Beginning on March 1, 2014 customers can begin using Bitcoin as a form of payment for orders with VoIP Supply.
VoIP Supply is the second company in Western New York or, the greater Buffalo and Niagara Falls area for you out-of-towners, and we are joining some other nationally known e-tailers like Overstock.com in recognizing this digital currency.
I asked Ben Sayers, CEO of VoIP Supply, a few questions to help further explain this decision.
VoIP Insider: For over 10 years VoIP Supply has been helping people transfer voice over the internet. Did you ever think you’d be helping people transfer a digital currency through the internet as well?
Ben Sayers: While I can’t make any claim to predicting the rise of digital currency and its use as a global payment system, we did get involved in VoIP when it was in its infancy as it relates to main stream adoption by business and phone system integration companies. Being on the leading edge of technology is part of our culture and inspiring other businesses to get involved by leading the way is just the way we always try to be.
VI: How can customers benefit from VoIP Supply now accepting Bitcoin as a form of payment?
Sayers: One of the notable ways that our international customers will benefit immediately is through the quickness of payment. Compare the 7-10 days it takes today’s banking system to complete an international wire transfer to the seconds, perhaps minutes that it takes to send payment via Bitcoin.
For domestic companies, the ease of use and ability to complete large transactions without limitations placed on individuals and companies by credit card companies is of benefit. Furthermore, there is far less chance of fraud with no credit card data being transmitted or stored anywhere.
VI: For anyone that doesn’t have a digital wallet yet, any advice for getting started with Bitcoin?
Sayers: Getting started is simple, there are several online wallet companies making it easier and easier every day. Coinbase.com and Coinkite.com are two that make it quick and painless. First though, I would recommend visiting Bitcoin.org to gain a basic understanding of the technology, how it works, why it exists and some general terminology.
VI: Why is VoIP Supply joining the Bitcoin movement or, what do you hope to see in the future for this new economy?
Sayers: The monetary system hasn’t changed in decades and certainly hasn’t kept pace with technology. I’m excited to see a new platform that is usable as both global currency and payment system with easy integration into today’s systems of commerce. I personally don’t believe that the use and scope of this technology has even had its surface scratched and based on the incredible amount of VC money flooding into the concept, I’m certainly not alone.
As an online retailer, the reduced transaction fees, increased speed of transactions, global reach and use, reduction in fraud capabilities and the inability for credit card companies to approve charge-backs based on their personal best interest are all appealing reasons for using Bitcoin.
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With two of the leading Bitcoin companies getting hacked and filing bankruptcy I would be more than a little concerned. It is fascinating to see this new currency develop and I can't wait to see how it does. Cudo's for voipsupply for being an early adopter.