if a model or a studio has earned $40 dollars or $20000 in a given time period, the dees remain the same. So, regardless how many money you make on skyprivate you can withdraw them at once without bothering with any large fees.

Security and control

Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods.

Transparent and neutral payments

No individual or organization can control or manipulate the bitcoin protocol because it is cryptographically secure. This allows the core of bitcoin to be trusted for being completely neutral, transparent and predictable.

Skyprivate and epayments

Epayments was established in 2011 to facilitate payments for affiliate marketing industry. Much like bitcoin, epayments was aiming from the start to become a faster and easier way of using an electronic payment solution.

Now a rapidly growing company, epayments are currently offering free access to their ewallet service to anyone. The company has grown into a multi-country operation with clients coming from over 100 countries of the world.

Advantages of using epayments

Prepaid epayments mastercard

The facilitation of payments via epayments is easy and simple: the e-wallet allows you to make outgoing payments and settle your accounts, whereas the epayments prepaid mastercard® provides the opportunity to make payments in stores and withdraw cash at atms.

Mastercard is globally accepted to make secure payments in more than 210 countries as well as any online merchant. Epayments prepaid mastercard is pin and chip secure and supports the paypass feature.

Transfers between the ewallet and e payments mastercard are free

Transfers between e-wallets on the epayments system is absolutely free. The maximum amount which can be withdrawn at atms from the epayments prepaid mastercard® is $3000 per day.

Instant internal transfers

Any transfers between epayments ewallets and mastercard cards are done instantly and without any hidden commissions. If you are a studio for example you can do mass payments to multiple model accounts in seconds.

The future of skyprivate

The future is full of incredible opportunities, and in the case of skyprivate our direction is clear. Because we are a passionate bunch of financial technology enthusiasts, we want to bring and transfer that passion to our products. Our goal is to create the best pay per minute payment solution in the adult industry. That’s why along the way we will release even more functionalities to make it easier to get paid faster and in a way that best suits your needs.

Who accepts bitcoin as payment?

Bitcoin has taken over the cryptocurrency market. It’s the largest and most well-known digital currency today. Many large companies are accepting bitcoin as a legitimate source of funds. This post will cover them all.

Who accepts bitcoin summary

A 2020 survey by HSB reveals that 36% of small-medium businesses in the US accept bitcoin. The most popular companies accepting bitcoin payments worldwide today are:

Wikipedia

Microsoft

AT&T

Or, you can use this search engine that allows you to search for vendors by products.

If you want a detailed list of companies who accept bitcoin keep on reading. Here’s what I’ll cover:

1. Major companies who accepts bitcoin as payment

Wikipedia

Wikimedia, the company that operates the world’s largest open-source encyclopedia, wikipedia, accepts donations in bitcoin. Payment is done through bitpay.

Microsoft

The company allows the use of bitcoin to top up your microsoft account. In the past, the company halted its acceptance of cryptocurrency but shortly after resumed their service.

AT&T is the first major U.S. Mobile carrier to provide a cryptocurrency payment option to customers through bitpay.

Burger king

According to local news reports, burger king outlets in venezuela announced a partnership with cryptobuyer to accept cryptocurrencies as a mode of payment. Customers can pay in bitcoin, dash, litecoin, ethereum, and tether.

Additionally, the german branch of burger king has begun accepting bitcoin on its website and mobile app on september 3, 2019. However, this was more of a marketing gimmick that doesn’t enable you to buy at an actual brick and mortar store.

You can only pay with bitcoins and bitcoin cash by ordering delivery online through the lieferservice delivery service, which works with restaurants throughout the country.

KFC

KFC canada decided to accept bitcoin for a limited time in exchange for the “bitcoin bucket”. The company processed payment through bitpay and the bucket was to be delivered straight to the customer’s home address.

Overstock

Overstock, a famous american online retailer that sells big-ticket items at lower prices due to overstocking, partnered with coinbase in order to allow bitcoin payments for their online orders.

Subway

Several subway branches accept (or used to accept, the current status is unknown) bitcoin as payment for their sandwiches. You can see an example in this video:

Twitch

Amazon owned leading game streaming platform accepts bitcoin and bitcoin cash as payment for its services. The company removed this option on march 2019 but then re-enabled it in june.

Pizza hut

As of november 2020, the giant pizza franchise pizza hut can be now purchased and paid for with bitcoin in venezuela. This is following the economic sanctions imposed on the country that drove cryptocurrency acceptance to new heights. While this step is far from being global, it could be an indication of things to come.

Miami dolphins

The miami dolphins intend to give home game attendees the ability to pay with litecoin and bitcoin when purchasing tickets for the team’s 50/50 raffle, where half of the proceeds benefit the miami dolphins foundation and its charitable causes.

Dalls mavericks

The dallas mavericks now accept bitcoin as a method of payment for both game tickets and merchandise. Bitpay will process all bitcoin payments through the team’s website.

Virgin galactic

Richard branson company that includes virgin mobile and virgin airlines allows you to pay for space travel with bitcoins.

Norwegian air

Norwegian air shuttle (norwegian), scandinavia’s largest airline and europe’s third-largest budget airline, plans to provide a payment solution enabling customers to pay for tickets with cryptocurrency.

Namecheap

One of the leading domain name registrants start accepting bitcoin back in 2013 since it has been requested by the company’s tech audience.

Cheapair

An american online travel agency, established in 1989 has started accepting bitcoin through coinbase and later on changed their payment processor to btcpayserver.

Buy & send gift cards online for retailers like amazon, starbucks, and itunes. The company accepts bitcoin as payment without any additional fees.

Newegg

An online retailer of items including computer hardware and consumer electronics. The company is one of the first to accept bitcoin payment.

The internet archive

A san francisco–based nonprofit digital library with the stated mission of “universal access to all knowledge” accepts bitcoin donations. Its web archive, the wayback machine, contains hundreds of billions of web captures.

The pirate bay

An online index of digital content of entertainment media and software. The site accepts bitcoin and cryptocurrency donations since 2013.

4chan

A beloved site among crypto users, 4chan is an imageboard website. Users generally post anonymously, with the most recent posts appearing above the rest.

4chan is split into various boards with their own specific content and guidelines. Registration is not possible. The site accepts bitcoin, bitcoin cash, ethereum, and litecoin as payment for a 4chan pass.

Mega.Nz

A cloud storage and file hosting service launched on january 19, 2013, by kim dotcom, who had previously founded megaupload. The site accepts bitcoin for account upgrades.

Amazon (not directly)

While amazon, the biggest online retailer today, doesn’t accept bitcoin directly you can use purse.Io to shop for anything on the site and pay with bitcoin. The site connects people who have bitcoin and want to buy on amazon with people who want to get bitcoin in return for fulfilling an order.

Expressvpn

One of the largest virtual private network service that allows you to surf online securely and privately. Expressvpn is a subscription-based service that accepts bitcoin.

Benfica

Sport lisboa e benfica, commonly known as benfica is an extremely popular sports club based in lisbon portugal. The company accepts bitcoin for game tickets and merchandise.

1. Stores that accept bitcoin as payment

Aside from the big companies I’ve mentioned in the previous chapter, there are many small and medium businesses (smbs) that accept bitcoin as well.

Alza – largest czech online retailer

Alternative airlines – A flight-search website that offers ways to book flights using a range of cryptocurrencies.

Bitcoin.Travel – a travel site that provides accommodation, apartments, attractions, etc.

Pembury tavern – A pub in london, england

Old fitzroy – A pub in sydney, australia

The pink cow – A diner in tokyo, japan

Zynga – mobile gaming

EZTV – torrents TV shows provider

Lumfile – free cloud base file server – pay for premium services

Etsy vendors – 93 of them

Pizzaforcoins.Com – domino’s pizza signed up – pay for their pizza with bitcoins

Bitcoincoffee.Com – buy your favorite coffee online

Grass hill alpacas – A local farm in haydenville, MA

Jeffersons store – A streetwear clothing store in bergenfield, N.J

Helen’s pizza – jersey city, N.J., you can get a slice of pizza for bitcoin.

A class limousine – pick you up and drop you off at newark (N.J.) airport

Seoclerks.Com – get SEO work done on your site cheap

Fancy.Com – discover amazing stuff, collect the things you love, buy it all in one place

Humblebundle.Com – indie game site

Bigfishgames.Com – games for PC, mac, and smartphones (iphone, android, windows)

Suntimes.Com – chicago based online newspaper

San jose earthquakes – san jose california professional soccer team (MLS)

Crowdtilt.Com – the fastest and easiest way to pool funds with family and friends

Lumfile – server company that offers free cloud-based servers

Museum of the coastal bend – 2200 east red river street, victoria, texas 77901, USA

Gap, gamestop and JC penney – have to use egifter.Com

Fight for the future – leading organization finding for internet freedom

I-pmart (ipmart.Com.My) – A malaysian online mobile phone and electronic parts retailer

Curryupnow.Com – A total of 12 restaurants on the list of restaurants accept bitcoins in san francisco

Dish network – an american direct-broadcast satellite service provider

The libertarian party – united states political party

Yacht-base.Com – croatian yacht charter company

Euro pacific – A major precious metal dealer

CEX – the trade-in chain has a shop in glasgow, scotland that accepts bitcoin

Straub auto repairs – 477 warburton ave, hastings-on-hudson, NY 10706 – (914) 478-1177

PSP mollie – dutch payment service

Intuit – an american software company that develops financial and tax preparation software.

Shopjoy – an australian online retailer that sells novelty and unique gifts

Lv.Net – las vegas high-speed internet services

Grooveshark – online music streaming service based in the united states

MIT coop store – massachusetts institute of technology student bookstore

Simplepay – nigeria’s most popular web and mobile-based wallet service

SFU bookstore – simon fraser university in vancouver, canada

State republican party – first state republican party to accept bitcoin donations

Mspinc.Com – respiratory medical equipment supplies store

Shopify.Com – an online store that allows anyone to sell their products

Famsa – mexico’s biggest retailer

Naughty america – adult entertainment provider

Mexico’s universidad de las américas puebla – A major university in mexico

Movietickets.Com – online movie ticket exchange/retailer

Dream lover – online relationship service

Rakuten – A japanese e-commerce giant

Badoo – online dating network

RE/MAX london – UK-based franchisee of the global real estate network

T-mobile poland – T-mobile’s poland-based mobile phone top-up company

Stripe – san francisco-based payments company

Webjet – online travel agency

Green man gaming – popular digital game reseller

Save the children – global charity organization

NCR silver – point of sales systems

One shot hotels – spanish hotel chain

Coupa caféin palo alto

Purevpn – VPN provider

That’s my face – create action figures

Foodler – north american restaurant delivery company

Amagi metals – precious metal furnisher

While many companies are very excited to let us know when they start accepting bitcoin they don’t bother to update if they stop. Therefore this list can be somewhat outdated, so take it with a grain of salt.

Additional smbs that accept bitcoin can be found here and here. Also, many people have started advertising their smbs in the comment section of this page.

3. Frequently asked questions

Can bitcoin be converted to cash?

Yes, you can convert bitcoin to cash at a bitcoin ATM or through a bitcoin exchange.

UK's FCA suspends epayments service - over £100M frozen and alleged onecoin connection

Epayments, one of the largest payment providers in the U.K., has halted operations after the financial conduct authority (FCA) suspended the company for “weaknesses” related to its anti-money-laundering (AML) process. Since epayments shut down on february 11, customers have been complaining because they cannot access their money. Reports also detail that if the firm becomes insolvent, epayments clients won’t be protected by any type of FCA-regulated insurance fund. Additionally, a non-executive director who resigned last week was once the head of cards and payments at locke lord, a law firm that represented onecoin’s ‘cryptoqueen’ ruja ignatova.

UK firm epayments suspends services – over £100 million in client funds believed inaccessible

Epayments was a very popular payment processor based in the U.K. And estimates say the firm held £127.5 million of customer funds. However, the company suspended operations due to an FCA mandate that said the firm had “a number of weaknesses” tethered to its AML system. The suspension has neutered epayments’ ability to facilitate payments and customers cannot use their prepaid cards or withdraw and transfer funds.

On february 11, 2020, the U.K. Payment provider epayments suspended services and now customers cannot access their funds.

The FCA-regulated company claimed it had over a million registered clients and handled more than 1,000 business accounts as well. The epayments website displays a notice that explains why it suspended operations and notes that the FCA said while they investigated epayments AML system controls, they “identified a weakness that required remediation.” the epayments notice also states:

We know this will be a very frustrating time for our customers. We apologize for any inconvenience caused and are working tirelessly to ensure improvements are made and accounts can be reactivated as soon as possible.

So far customer accounts have not been reactivated and the subject is trending throughout social media, forums, and telegram support channels. Customers are upset they cannot access their money and no one truly knows how much is being held back by the FCA suspension. Financial news outlet FT claims to have spoken with a slew of unhappy epayments customers who cannot use their own money.

Russian chat https://t.Co/yyysiqug3r english chat https://t.Co/jnvrqkpksr and my own https://t.Co/qknxonz5t3
all new and proofs about epayments #epayments #DSX

— epayments suspended our (all) accounts (@naomy12815457) february 21, 2020

An adult entertainer from brazil said she had $400 locked in her epayments account and a man from turkey told the publication he has $54,000 stuck inside the epayments platform. FT highlights that a number of online adult entertainers leveraged epayments services and their income has been affected by the outage. Other news outlets, including behindmlm.Com, have underlined the fact that the lion’s share of epayments customers worked in either the adult industry or multi-level-marketing (MLM) affiliate schemes.

The U.K.’s financial conduct authority (FCA) said while they investigated epayments AML system controls they found “weaknesses.”

Is the epayments suspension connected to the onecoin fallout?

In addition to the suspension, a non-executive director from epayments, robert courtneidge, abruptly resigned on february 17. Courtneidge would not comment on why he left the company but reports show that he was formally employed by locke lord. The law firm is well known for doing business with onecoin’s ‘cryptoqueen’ ruja ignatova and another employee mark scott.

Former locke lord LLP attorney mark scott is fighting charges against him that claim he helped onecoin associates launder $400 million in the british virgin islands. During scott’s court case prosecutors brought up the name robert courtneidge according to inner city press reports.

The former locke lord attorney scott was indicted for money laundering charges and accused of laundering $400 million for onecoin leaders. Scott, a florida resident, is fighting the case but he faces up to 50 years in prison for the alleged crime. Just before he started working with epayments, courtneidge worked for locke lord and was the global head of cards and payments until 2018.

Former locke lord LLP global head of cards and payments robert courtneidge recently resigned from epayments. In the case against locke lord attorney mark scott, robert courtneidge’s name is involved in an email between scott and the onecoin ‘cryptoqueen’ ruja ignatova.

Reports detail that at locke lord, courtneidge was considered a “crypto expert” and he hasn’t been charged with any crimes associated with onecoin. However, FT and inner city press reveals that U.S. Attorney christopher dimase brought up courtneidge’s name quite a bit during scott’s trial. Dimase told the court that emails between courtneidge, scott, and ruja ignatova show that he “understood that onecoin, effectively, was a fraud scheme.” one specific email shared by inner city press was sent to courtneidge and scott’s email showing the cryptoqueen asking them to store £220K in london for her. Ignatova also disappeared shortly after and she’s been missing for well over a year. FT asked courtneidge about the emails and his spokeswoman said:

Mr. Scott was relying on a generally available paper mr. Courtneidge had written on cryptocurrency regulation around the world that was available on the locke lord website and not on any conversations had via email with mr. Courtneidge.

The email to mark scott and robert courtneidge from onecoin leader ruja ignatova. Soon after this email, ignatova disappeared and no one has heard from her since.

FT stated that courtneidge’s spokeswoman would not comment on his resignation or any subject matter pertaining to onecoin. No one knows when the epayments service will start operating again or if courtneidge’s resignation has anything to do with the AML weaknesses. Despite all the speculation in regards to the onecoin drama, a great number of people cannot access funds held on the epayments platform and over £100 million in client funds might be held hostage. The story highlights the fact that centralized payment providers are sketchy and can be extremely risky. The tale also shines a light on why permissionless money held in a noncustodial fashion is the future of money.

What do you think about epayments suspending services and the recent resignation of robert courtneidge? Do you think the epayments suspension and the onecoin investigation are connected? Let us know what you think about this mystery in the comments section below.

Disclaimer: this article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.Com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: shutterstock, wiki commons, inner city press, fair use, twitter, wiki commons, and pixabay.

Are you looking for a secure way to buy bitcoin online ? Start by downloading your free bitcoin wallet from us and then head over to our purchase bitcoin page where you can easily buy BTC and BCH.

How to accept bitcoin payments for your business

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How to accept bitcoin payments for your business

If you run a small business and want to attract more customers by offering bitcoin payments, you may be wondering where to start. Keep in mind that it’s definitely not a way of avoiding taxes. Bitcoin is simply another legal way to receive payment for goods and services. So, you’ll have to declare the payments as you would with traditional ones.

B2binpay – cryptocurrency payment gateway

Businesses looking to boost their revenues can benefit from the crypto trend by accepting bitcoin. B2binpay is one of the industry’s leading solutions that enables you to offer your customers the ability to make crypto payments online and can be integrated in just a few steps.

B2binpay not only gives you the means to offer an additional payment option, you can also reach new clients and boost your business revenues. All this, coupled with lower charges and secure transactions makes b2binpay the must-have payment processing solution for everyone looking at how to accept bitcoin payments .

Use QR codes or run a full node

If you run a physical store, your customers should be able to pay through a mobile phone app or hardware terminal. There are several apps that generate QR codes for mobile and wallets that support QR code scanning for payments.

This makes payments much simpler as customers don’t have to enter an address. They can use a quick recognition (QR) code that is machine-readable, like a box made up of black and white squares.

If your business is web-based, you’ll need to run a full node (or ask a proficient programmer to implement one for you). This is especially important if you sell big-ticket items.

While you can use payment processors such as bitpay or coinbase, running a full node will give you greater speed when it comes to transaction confirmations. It will also give you additional security of genuine payments with no possibility of fraud.

Hang a ‘bitcoin accepted’ sign

If you’re going to accept bitcoin payments, you’ll need to let people know. This means adding a “we accept bitcoin” sign to your door if it’s a physical store, or to your website for online businesses.

According to a new study, more than 50 percent of retailers utilizing Square Inc.

People can then contact you for details of how to pay using bitcoin. You’ll probably find that this won’t make up a significant portion of your business just yet. However, you will increase awareness among customers curious to learn more.

Add bitcoin payments to your invoices

If you already add a line explaining what payment options are available (VISA, paypal, etc.) you can simply add bitcoin as well, even if customers have to contact you to find out the steps.

If you’re good at programming or know someone who is, an effective way to track bitcoin payments is to generate bitcoin addresses and print them on each new invoice. This will cut out the customer having to contact you for the details. It will also ensure that when the payment arrives, you’ll know where it’s meant to go.

Be sure to let the customer know how much BTC to send since the fluctuations in price are likely to confuse them. While bitcoin addresses on a paper invoice are incredibly cumbersome, according to bitcoin wiki , you should probably add them anyway. Most people need some kind of paper trail when it comes to accounting. Having the address will allow the customer to prove the transaction took place through block explorer.

If your customers are paying via your website, simply provide them with a URL to visit that displays the bitcoin address to send the payment. If they can do this just by entering the invoice number, so much the better. They can also copy and paste the address easily.

Be sure to use a new address for each invoice–that you use only once. This way, you can keep track of who the payments are coming from and for what.

How do you set a price in bitcoin?

This is not an easy question to answer since, with bitcoin’s volatility, prices can vary on any given day, sometimes dramatically. The way most merchants manage this is to quote clients based on the current market rate at the time of the price quote to the customer. This will likely be determined by a weighted average basis of prices across multiple exchanges.

When you receive bitcoin payments, the best practice is to immediately convert it into the fiat currency you need to run your business and cover costs. Holding onto bitcoin payments can be risky. If you’re holding onto payments in the hope that the price will go up, you’re placing your business at risk and may leave yourself open to headaches from the IRS. Immediate exchanges will remove the risk of price fluctuations for bitcoin payments.

If you do want to take payments in bitcoin, check with your account first for advice on how to report them since tax compliance will vary depending on where you live. Also, there will always be some discrepancy between the price you quote and the price you receive, which may need to be accounted for in a specific way.

As a rule of thumb, however, bitcoin payments are really just like cash, so consider how you handle cash transactions and whether you pay tax on them and do the same for bitcoin.

How about simpler solutions?

As mentioned, there are easier and faster payment gateways for accepting bitcoin, but you give up full control over the transactions.

If you want to work with a payment processor but keep the benefits of running a full node, try btcpay server. It’s one of the best open source payment processors out there and includes an invoice API that’s compatible with bitpay.

You can also migrate your code base to your own self-hosted payment processor, which gives you all the benefits of running a full node with less of the hassle. Btcpay is easy to deploy via the one-click deploy on azure.

There are further details on how to install btcpay here . And if you’re not completely confident, simply ask a programmer for help. Either way, be sure that you run a full node for web payments unless you’re simply planning on experimenting with small infrequent translations.

What other ways can businesses start accepting bitcoin? Share below!

Bitcoin, epayments and the future of skyprivate

We really see a great future for bitcoin and we want to be ready and capable to offer our models the possibility of using bitcoin in their business.

Why would you use bitcoin?

It is possible to send and receive bitcoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Bitcoin allows its users to be in full control of their money.

Same fee for any amount

Security and control

Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods.

Transparent and neutral payments

Skyprivate and epayments

Advantages of using epayments

Prepaid epayments mastercard

Transfers between the ewallet and e payments mastercard are free

Transfers between e-wallets on the epayments system is absolutely free. The maximum amount which can be withdrawn at atms from the epayments prepaid mastercard® is $3000 per day.

Instant internal transfers

The future of skyprivate

Client accounts on hold as FCA locks down epayments

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There are few feelings worse than having one’s control stripped away, only to be at the mercy of another. This is, unfortunately, the case for a plethora of clients which utilize digital payments processor, ‘epayments systems limited’.

Mid-february saw an enforced lockdown of epayments’ client accounts, which persists as we enter march. This lockdown was a result of orders by the financial conduct authority, as the regulatory body probes operations for short-comings surrounding anti-money laundering practices.

While exact figures are unknown, it is surmised that this lockdown has affected over $150 million USD worth of client funds. These funds are touted as coming from over 1 million client accounts.

When the FCA stepped in, arranging the persisting lockdown of their systems, epayments provided their clientele with the following notice.

“on the february 11, 2020 epayments systems limited (‘epayments’) agreed with the financial conduct authority (‘FCA’) to suspend all activity on its customer accounts. This decision was taken following a review, by the FCA, of epayments anti-money laundering systems and controls, which identified weakness that required remediation.

We know this will be a very frustrating time for our customers. We apologise for any inconvenience caused and are working tirelessly to ensure improvements are made and accounts can be reactivated as soon as possible. During this improvement process, we want to assure customers that their funds are being safeguarded as normal.”

Looking for answers

The situation is obviously a negative one, continuing to linger as the company looks for a resolution. What isn’t so obvious is the reasoning behind the lockdown.

There are a few theories that have emerged as potential culprits for the development.

New AMLD5 laws have caught epayments off-guard, necessitating platform upgrades

Epayments was used as a gateway for laundering funds associated with proven scam, onecoin

Partners of epayments are cracking down on payments associated with ‘high-risk’ industries

Today, we’ll take a brief look at the merit behind each of these theories. The reality, however, is that maybe none of these are correct. Maybe we simply need to wait for a resolution before becoming privy to answers.

Anti-money laundering

Before diving into the aforementioned theories, we can establish one fact – with the statements provided by epayments, we at least know that this situation revolves around their AML procedures.

In order to remain authorized by the FCA, a company must adhere to strict compliance measures surrounding AML laws.

While digital payment solutions offer a bevy of benefits –such as speed and cost – they come with certain caveats. One of these is the potential for misuse through nefarious activity. One of the most commonly known means of illicit activity is money laundering – a practice which enables ‘dirty’ money, associated with illegal activities, to be passed off as ‘clean’ or legitimate.

Naturally, this is a practice which is discouraged, and has resulted in strict measures being taken to ensure it does not occur. These practices are known as ‘anti-money laundering’ laws, or ‘AML’.

In the case of epayments, it is these AML measures, or rather a lack of, which prompted the FCA enforced platform lockdown.

Scenario 1 – AMLD5

Theory number #1 is a very plausible scenario. The acronym ‘AMLD5’ refers to europe’s 5 th anti-money laundering directive.

AMLD5 which came into law in 2018, and came into effect in 2020, comes with various stipulations – with one pair possibly being the reason for the shutdown.

Virtual asset service providers are now viewed on level ground with other entities, despite perceived risk levels.

Virtual asset service providers must now conform to more stringent AML and KYC rules.

While epayments may have once conformed to regulations, their systems may simply need upgraded to reflect their new obligations under AMLD5.

While potentially costly for epayments, this possible scenario is overall positive (aside from the obvious inconvenience of those affected by the lockdown). At the end of the day, this scenario will result in a more secure epayments platform moving forward.

Beyond this particular scenario, AMLD5 has already had widespread effects across europe. This was recently made obvious when germany redefined bitcoin as a financial instrument.

Scenario 2 – epayments + onecoin

This scenario is much more of a worry than new found issues with AMLD5. While the situation as described, is disheartening, thus far, in and of itself, there may be something larger at play. There may be links between epayments and one of the largest scams of all time – onecoin.

Many speculate that the potentially porous AML practices of epayments allowed for some of the roughly $4 billion in onecoin funds to be funnelled through the platform.

This speculation is lent some level of credence through the recent resignation of robert courtneidge, from epayments. This resignation, which occurred mere days after the platform lockdown, capped off a short stint at the company for courtneidge. His prior employer? The law firm locke lord – the same firm which saw a partner, mark scott, convicted of laundering roughly $400 million worth of funds on behalf of onecoin founder, dr. Ruja ignatova.

This development begs the questions – was epayments used to launder funds associated with onecoin? And if so, are some of the funds, currently under lockdown, a portion of those from onecoin?

To date, much if this is simply conjecture, as the FCA has not yet released commentary on the finer details surrounding the epayments lockdown. However, if it quacks like a duck…

A potential timeline

Onecoin defrauds investors of $4 billion worldwide

Mike scott, partner at law firm locke lord, compensated with $50 million for laundering $400 million for onecoin founder, dr. Ruja ignatova

2017, ignatova, vanishes with vast amounts of wealth

Multiple convicted with various charges surrounding the onecoin scam

Robert courtneidge, formerly of locke lord, is hired by epayments

FCA lockdown of epayments occurs

Robert courtneidge resigns from epayments

Future intrigue

Where this entire saga becomes intriguing, is the potential for tracking down the elusive dr. Ruja ignatova.

IF there is a link established between onecoin and epayments, MAYBE there remain funds associated with ignatova in those that are now under lockdown. Providing this were to be the case, a new avenue for potentially tracking down the whereabouts of ignatova becomes a possibility.

While these are massive ifs and maybes, the scope of the situation is large enough to warrant genuine intrigue moving forward.

Scenario 3 – high risk relations

The final leading theory behind the epayments lockdown is one that has proven to be the downfall of many similar platforms in the past – high risk relations.

Companies like epayments are not able to operate alone. They require relations with banks, insurance providers, and more. Unfortunately, this means that they, and similar companies, are often at the mercy of these service providers. Often times, we will see a service provider deem that clientele are high risk, and cease offering their services.

With regards to epayments, it is believed that, roughly, at least 20% of all transactions processed through their platforms can be attributed to the following industries.

Pornographic content

Foreign exchange (FOREX)

Cryptocurrencies

Service providers are typically justified in ceasing relations surrounding these industries because, sadly, they are rife with scams and frauds – see the previous theory on onecoin.

Digital securities exchange (DSX)

Connection to the aforementioned high risk industries may be strongest with that of cryptocurrency. This is through cryptocurrency exchange, DSX; an exchange which shares the same founder as epayments – mikhail rymanov.

Ties between platforms go beyond founders, however. For example, the pair utilize each other’s services for the onboarding of clients, as well as facilitating value transfers between accounts.

Thankfully, nations around the world are beginning to step up, ensuring level playing grounds for all businesses. A recent example of this is the supreme court of india’s recent decision to overturn their central banks decision to impose a blanket ban on crypto-related businesses.

Due to the growth surrounding acceptance being seen globally, it is unlikely that the epayments lockdown is due to high-risk relations.

Progress updates and a crystal ball

Regardless of which scenario you believe to be true, the public has not been given much information to work with, at this time. On a promising note, epayments has, indeed, released multiple updates and ‘FAQ’ dossiers, indicating that they are at least working on the situation. These can be found through the following links.

At the end of the day, no one but the FCA and epayments knows the full situation. Perhaps the reasoning behind the lockdown is a simple one, and the lack of details is to prevent exploitation of a vulnerability.

The various scenarios discussed today are just a few possibilities, with one possessing no more merit than the last. For the time being, we will just need to continue consulting our crystal balls, as we try to make sense of the situation – and hope that epayments seeks truth when stating,

“we want to reassure customers that funds are being safeguarded as normal and can be retrieved once the improvement process has been completed.”

Epayments systems limited

Operating within the united kingdom, epayments systems limited has grown into one of the largest digital payment processers in the nation.

CEO, mikhail rymanov, has overseen company operations since launch in 2010.

*mikhail rymanov was contacted for commentary prior to publishing – no response was received*

Onecoin

Onecoin is often noted as one of the largest scams of all time. This ponzi scheme saw countless investors defrauded of roughly $4 billion USD.

The project, which saw its founder, dr. Ruja ignatova, disappear in 2017, with vast amounts of funds no less, was found to be a highly manipulated ruse. While it promised to be the future of payments through various mining practices and secure blockchains, these were found to be completely fabricated.

Financial conduct authority

The FCA is a united kingdom based regulatory body. They note that their main tasks are threefold.

Protect financial markets

Protect consumers

Promote competition

These tasks are performed within the confines of the financial services and markets act 2000. Since their formation in 2013, the FCA has grown to regulate 60,000+ businesses.

*the FCA was contacted for commentary prior to publishing – no response was received*

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