Verichannel Debuts Bitcoin Program for Jewelers

Jewelry search engine Verichannel has announced a new program to allow jewelers to accept digital currency Bitcoin. 

The new program, done in association with Bitcoin processor Coinapult, will let retail store owners and e-tailers accept the cyber cash as they would Visa or PayPal for a fixed fee of $3 per transaction. All the Bitcoins will be converted into dollars and deposited into the merchant’s account. 

“If you sell a ring for $2,000,” explained Verichannel CEO Jacques Voorhees in a statement, “you will receive exactly $2,000 into your bank account, minus the $3 fee.  In this way the merchant is shielded from exchange rate volatility and never actually owns the Bitcoins.”

Voorhees adds that Bitcoin transactions are nonreversible, so retailers don’t have to worry about credit card reversals.

Voorhees also noted that Kansas City–based retailer Tivol also recently completed a Bitcoin transaction and now accepts the digital currency.

“We have been extremely impressed with the possibilities that Bitcoin brings to our industry and are excited to provide this convenient currency option to our customers,” said Cathy Tivol, Tivol CEO, in the Verichannel statement. 

Recently, e-tailer Overstock announced it would accept Bitcoin and had $130,000 in sales on its first day.

 

JCK News Director