Coinbase which is among the leading cryptocurrency exchanges and brokers in the trading world, is currently carrying dry runs on a payment option for merchants dubbed Coinbase Commerce. The service provider claims that option will be much similar to PayPal with the only difference being the fact that the former will be specifically designed for cryptocurrencies.
As we all know, the major rival to this latest solution is BitPay.
According to the some of the reliable reports, the Coinbase Commerce will support payments with Ether, Bitcoin, Litecoin, and Bitcoin Cash. The new service will no longer require traders to have an account with the cryptocurrency firm in question and the beauty of it is that confirmation of payments would take not more than fifteen minutes.
While the service has not been unveiled officially, it is all over the media. Reports from the media indicate that the service is in the testing mode and some few merchants are currently testing it. The service fee is reported to about one percent the transaction cost. It, implies therefore that the service is quite attractive when compared to PayPal which charge between two and three percent and additional 0.3 percent on each transaction.
A visit to the service’s site reveals little information about it. Apart from clear message that it does not accept new account signups, it also advice interested parties to keep waiting.
Currently, the product has a running Coinbase Merchant service, which enable users to pay for various goods and/or services in cryptocurrencies. Some of the clients using it include those in hospitality and tourism industry like Dell, Expedia, The Satellite Provider Dish, Wikimedia Foundation, and The Internet Retailer Overstock among others.
Typically, both the seller and buyer are supposed to have/operate an account at Coinbase. However, based on the reports from some of the most reliable media, Coinbase Commerce will not require users to be account holders, but rather one only needs to be a merchant on a site trading with cryptocurrencies.