05 Dec 2022
DiamondWorld Directory
-
Home |
News
Home
Verichannel ties-up with Coinapult to introduce Bitcoin services to retail jewellers
It believes this is an area where retailers can use technology to their advantage
By: Diamond World News Service
|
Jan 18 2014 11:59AM
|
Reference: 8731  

DecreaseIncrease
Verichannel, LLC plans to introduce a range of Bitcoin services to retail jewellers. For this, it has entered into an agreement with Coinapult, one of the leaders in Bitcoin payment processing.

According to the agreement, Verichannel is able to offer retail stores and etailers the ability to accept Bitcoin as they would Visa or PayPal, and receive U.S. dollars directly into their bank accounts, without having to touch the Bitcoins themselves, but the Bitcoin transactions are not reversible like credit cards. Also, Verichannel is able to offer retail jewelers in the U.S. a negotiated fixed-fee of $3.00 per transaction, total, but the fee is slightly higher outside the U.S.

"One of the biggest problems facing retail stores is the risk of credit card reversals," explained Verichannel CEO Jacques Voorhees. The "bias" of the card processors in favor of the consumer, while understandable, also enables too much fraud. Vendors are at risk on almost every transaction. Furthermore, with today's ultra-thin margins, the percentage-based credit card processing fee doesn't help."

Bitcoin technology has received considerable publicity over the last 12 months. Companies like Overstock.com and Tivol have initiated Bitcoin transactions.

"Competitive forces unleashed by technology have battered retail jewelers," continued Voorhees. "This is an area where retailers can use technology to their advantage, to cut costs and reduce risk. They can be ahead of the game on this one." Under the Verichannel/Coinapult service a retailer who accepts Bitcoin has the digital currency converted into dollars automatically and deposited into the merchant's account. "If you sell a ring for $2,000," explained Voorhees, you will receive exactly $2,000 into your bank account, minus the $3.00 fee. In this way the merchant is shielded from exchange rate volatility and never actually owns the bitcoins."

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Sort by: 
 Newest 
 | 
 | 
 | 
 Agree 
 | 
don
(New York)
I think that bitcoins will be the biggest thing online and very popular internationally in the future dont miss out to get secrets and tips then learn from an actual bitcoin millionaire who is sharing his mining software for basically nothing http://318tae.bitcoin.clicksurecpa.com
Hank
(Amsterdam)
Jewelry, real estate, Space travel,Bitcoin ATM's,Ingame payments even lemonade stands... there have been a lot of great development for bitcoin that help boost the Bitcoin ecosystem. Unfortunately people generally don't really understand the basics of bitcoin. For everybody who want to practice with bitcoin, at the following website you can receive free bitcoins: http://freebitco.in/?r=202775 All you have to to is fill out your bitcoinadress and create a password, there is no registration procedure. You receive free bitcoins every hour in some sort of lottery (up to +- 0.2 btc!). They really pay out. The fun part is that you can useyour winnings to play higher/lower to win additional coins.
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
DWWeeklypost
Search News by City
Advertisement
DWsubscription
Recent Issue
2022
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 32020
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 9525
GJEPC Chairman Interview
Views: 28127
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 39363
Promo for IJ Awards 2012 at NDTV Profit
Views: 57064
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 68560
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 21882
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 50925
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 53111
Advertisement
DWsubscription
Member of:
Supporter of: