Coinvoice begins processing payments from BTC to USD

Coinvoice has added the ability for merchants to have their customers pay in BTC and receive a USD payout, similar to other BTC payment processors.  This means that Coinvoice merchants can bill their customers in BTC and receive USD or bill in USD and receive BTC.  Our goal is to provide the most flexible set of payment options for merchants so they can focus on making sales rather than converting between BTC and USD.

Currently, BTC payments for invoices must be processed via a payment portal on the Coinvoice website.  When you invoice your customers, they will receive a PDF invoice that instructs them to visit a payment portal URL to pay the invoice.  Since it is common for invoices issued by merchants to take several days or weeks to be paid by their customers, e.g. an invoice with Net 30 payment terms, this URL stays active until the BTC payment has been successfully received by Coinvoice.

When your customer visits the payment portal URL, they are quoted a spot exchange rate for BTC/USD that is valid for the next 15 minutes, and that is used to calculate the amount of BTC that is to be paid by the customer.  That payment can be made using a QR code, a pay URI, or by manual copy and paste to send BTC from a customer’s wallet.

After payment has been sent, typically 10-20 seconds after your wallet relays the transaction, the payment will show as having been received on the site.  The payment status updates as each block confirmation arrives, and after 6 block confirmations the status shows the payment as having completed.

Our current pricing for processing of BTC into USD is a 1% flat rate, with weekly sweeps to a bank account of your choice.  The (free) weekly payouts are sent Monday morning for transactions from the past week, through 11:59 PM Sunday.  The minimum settlement amount for a free weekly sweep is USD 1,000, and for amounts less than that, customers will be charged our bank’s outbound ACH or wire fee.  We can wire out in most currencies, e.g. EUR, GBP, JPY, but do keep in mind the banks will do their own spot exchange on the USD in this case.

In the near future we will offer e-commerce integration plugins, feel free to tell us which e-commerce software you would like to see supported.