AMSTERDAM, Netherlands – Internet payment service provider Verotel, a a Dutch-registered international provider of financial processing services to high-risk merchants including those in the adult entertainment industry, now offers its clients the ability to accept bitcoin payments for goods and services.
To accomplish the bitcoin integration, Verotel partnered with BitPay, which specializes in virtual-currencies.
“We believe [our] order volume will increase significantly with this new partnership,” BitPay co-founder and Chief Executive Officer Tony Gallippi said. “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 established by 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. Existing Verotel clients need only enable the bitcoin payment option in their administrative interface, a spokesperson said.
Adult content marketed by merchants who elect to accept bitcoin will be screened using criteria identical to the criteria imposed upon merchants who accept credit cards, the spokesperson added. In order to avoid fraud and the dissemination of potentially illegal content, Verotel accepts only merchants that adhere to the credit card companies’ strict content regulations.
“The anonymous nature of bitcoin makes a lot of business sense,” Verotel Vice President of Business Development Jason Collins said. “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 to clients are made weekly in U.S. dollars, euros, or British pounds. Verotel doesn’t offer bitcoin payouts, as the currency’s exchange rate remains volatile. Instead, bitcoin transactions are converted into the merchant’s native currency at the time the transaction place.
For more information, visit Verotel.com.
