“Bitcoin is far less expensive than credit cards, with zero chargebacks and no chance of identity theft. “Typical payment methods are credit cards and PayPal, which are expensive to accept and may not work at all for collecting payments from advertisers in emerging markets,” Sing explains. The first problem with using conventional money begins when the advertisers pay the affiliate network, which is usually done in advance. Some companies build their own affiliate system, but since it is not a trivial task, many advertisers use affiliate networks which provide the software, bring advertising merchants and partners together and manage the payment flow. If a partner publishes those links and his readers follows these links and buys something, then the affiliate partner gets a share of the revenue. In case you are not familiar with the term, affiliate marketing refers to where an online shop or service gives out specific links or banners to partners for promotional purposes. Other than with simple online shopping, there are many advantages in using bitcoin for affiliate networks, that it may become a necessity. Affiliate networks are, as Sonny Sing points out on BitPay’s blog, “one market segment that has started to adopt bitcoin.” Maybe affiliate networks even become the first market segment that widely starts to use bitcoin to process transactions. It creates a service that is remarkably interesting for affiliate networks. Instead of helping people to spend bitcoin, BitPay helps to receive bitcoin. These tools enable BitPay’s clients to “make fast, efficient mass payouts with bitcoin.” Instead of exchanging the customer’s bitcoin into dollars, BitPay exchanges the dollar payments that platforms use to pay their clients to bitcoin. In the same year, the company developed a new service the payout tools. In 2015, Stephen Pair, CEO of BitPay, commented, “We keep adding merchants, we’re up to over 60,000 now, but they’re selling to the same pool of Bitcoin early adopters.” Since the income by processing payments was not sufficient to vindicate the high burn rate of the company, BitPay had to fire some of its employees in 2015. Most merchants, which started to accept bitcoin, have been disappointed with the lack of customers paying with the cryptocurrency. At least, when it can also be done with conventional money, maybe even simpler and more convenient. The problem, however, is that paying online does not seem to be the ‘ killer app’ the people waited for to start using bitcoin. If you can pay with bitcoin today, it is most likely the merit of BitPay. The company have developed a beautiful and convenient invoice, offered merchants to exchange the customers pay from bitcoin into dollars or euros, and have partnered with a lot of great and large merchants, like Stream, Microsoft, International Airlines and big payment companies like Stripe. Since its introduction in 2015, BitPay’s Payout Service is growing much faster than the services of other payment providers, demonstrating that Bitcoin is less about spending but more about receiving.īitPay have worked so hard to establish Bitcoin as a means of payment.
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