BitPay is the leading payment service provider (PSP) specializing in the peer-to-peer virtual currency Bitcoin which provides for instantaneous transactions from anywhere in the world with no risk of fraud or chargebacks. Using BitPay enables merchants to easily accept bitcoins for payment just like with Visa, Mastercard, Paypal or cash. Merchants can choose what percentage of revenues are kept in bitcoins or converted to a fiat currency and direct deposited daily into their bank account. BitPay has eliminated processing fees, offering a freemium model with a basic plan for accepting bitcoin for free. Accepting Bitcoins for payments and having BitPay process the transactions differs from credit or debit cards in several major ways. For example, (1) Bitcoins are instantaneous and irreversible so there can be no chargebacks without the merchant's consent, (2) payments can be made anywhere there is an Internet connection so there are no geographic limits imposed on where payments can be accepted from, (3) there is no personal information included with the payment so there is neither risk of identity theft for customers nor PCI compliance costs for merchants and (4) it's free.
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