BitPay To Assist Paydici To Enable Bitcoin Based Recurring Billing

Paydici, an all-in-one billing service provider founded by Eli Alford-Jones, believes it will be able to bring recurring billing payments to the Bitcoin space through working with BitPay.

Eli Alford-Jones said:

"We are happy to be joining the bitcoin bandwagon, and to offer our clients continued access to the latest payment innovations. This partnership with BitPay allows our clients to gain an edge on their competitors, along with all the inherent benefits of accepting bitcoin."

It's unknown exactly how Paydici and BitPay intend to implement recurring billing when bitcoin can only be pushed and not pulled to the merchant from a Bitcoin wallet. Despite this, the BitPay press release states

Recurring billing with bitcoin has never been a straightforward process, particularly when the customer doesn’t want to give permission for a biller to pull funds from their wallet.

as if this non-existent feature simply lacked permission from whomever owns the wallet.

Qntra reached out to Paydici for further information as to how they intend to implement recurring billing but no response has been received as of yet. Speculating, it's probably safe to assume that a customer will be required to pre-pay x amount of bitcoin to BitPay in order to utilise recurring billing when purchasing something for which it is desired, for example, with subscription based services.

In response to Qntra's questions, Paydici said:

Obviously we designed this within the limitations of the Bitcoin protocol, which is "push only". That feature of Bitcoin is considered important by many in the Bitcoin community. In this context recurring billing is used to refer to the on-going bill presentment and payment cycle between a business and their customers, versus an eCommerce transaction like purchasing something online from a retailer.

However, when users setup recurring payments on Bitpay, Paydici will send them a reminder email each billing period with a quick link to confirm payment, where they can see their total account balance with the biller and any new account activity. Once the user has confirmed the transaction, it will then be deducted from the user's wallet by Bitpay. That's about as close as you can get with BitCoin.

Source – http://www.cnbc.com/id/102106216

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