16 Sep '13, 1pm

More merchants using Bitcoin: payment processor Bitpay says it now has 10,000 clients

A payment service provider that helps businesses accept Bitcoin in online shopping carts and retail stores announced on Monday that its client-base of merchants has increased ten-fold in the last year. According to Atlanta-based Bitpay , more than 10,000 merchants around the world are now using its processing services to accept payment in the virtual currency, with Bitcoin proving especially popular with companies that sell consumer electronics, IT services and precious metals. Bitpay, which is backed by venture capitalists tied to PayPal , touts Bitcoin as a way for merchants to accept online payment at lower cost and risk than credit cards. The company, which has so far processed $34 million in Bitcoin payments in 2013, charges the merchants a 1 percent service fee to handle the transactions. The rapid growth — from 1,000 to 10,000 clients in a year — appears to be a pro...

Full article: http://gigaom.com/2013/09/16/more-merchants-using-bitcoin...

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