Verotel accepts Bitcoin via BitPay

Author: Billy Nixon
Category: Industry News
14 January, 2014
Verotel, a Netherlands-based internet payment services provider, has started to accept Bitcoin payments with BitPay, a merchant processor for virtual currencies, according to leading payments news website The Paypers.

Verotel is a registered Payment Institute for high-risk merchants, including adult entertainment webmasters. Bitcoin can now be used to buy adult entertainment online anonymously.

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 Bitcoin payment method with Verotel is under Beta launch and is currently only available for a small selection of merchants. The roll-out to the entire Verotel merchant portfolio will start on 15th of March 2014.

The credit card industry is built on interchange fees and discount rates of affiliated banks. Integration of Bitcoin in the Verotel platform is already done. Merchants can enable the Bitcoin payment option in the Verotel Control Center.

Payments are scheduled weekly and are payable in USD, EUR and GBP. Verotel doesn't offer Bitcoin as a payout currency yet, as the currency exchange rate is still very volatile. Therefore all Bitcoin transactions are converted into the merchants’ 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 provides billing services which have been implemented for over 50,000 websites worldwide, allowing merchants to accept online payments via credit and debit cards, checks, direct debit or 1-900 billing.

In recent news, Verotel has been awarded a license as Payment Institute under the Payment Services Directive (PSD).

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