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What PayPal’s Bitcoin Integration Means For Online Merchants

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Melissa Johnson

Melissa Johnson

Melissa Johnson has been writing about payment processing and mobile payments since 2014, and has been quoted in articles for Credit Karma and The Next Web, among others. She graduated from The University of Kansas in 2010 with bachelor's degrees in English and journalism.

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    Stephanie

    I am with you all the way here 100%! I believe that this is the only thing that has kept bitcoin from its ultimate burst into society today. As a merchant I have found it easier to accept bitcoin payment rather than deal with finding a way to safely process my cash payments. So if the two were to integrate it would be the publicity and reinforcement needed to make bitcoin more accessible and convenient for the rest of economy to learn its benefits. I was upset to learn that the original PayPal commercial for the Super Bowl was originally them announcing their merger with bitcoin and they opted out worried of consumer confusion.
    When it come to the card payments I first have to worry about fraud detection and a lot of it if you don’t want to have to deal with disputed payments/charge backs. Then there is finding a safe way to process my payments without worrying about them shutting the account off and holding my funds for xxx amount of days, weeks, or I have even seen in some case months. (As I just went thru this process with Square) I had taken all measures to be a great merchant and had 0 disputed payments yet got an email informing my account now closed with no warning or notice. I actually loved squares services and conveniences but but once there is a problem you are left hanging with no answers from support. I have a PayPal business account that I could use with PayPalHere but have been hesitant to actually use it as my primary way to process my payments. Though if they were to integrate with bitcoin I believe it would be the deciding factor of me choosing them as my primary processing center. Where as with bitcoin it is as simple as the click of a button for my customer to send payment directly to my wallet.
    I first heard of bitcoin a few years ago but it was only around July of last year that I chose to educate myself a little on cryptocurrencies. My main objective being to find out what a bitcoin was, how it was measured, what it was worth, and how to safely obtain, keep, and transfer them. I was amazed, I can still spend hours reading about the technology behind it all. I know there are risks with it but there are just as many with cash payments. At least with bitcoin there are several layers of security and I can choose what security measures I need to take for my wallet anywhere from applying 2-Factor Authentication (2-FA) to having a cold storage (Offline) wallet.
    A transfer is almost always instant to 5 mins depending on the fee you send with it and the blockchain. And the fees are next to nothing compared to processing a card at 3.9% +30 per transaction. You can send instantly let it sent a minimal fee for you or you can customize your fee and guarantee an instant send. For most small transactions the minimum fee it sends $.02, but I like to send $.02 for every 1000bytes sent. I have seen people send without a fee at all but that is a chance to take because with no fee it will be lowest priority for blockchain. And that is if you are sending from one wallet to another but sending to and from a site may have fees applied by that site which I have observed are usually no more than 1%. I also love that from the moment you send you can track your bitcoin on the blockchain until it confirms at destination wallet. And last but not least bitcoin is 100% irreversible (no chargebacks), you have to send them for them to leave your wallet. Only thing there is always be careful and double check all your info before sending because once you do it is sent and there is no getting it back unless it is sent back by the owner of that wallet.
    I only began this comment to respond to you about the bitcoin fees originally but thought that I would go ahead and contribute my opinion on the subject at hand as well. I only hope some of my experience may help you as your reviews help me. Thank you for the time you put into informing others and helping to gather so much info into one place.

      This comment refers to an earlier version of this post and may be outdated.

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