CheapAir.com sees Bitpay as the next option as Coinbase is terminating the existing merchant processing solutions, according to reports. CheapAir.com has been asking for customer feedback on using Bitpay to process BTC payments because of the termination of its existing processor, Coinbase which will get out of business by the month end.
Jeff Klee, CEO of the travel website stated:
“We were recently informed by our processing partner, Coinbase, that they will no longer support ‘custodial’ solutions for merchants.”
He continued stating:
“They are also removing a number of the tools and features that we rely on to accept bitcoin from Cheapair.com shoppers. These changes are scheduled to occur in a matter of few weeks.”
To be precise, merchants will not be allowed to generate fresh orders using Merchant tools from April 30th but the tools users will be able to process refunds. May 31st being the last date for the users to migrate to Coinbase Commerce, there is not much time left. This might be disruptive to the existing customer, Coinbase admits.
CheapAir.com, a travel booking website has been accepting Bitcoin as a payment option using Coinbase. After the termination, they have considered Bitpay currently and also announced additional plans for cryptocurrencies. Klee proceeded to outline the company’s additional plans for cryptocurrencies. The Bitcoin received were immediately being converted to fiat as the travel supplier partners require the company to transfer immediately.
Adding on to the previous statement, the CEO says:
“At the end of the month, Coinbase is getting out of the business, leaving us scrambling for an alternative. They have provided us with services all this while and now they are leaving.”
Coinbase had earlier announced the launch of a new service for merchants last month – Coinbase Commerce. As a result, the company is retiring the merchant tools product focus in order to make the commerce service the best solution for online retailers. This is supposed to allow merchants to receive multiple digital currencies to a user-controlled wallet.
The company quoted:
“We’ve designed Coinbase Commerce to be a free non-custodial solution for accepting cryptocurrency so merchants can maintain full control over their funds.”
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