ekmPowershop spurs UK Bitcoin adoption with ChainPay integration

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ChainPay is welcoming ekmPowershop merchants to the world of Bitcoin payments as ChainPay enables digital currency payments on the popular eCommerce platform. ekmPowershop is used by 1 in 5 online stores in the UK.

“In recent times there’s been a big focus in ecommerce around customer journey and conversion rate optimisation. Offering Bitcoin gives the end consumer more choice and makes for a speedy checkout, so there’s huge benefits for retailers who support it.

Teaming up with ChainPay made perfect sense as it means tens of thousands of online shops can now offer Bitcoin with no risk and a lightning quick setup. I don’t know of any other payment system where you can get up and running so quickly” – Steven Hickey – Head of Marketing, ekmPowershop

Businesses powered by ekmPowershop are now able to seamlessly accept Bitcoin, alongside PayPal and Amazon. Bitcoins received can be converted instantly into Sterling and paid directly into merchant’s bank accounts, removing any exchange risk whilst lowering payment processing fees and accelerating customer checkout time.

James Carter founder of ChainPay says, “ekmPowershop is a forward thinking eCommerce provider that can see the potential of digital wallets. While the UK is a cryptocurrency hub, ekmPowershop is the first UK eCommerce provider to offer a built in digital currency payment integration. We are pleased to be working with an organisation whose goals are aligned so well with ourselves. Through this partnership we hope to introduce merchants currently using traditional card payments to the benefits of digital currency.”

The addition of ekmPowershop to ChainPay’s suite of integrations is a major milestone for AltXE, which secured its first white-label partnership in May. ChainPay is already onboarding ekmPowershop merchants immediately after release. The company would like to enter into discussion with eCommerce providers further afield as the year progresses and enable the businesses they support to reap the benefits of digital currency payments.

“Being able to offer such an easy onboarding and integration process to merchants means more and more UK businesses will be adopting Bitcoin. Thanks to the work being performed by startups in London, AltXE in the Isle of Man, and critical partners like ekmPowershop we can ensure the UK continues to drives Bitcoin adoption. For those businesses currently on the fence regarding digital currency, we would say let us show you what we can offer.” – James Carter

ChainPay secures partner agreement with Payment Goblin to provide Bitcoin services

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ChainPay is welcoming Payment Goblin to the world of Bitcoin payments as a partner agreement between the companies is reached. The ChainPay platform is now available to customers of Payment Goblin, based on the Isle of Man.

paymentgoblinpressimage

Payment Goblin is an established payment processor with a history of processing credit cards for merchants internationally, and is now able to offer Bitcoin payment services under the Payment Goblin branding.

James Carter, Founder of ChainPay says, “Payment Goblin is a forward thinking payment processor who recognizes the value of Bitcoin payments. We are pleased to be working with such an organisation whose goals are aligned so well with ourselves. Through this partnership we hope to introduce merchants currently using traditional card payments to the benefits of digital currency.”

This first partner agreement for ChainPay is a major milestone for the startup, launched just 5 months ago. The company would like to enter discussion with more payment gateways as the year progresses and enable their customers to accept Bitcoin.

“Being able to offer Bitcoin payment services to financial organisations under their own branding brings a unique advantage to ChainPay. For those payment institutions currently on the fence regarding digital currency, we would say let us show you what we can offer.” – James Carter

ChainPay provides Bitcoin payment gateway services to merchants as well as a white label platform for established payment processors. Launched Jan 2015, ChainPay provides services to merchants converting to British Sterling, Euro and US Dollar currencies, and has helped businesses spanning 36 countries.

ChainPay goes international with localized payments

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ChainPay goes international with localized payments

Bitcoin is a worldwide system, with full nodes in 90 countries around the world. Customers paying with Bitcoin expect their payment gateway to reach out to them in their native language, something not all Bitcoin payment processors accomplish.

Today we’ve released a new platform feature, language localization of our payment pages. Customers paying in the following languages now have a native language experience during their journey:

  • English
  • Arabic
  • German
  • Spanish
  • Finnish
  • French
  • Islandic
  • Italian
  • Portuguese
  • Russian
  • Swedish

Our Bitcoin gateway portal is also be fully localized; we support English and Swedish languages, if you are a high volume merchant get in touch to see how we can localize our portal for your employees.

multi language bitcoin payments

 

 

This change allows us to reach the vast majority of Bitcoin users around the globe, and can deliver a nicer user experience or UX for customers of ChainPay merchants.

If your language is not on the list, comment below and we will do our best to add your language as soon as possible. Where you shop doesn’t support localized payments, tell them about ChainPay!

Magento Bitcoin Payments Extension Published

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The newest eCommerce platform brought to Bitcoin payments by ChainPay is Magento.

The Magento Bitcoin extension is available via Magento Connect, and can power both Magento Community and Enterprise editions, which together power over 8000 of the 1 million most popular websites on the internet.

As always, the plugin is open source and available on the ChainPay GitHub repository.

Magento users can simply install the extension via Magento Connect, sign up to ChainPay and automatically add Bitcoin as a payment option for their customers. Bringing the benefits of lower payment processing fees, no chargebacks and of course access to the thriving loyal user base that is the Bitcoin community.

Remember all developer support for installing extensions is free, but with our video tutorial you’ll likely be up and running in around 10 minutes on most stores.

Read more about accepting Bitcoin with Magento.

If your running an Enterprise installation of Magento Bitcoin payments, we’re happy to discuss options for assistance during the development pipeline of bringing on a new payment model.

Comment and let us know how your experience with the plugin has been, this is a highly requested eCommerce platform so we are happy to welcome all our Magento users to ChainPay.

ChainPay WordPress Bitcoin Payments Plugin updated for WP4.2

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The most popular blog platform WordPress has recently released version 4.2. This update contains some important update around the Plugin API and localization features.

More information about this release can be found on the WordPress Codex

As all WordPress plugins are required to be updated and tested for 4.2, we have completed the appropriate improvement and modifications to the ChainPay Plugin for WooCommerce, so that those of your running on the latest WordPress platform can seamlessly enable Bitcoin payments on your WooCommerce stores. Our WordPress Bitcoin plugin enables digital currency payments for the ubiquitous WooCommerce shopping cart platform.

You can update to the latest version of the ChainPay plugin for WordPress using the usual Plugins update method.

If your considering accepting Bitcoin on your WooCommerce store, we’ve got a previous blog post with a video tutorial for enabling Bitcoin on WooCommerce.

ChainPay supports many other platforms than WooCommerce, see our Bitcoin for eCommerce page for more details.

Are Bitcoin Transactions Irreversible?

By | Bitcoin Insights | No Comments

A critical point of any settlement system is the confidence that transactions that occur are indeed permanent.

Many forms of digital currency have been founded over the years, however it is only when Bitcoin was released that there was a digital currency whose state could be trusted with confidence without a central authority.

There are some important points to consider when discussing the term irreversible and if Bitcoin transactions indeed are, let’s dive in.

A merchant’s point of view

Merchants accepting payments via any means, be it traditional payment systems such as credit cards, or simply cash or any other digital payment system such as PayPal, require confidence that the money paid will indeed be there in perpetuity, or at least until they wish to spend it.

After all – if a payment had no reasonable confidence that the payment was secure, the merchant would be out of pocket for any goods or services sold.

Confidence

The key term here is confidence, probability can be applied to any payment system, credit cards could be stolen, or a fraudulent payment made. Cash taken can be uncovered as counterfeit and buyers using PayPal can report items non-received. All these systems mean that money can literally be taken from under a merchant’s nose. This has the effect of driving up costs to the consumer to cover these damaging eventualities for businesses.

The reason they are so popular, is that they have high confidence in this not occurring. The penalty for making a fraudulent transaction is a fine or more severe action, counterfeiting cash can carry lengthy prison sentences.

If a merchant has a high confidence that for a transaction made, they will receive the necessary value from that transaction they will of course accept that form of payment.

Thus, the key is not to ask if Bitcoin payments are irreversible, but ask what the probability of this happening is. So that businesses and payment gateways such as ChainPay can take the appropriate precautions.

How Bitcoin transactions work

To gain an understanding in the factors affecting confidence for Bitcoin transactions, we must first understand how they work.

John has a number of Bitcoins in their wallet. They then construct a payment for 10 Bitcoins of Janet. At this point no one including Janet is aware of this payment. The confidence applied to this payment is of course zero. If no one knows about it, we have no confidence it will actually happen.

To increase confidence (and of course make the payment), John transmits this transaction to other Bitcoin users, in a peer to peer (P2P) fashion. People receiving this transaction verify that the payment is indeed valid, and transmits it again. Thus the transaction propagates throughout the Bitcoin network. At this stage we have a little better confidence that the transaction will happen, lets take this as 50% confidence. As John has signalled to all involved in the Bitcoin network that they intend to make this payment. If we had 100% confidence in the user, we would have 100% confidence in the transaction, of course this is never the case, so we accept the transactions 50% confidence.

At this point, a select merchants delivering low value or high profit items on a tight time schedule may accept this confidence level as sufficient. Especially items which could be revoked. For example if a user was paying for a streaming video service, the service provider could begin streaming the film. This ensures an excellent user experience, whilst giving the service provider the ability to cease streaming the film should the transaction be reversed or denied.

For a more traditional merchant selling for example consumer electronics, they require more confidence. Lets see how confidence improves further along the process.

Can bitcoin transactions be reserved?

Having the transaction made by John been propagated throughout the Bitcoin network, the next stage is for a Bitcoin miner to include this in a block. Bitcoin mining and blocks are best explained in another post, for now we will only cover the basics.

Transactions included in a block are marked as permanent history, transactions that attempt to reverse this payment are denied by the Bitcoin network, so the confidence we have that this transaction can be reversed can again be increased, lets choose 85% confidence now. Merchants on a time sensitive transactions but with larger value at stake may wish to preserve their time sensitive nature could release this payment, however for merchants that have to perhaps ship items by post, it makes sense to continue waiting for more confidence before actually shipping the item, whilst sending the instruction to the warehouse to begin picking the items.

So we have seen a transactions confidence go from 0% to 80%, obviously we need much higher confidence before releasing goods and services that would adversely affect our business if the transactions were indeed reversed.

How do we get the last 20% confidence? Simple, we wait for more blocks to be issued by the Bitcoin network. The critical part of the Bitcoin network is that confidence increases exponentially as more and more blocks are added to the chain.

By waiting for two or three more blocks, or confirmations we can raise our confidence to 99.5%. In order for a transaction to be reversed now, either a disaster needs to befall the Bitcoin network, or a very powerful (such as a small country) malicious actor to be involved.

At this point, Janet can deliver the items John paid for with confidence that Janet will not be forced to relinquish the payment made by John.

Can we ever reach 100% confidence?

By understanding all the factors involved, there will always be a miniscule probability that a transaction could be reversed. The only way to clear this completely is have a level of trust that exists outside the Bitcoin network, a guarantee from the company handling the payment that even if a disaster befalls the Bitcoin network, or a very small probability of a transaction failing actually occurs the merchant will be protected.

A key factor of ChainPay is that we separate this level of confidence for our partners. Once a transaction has achieved 3 confirmations, we guarantee the funds for settlement. This means that after the transactions has been included in a block, and two more blocks have been circulated throughout the Bitcoin network, you are guaranteed to be able to settle the funds transmitted.

How does this compare to credit cards?

To individuals not aware of how card payments occur, the above mechanism for achieving confidence in payments may seem overly complicated, however in actuality card payments have much less total confidence in any one particular payment.

Often fraudulent transactions are never traced, reports of stolen cards never followed through. The cost of covering these often occurring transactions are covered by payment gateways through high costs, and indeed by the business charging an extra fee for customers paying by credit card.

Conclusion

In conclusion, payments made by credit cards can be reversed by the sender after even 90 days, with no recourse for a merchant to cover the loss of the payment. Introducing a payment system that can deliver 100% confidence in only 3 – 6 hours is a benefit that businesses today, can no longer ignore.

ChainPay provides integration services for merchants with a large transaction count, email questions@chainpay.com to discuss, and don’t forget to sign up to try ChainPay for yourself.

ChainPay extends BigCommerce stores with Bitcoin payments.

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As of today, ChainPay is now available on BigCommerce stores, using by copying an API Key and a single HTML snippet.

The snippet is easily added by the owner of the BigCommerce store, and enables the merchant to add Bitcoin payments in just 5 minutes.

Created by ChainPay, the extension is now available to be used by any store, worldwide,  and will automatically convert the Bitcoins paid by customers into Pounds Sterling, Euros or US Dollars for withdrawal by the business to their bank account.

Add-ons to hosted eCommerce solutions such as BigCommerce are enabling users with zero technical ability to get involved in the Bitcoin ecosystem, and benefit from the millions of users who want to transact in Bitcoin day to day.

 

Are you a BigCommerce eCommerce merchant? Have we gone far enough to address your needs, or do you have some ideas for improvement?

Be sure to comment and let us know!

ChainPay enables 750,000 WooCommerce stores to accept Bitcoin.

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As of today, ChainPay is now available in over 750,000 WooCommerce stores, using an open source plugin.

The plugin is easily installable by the owner of the WooCommerce store, and enables the merchant to add Bitcoin payments in just 5 minutes.

Created by ChainPay, the official plugin is now available to be used by any store, worldwide,  and will automatically convert the Bitcoins paid by customers into Pounds Sterling, Euros or US Dollars for withdrawal by the business to their bank account.

Plugins such as this are enabling users with zero technical ability to get involved in the Bitcoin ecosystem, and benefit from the millions of users who want to transact in Bitcoin day to day.

By delivering the eCommerce plugins to the open source community, it is hoped that other users will be able to adapt it to other platforms, and for ChainPay to give back to the open source community that has come so far in the development of Bitcoin.

 

Are you an eCommerce merchant? Do we not yet have a plugin for your software?

Be sure to comment and let us know!

Distribute and Stabilise Bitcoin

By | Bitcoin Insights | No Comments

Arguably the main driver behind Bitcoin and the blockchain was the ability to have a decentralised ledger; not controlled by any one single governing entity.

Well, despite some bugs and the odd incident through it’s formative years, Bitcoin and the underlying blockchain appear to be leaving those rebellious teenage years behind.

We can see evidence of this in how the technology has been leveraged by a variety of institutions, from pizza delivery to investment banking.

We’ve also seen significant growth of Bitcoins cousins in 2014, with significant opportunities being shown in other coins. Some coins adding nothing new, while others bring exciting prospects such as crowd funding and decentralised storage.

Based on this, I think it’s fair to say that there is more confidence in the blockchain technology now, than there has ever been.

 

So, what’s next?

 

The early adopters have proven the viability of the technology, now we need to thinking about the early majority.

Some might argue that we’ve been passing through the early majority phase already, but given the potential benefits of Bitcoin, and that the average person on the street still has relatively low awareness, I would argue that we are yet to see a majority benefiting from this space age technology.

How do we get there? Stability.

To see the volumes we would anticipate for a majority uptake, Bitcoin would require stability.

Which is fortuitous, as with every silver lining, the volatility index of bitcoin is down along with it’s price. To some people the price being among the lowest for the past year will be a bad thing, investments lost and fortunes taken for granted. But this shouldn’t be seen as a weakness, but an opportunity to build a stable platform for the broader commercial community.

At ChainPay, we believe that 2015 will be the year that we can demonstrate the power that Bitcoin can bring to not only businesses, but more importantly the people who spend them.

What do you think?