BIPS

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BIPS (Bitcoin Internet Payment System) was a payment service provider that allowed users to accept online payments in bitcoin cryptocurrency.[1] The office of BIPS was placed in Denmark.

Bitcoin Internet Payment System, or abbreviated BIPS, was a payment service for receiving and processing bitcoin payments, which allowed traders from around the world to buy and sell bitcoins, as well as to accept payments in digital currency. The BIPS gave users the ability to store and archive invoices, and provides plugins for the interface with BigCommerce, WooCommerce. Shopify and others. For those who like to walk their own solutions API access was offered . The BIPS also offered a mobile solution for checkauto on personal website.


1,295 bitcoins (around US $990k in 2013) were stolen by hackers online attack in 2013.[2] As a result, the company was acquired by Coinify in 2014.[3]

Bitcoin Payment Solutions[edit]

BIPS attacked, $1M Stolen

History[edit]

BIPS was established in July-2011 and offered bitcoin payment processing and other financial products and services. Customers got free BIPS instant calculations. The company called its environment "fraud-free" and "fee-free".

Business model[edit]

BIPS didnn't charge merchants for accepting Bitcoin online or with point of sale as payment for merchandise, but run a 0% Payment Processing Fees [4], and plans to make money by the conversion spread.

Consumer side[edit]

Buy Bitcoins from any country in the world. Receive payouts to bank in any currency to any countries. The service is available in 204 countries.

Settlement[edit]

Exchanged bitcoins are sent to your bank account in 1-5 business days. With the possibility of setting a % to be transferred, or simply keep bitcoin. Sell for $100, see $100 deposited into your bank account.

Merchant Tools[edit]

For merchants using an eCommerce platform, choose between a wide range of bitcoin plugins. For merchants without an eCommerce solution, BIPS offers Hosted Invoices. Hosted Invoices can be used for both catalog of items and shopping cart with buttons and widgets per item. Also Hosted Invoices supports recurring billing in bitcoin, by emailing invoice link or using BIP70 Payment Requests. [5]

Point of Sale[edit]

BIPS can deliver near field communication (NFC) to "make secure payments fast and convenient by simply tapping the phone on any BIPS-enabled point of sale at checkout. And the possibility of sending payment information via sound based on Chirp.

BIPS POS NFC can be used with the most of popular devices with NFC system such as HTC One, HTC EVO 4G, LG Optimus Elite, LG Viper, LG Nexus, Samsung Galaxy and tablets - Asus Nexus, Samsung Nexus.

External Links[edit]

References[edit]

  1. Fidor Bank, BIPS Team Up for Merchant Bitcoin Payments Initiative
  2. Bitcoin Payment Processor BIPS Attacked, Over $1 Million Stolen
  3. Coinify Raises Millions to Build Europe's Complete Bitcoin Solution
  4. 0% Payment Processing Fees
  5. Hosted Invoices

See Also on BitcoinWiki[edit]