PHOENIX—Verotel announced today at the Phoenix Forum that it has fully completed the process for accepting bitcoin payments, which begun in January when the high-risk internet payment service provider launched a beta phase for bitcoin integration. Now, bitcoin can be used by all Verotel merchants to sell adult entertainment content online anonymously.
Verotel has integrated bitcoin payments with BitPay, the world’s leading merchant processor for virtual currencies. “We believe that BitPay’s order volume will increase significantly with this new partnership,” said BitPay co-founder and CEO Tony Gallippi. “We are proud to share our powerful, reliable, and scalable tools to accept Bitcoin with the high risk industry."
The credit card industry is built on interchange fees and discount rates of affiliated banks. With the absence of banks in bitcoin transactions, Verotel is able to offer a simple 1 percent all-inclusive pricing on all bitcoin transactions. Integration of bitcoin in the Verotel platform is already done. Merchants can simply enable the bitcoin payment option in the Verotel Control Center. The content of the adult merchants that wish to add bitcoin to their payment methods is screened in the very same way as under the credit card brand protection programs. That means that Verotel will only accept merchants to accept bitcoin under the same strict content regulations to avoid fraud and illegal content.
"The anonymous nature of bitcoin makes a lot of business sense, " said Jason Collins, VP of Business Development at Verotel. "No credit card needed to access adult content online is a no brainer. There is no credit card statement and there are no disputed charges by the spouse of the cardholder; an ideal world for any adult entertainment consumer."
Payments are scheduled weekly and are payable in U.S. dollars, Euros and British pounds. Verotel does not offer bitcoin as a payout currency yet, as the currency exchange rate is still very volatile. Therefore all bitcoin transactions are converted into the merchant’s currency at the time of the transaction. As a third party processor, all money coming in and out is regulated by the Dutch Central Bank, where Verotel is a licensed Payment Institute. Verotel's payment institute licenses enforce Verotel's reputation of "We never missed a payment."
BitPay is a payment service provider (PSP) specializing in ecommerce and B2B solutions for virtual currencies. Visit bitpay.com.
For more information about Verotal, go to verotel.com.
