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Frost & Sullivan Names BitPay as Company of the Year

Here at BitPay, we never set out to be recognized or win awards. We generally keep our heads down and stay focused on the mission – to continue to change the way businesses and people use money.

We’ll show our age here, but when BitPay was founded, you could mine Bitcoin with a home computer. The block reward, which recently halved again in May, was 50 bitcoins, valued at around $245,000 today.

In the near decade since, we’ve enabled Bitcoin and cryptocurrency acceptance for thousands of businesses, and we’ve received our fair share of accolades and awards along the way.

Recently we learned that Frost & Sullivan, leading market research and consulting firm, recognized BitPay as the Company of the Year in the alternative payments space. We’re honored to be recognized and want to share why we were chosen.

Frost & Sullivan’s research notes our first-mover advantage, saying,

“BitPay has boots on the ground across the globe working to extend the merchant acceptance network and collaborate with regulators.”

Frost & Sullivan keyed in on our ability to help merchants capture sales by accepting bitcoin and other cryptos saying, “For merchants across the world, BitPay magnifies the total addressable market.”

Frost & Sullivan was impressed with our value proposition for merchants, saying,

“BitPay administers transactions at significantly reduced fees, altogether precluding payment card industry compliance fees, monthly account minimums and fees, and chargeback fees.”

Also, Frost & Sullivan recognized our ability to help merchants attract new customers and sales by tapping into the massive billion-dollar crypto marketplace.

Frost & Sullivan notes how easily we integrate blockchain payments for businesses, describing BitPay as an “elegantly simple solution for finance departments to settle accounts in minutes from anywhere,” and commended us for shaping the compliance landscape concerning financial regulations.

Frost & Sullivan’s report, which can be found in its entirety here, concludes, “Cryptocurrencies and blockchain transactions are gaining traction, but merchants and service providers need an easy way to accept these new commercial channels. BitPay acutely recognized the gap and seized a first-mover position in this growing blockchain payment space…A low-cost way for merchants to open up to a new customer base, BitPay avoids the complexity and multi-vendor integrations required of other transfer options and enables faster cross-border transactions with minimal risk.”

This kind of recognition, of course, wouldn’t be possible without the thousands of loyal BitPay customers and merchants who help us usher in the future of payments daily, so we graciously accept Frost & Sullivan’s Company of the Year Award on your behalf.

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Online gaming operators attract players using BitPay for instant Bitcoin deposits

Today’s online players expect fast, secure, and affordable deposit options. Fast and secure are more than just a ‘nice to have’, but a requirement when players choose where and what to play.

Nearly 100% of players say that they want a fast, secure, and affordable method of funding.

Learn more here:

Yet, as online gaming operators work to make deposit options easier and more convenient for their players, they are limited by the inherent challenges of the available payment methods. Traditional credit card and bank-based processing can be time consuming, frustrating and sometimes expensive. In fact, amount limits or delayed deposits can be a significant reason why players leave or choose one website over another.

More payment options equal more sales.

Without question, card funding is a large and popular choice for online players. In fact, card payments consistently rank as the largest method of funding for online gaming operators and gaming platforms. No online business can survive without offering this method of funding. That said, just because card deposits are the most popular way to pay for goods and services online, that doesn’t mean you can sit back and relax just because you’re already accepting them.

If you’re serious about maximizing your sales, you’ve got to think about offering other online funding methods. It’s all about giving your customers choices–and about capturing every sale you can.

It is time to consider accepting bitcoin and other cryptocurrencies as a method of funding.

Experts suggest that websites providing four or more payment methods other than credit cards have a sales conversion rate that’s 12 percent higher than those offering just one payment option in addition to credit cards.

  • Bank Accounts: Players are required to enter sensitive data, await account verification, and wait (again!) for collected funds to become available.
  • Card Payments: Players need to share sensitive card and personal data which is authorized, stored, and then processed. Access to customer funds is fast … but card limits often prevent big dollar transactions.

Introducing BitPay Deposit, BitPay’s Blockchain Payment Solution

We’re proud to introduce BitPay Deposit, a fast, safe, and secure account funding alternative for online players and online gaming operators.

BitPay Deposit allows online gaming operators to accept Bitcoin and cryptocurrencies deposits, fund user accounts in minutes, and receive next day irreversible bank account settlement in EUR, USD, or other local currency. Because blockchain payments are push payments versus pull payments, BitPay Deposit eliminates the risk of chargebacks and shields against any risk of Bitcoin or other cryptocurrencies price volatility. BitPay Payout allows players to immediately withdraw funds instantly and BitPay handles sending Bitcoin or other cryptocurrencies to any number of recipients worldwide, for a flat 1% fee.

BitPay provides online gaming operators:

  • Potential to expand user base. Tap into a large and growing number of BitPay and cryptocurrency users who may be delighted to learn that you are now accepting Bitcoin or other cryptocurrencies.
  • Lower costs. BitPay charges a flat 1% transaction fee paid either by online gaming operators or passed on to their users.
  • Elimination of chargebacks. Bitcoin transactions are pushed by the sender rather than pulled by the receiver (like a merchant pulls money out of your bank account to settle a purchase), eliminating the risk of the payer claiming a payment was unauthorized.
  • Global operations. Accounts can be funded with cryptocurrency from anywhere in the world, without banks or any other third party.

and their clients / players:

  • Speed: Bitcoin transactions are confirmed by the network and settled, on average in ten minutes, allowing players to get started within minutes of funding an account.
  • Lower costs: No wire transfer fees, credit card fees, or interest.
  • Large deposit options: BitPay-funded accounts aren’t subject to limits.
  • Borderless: Bitcoin and cryptocurrencies can be sent anywhere in the world in minutes.

Expand your deposit options to include BitPay Deposit and open your platform to a large and unique cryptocurrencies audience.

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