Bitcoin payments and merchant provider BitPay announced today new advanced merchant risk mitigation for instant bitcoin transactions.
The Atlanta headquartered company stated on its company blog that one of bitcoin’s greatest innovations is its solution to the problem of double-spending with digital currency.
BitPay’s advanced risk mitigation features provide an array of transaction speed options in its BitPay merchant dashboard as follows:
Merchants can choose at what confirmation risk level they want to ship their goods: Low (6 confirmations), Medium (1 confirmation, our default setting for new merchants), or High (0 confirmations).
Some merchants want to use a High transaction speed setting to deliver goods instantly. This is a nice customer satisfaction feature, but these merchants take on an elevated risk of fraud if these incoming transactions never confirm.
For many years, BitPay has offered a feature to its Enterprise customers which analyzes incoming transactions and determines if they have a higher-than-normal risk of not being confirmed. The company proactively adjusts these higher-risk invoices to a Medium transaction speed while letting lower-risk payments proceed at High speed.
Further innovating today on its risk mitigation procedures, BitPay has expanded the availability of this feature to its full merchant base. For merchants that rely on BitPay’s notifications to fulfill orders, this high-speed risk mitigation will provide an additional level of protection against fraudulent orders.
BitPay merchants will still have the option to take on the risk of accepting high-risk payments with zero confirmations; by turning off the High Speed Risk Mitigation feature in their dashboards, merchants can accept all payments at High speed, regardless of their risk level.