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    Author Topic: BIPS, Payment Service Provider (PSP) for Merchants  (Read 75439 times)
    overunity
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    October 12, 2013, 05:13:31 PM
     #41

    At BIPS we offer to accept and pay out in all currencies that are supported by our bank as well as holding foreign currency accounts for as many major currency accounts as possible.
    GBP is next on our list to add, but this is still going to be an international transfer as only SEPA offer next to instant bank transfers across borders, and that is only workable in EUR.

    As both Britain and Denmark are not using the Euro as the main currency within our banking systems, conversions are almost always inevitable. However you can send GBP to us and we will load your account with bitcoin according to our conversion rate (fiat to bitcoin) less the actual bank fee.

    Unfortunately many banks around the world still charge very high fees on international transfers, even if they are conducted in the local currency.
    We are lucky to have a banking system with rather low banking fees and the max fee paid is equivalent to $7.5 USD with the lowest being $2.25 USD.

    This is actually one of the reasons bitcoin is such a great way to pay. Once you have bitcoin, sending payments across borders becomes free or almost free.
    However converting from fiat to bitcoin and vice versa will never be free unless banks across the globe decide to ditch the fees - and we know that will never happen.

    Sure as a payment solution provider, we could open bank accounts all across the globe and it's quite possible we will have many local bank options in the future. That will not be free either though. Daily transfers to local clients accounts, possibly, but maintaining a bank account in a foreign country is certainly not free. Having said that, we will strive to make transfers as cheap as possible no matter where you are located in the world and are adding more options as fast as we possibly can.

    As for atm machines at this point - Bitcoin usage and demand is still scattered over large areas and setting up such machines would carry a huge bill, which one way or another has to be paid. We will be back to regular bank atm fees for buying bitcoins this way and even that will take a long time before will be a reality.

    Physical presence requires money - there is no way around it.


    The probable best solution for your customers for now, would be to encourage them to buy bitcoin in bulk in order to spread bank transfer flat fees over a larger amount. And then use bitcoins to pay for services.
    And even better for the long term, would be for them themselves to accept bitcoins as payments for goods and services and then spend the bitcoin with another supplier of goods accepting bitcoin.
    Keep the circulation in bitcoin instead of converting back and forth to fiat. As much as possible!

    Thank you for  the explanation .
    I think we agree that until people can simply transfer currency into bitcoin easily(maybe never) we are at a dead end as people just will opt to pay cash ,why should they bother ? ,I cannot at the moment give them a good reason .
    For now bitcoin's  use is as online cash for digital goods I'am struggling to envisage the future for bitcoin in the current physical services economy .
    May be it will gather momentum as a store of value and protection mechanism against the possible failure or re-evaluation of fiat currency but it seems to have very limited use in the real economy due to it's restrictions
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