• Status: Solved
  • Priority: Medium
  • Security: Public
  • Views: 123
  • Last Modified:

Accepting Bitcoin Payments

I have a Law firm client that wants to start accepting bitcoin payments in Australia.  DOes anyone out there have experience in this, and can perhaps recommend a suitable payments vendor.
0
mbkitmgr
Asked:
mbkitmgr
  • 3
  • 2
2 Solutions
 
Michael ArciniegaExperts Exchange QACommented:
There are several companies out there (BitcoinPay, Coinbase, etc  ) that will set you up with a wallet (the address with a secret key associated with it that people send the coins to) and provide services to exchange it back to USD for you. The challenging part for the client I think will be finding a service that will process larger sums of money. This is assuming that people are paying legal fees which can be thousands of dollars. These companies are trying not to break KYC laws.
1
 
mbkitmgrAuthor Commented:
Thanks Michael Arciniega, you are correct.  The customers bank has already said they wont accept transfers from the system or 3rd parties used to convert btc to $AU
0
 
Michael ArciniegaExperts Exchange QACommented:
He's in a bit of a jam then if his bank won't accept transfers from bitcoin services. Has he considered opening another account with a different bank? He could also choose to hold onto the coin but then he'd be subjected to the high volatility of the price.
0
 
mbkitmgrAuthor Commented:
Its more the initial setup - accounts, POS terminals, merchant contracts etc.  The client is adamament they want to accept payments we need to know where to start
0
 
Michael ArciniegaExperts Exchange QACommented:
For more of a POS system he could try BitPay. He would still need to move the bitcoins to an exchange to sell it or transfer it into a USD wallet ( as Coinbase allows you to do) in order to avoid the market fluctuations.
0
Question has a verified solution.

Are you are experiencing a similar issue? Get a personalized answer when you ask a related question.

Have a better answer? Share it in a comment.

Join & Write a Comment

Featured Post

Cloud Class® Course: Certified Penetration Testing

This CPTE Certified Penetration Testing Engineer course covers everything you need to know about becoming a Certified Penetration Testing Engineer. Career Path: Professional roles include Ethical Hackers, Security Consultants, System Administrators, and Chief Security Officers.

  • 3
  • 2
Tackle projects and never again get stuck behind a technical roadblock.
Join Now