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Paydici, BitPay partner to offer recurring Bitcoin billing
Posted On 25 Oct 2014
Paydici, a billing service provider based in Portland, Oregon, announced Tuesday it is working with Bitcoin payment processor BitPay to bring recurring billing to the Bitcoin realm.
“This partnership will help ensure that businesses large and small can transact in bitcoin with their clients on a recurring basis without a taxing manual process,” said a press release sent to CoinReport.
Eli Alford-Jones, Paydici’s CEO, said in the press release:
“We are happy to be joining the Bitcoin bandwagon, and to offer our clients continued access to the latest payment innovations. This partnership with BitPay allows our clients to gain an edge on their competitors, along with the inherent benefits of accepting Bitcoin.”
Paydici CEO Eli Alford-Jones
In an interview with CoinReport, Alford-Jones said that his company had been “watching the [Bitcoin] ecosystem closely and felt the time was right to help our small business clients to do business in Bitcoin.”
The press release noted that the small and medium-sized businesses that comprise Paydici’s customer base have a lot to gain from the company’s partnership with BitPay. “By accepting bitcoin they gain access to a new, passionate global community, while avoiding processing fees and the risk of chargebacks.”
Alford-Jones told CoinReport:
“In the abstract, small businesses are often the last to benefit from new technology. Our mission is [to] put our clients at the forefront.”
Asked why it chose BitPay as Paydici’s partner, Alford-Jones said:
“We believe BitPay is the leader in the new processing landscape, but more importantly, we had a shared vision for how Bitcoin should fit into recurring billing arrangements.”
The press release notes that “recurring billing with bitcoin has never been a straightforward process, particularly when the customer doesn’t want to give permission for a biller to pull funds from their wallet. Paydici’s implementation with BitPay is compatible with all bitcoin wallets, and the payer is always in control of pushing each payment from their wallet of choice.”
From left to right: Tony Gallippi. BitPay executive chairman; Brett Dulaney, executive director of the Bitcoin St. Petersburg Bowl; and Stephen Pair, BitPay CEO.
Tony Gallippi, co-founder and executive chairman of BitPay, said in the press release:
“This partnership is an exciting step forward for bitcoin and bitcoin billing. We hope to see bitcoin being accepted for memberships, rent, subscriptions, and even utilities. Paydici will help open the door to spending bitcoin on these types of products and services.”
Asked what he finds attractive about Bitcoin, Alford-Jones told CoinReport:
“The United States has a very archaic payment systems, and that ultimately trickles down into daily frustration by millions of people in how they pay and manage their bills. We view Bitcoin as an exciting agent of change, and a modern, user friendly mechanism that our clients could benefit from immediately.”
Image credits:
Paydici logo via Paydici.com’s About page
Alford-Jones’ photo courtesy of Paydici
Tony Gallippi’s photo courtesy of BitPay
I have a non-recurring payment question, but a point of sale payment question. How do people envision being able to check out at grocery store if the standard Bitcoin transaction verification time takes 10 minutes to one hour for 6 validations? That’s a long time to stand in line before walking out with your purchase. How is that going to be solved with an ordinary wallet Bitcoin-address transaction if ever? Or is that what “payment processors” are getting into business to solve, stepping in to take on the risk of guaranteeing instant payment for a transaction that is not instant?