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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  

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."

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