Payment methods

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All about the different payment methods supported by BitFolk.

TL;DR what's supported?

In the order that BitFolk likes them:

  1. Direct Debit (you'll need a UK bank account)
  2. Credit/debit card (Visa, MasterCard, American Express)
  3. PayPal
  4. Bank transfer in GBP (£)
  5. Cheque, postal order in GBP (minimum £25.00)
  6. Bitcoin

In the order that BitFolk likes them?

Pay by whichever means makes most sense for you, but people regularly ask which is best for BitFolk. It's mostly about how much hassle they are to process, and how much it costs BitFolk to process.

Bitcoin used to be BitFolk's #1 for this, because it has some things going for it for the merchant, but BitFolk has increasingly come to be concerned about the horrendous externalities in the form of damage to the environment, so BitFolk no longer wants to encourage it.

Direct Debit

Main article: Direct Debit
Partner GoCardless
One-off manual payments? Yes
Automated recurring payments? Yes
Costs to BitFolk 1% + £0.20, capped at £4.00 per transaction

Credit/debit card

Partner Stripe
One-off manual payments? Yes
Automated recurring payments? Yes
Costs to BitFolk 1.9% plus £0.20 (more for non-EU cards)

PayPal

Partner PayPal (duh)
One-off manual payments? Yes
Automated recurring payments? Barely; altering them is awkward and it always takes a fixed amount, rather than only what BitFolk is owed
Costs to BitFolk 3.4% plus £0.20 (more if you're non-UK)

Bank transfer

Partner N/A
One-off manual payments? Yes
Automated recurring payments? Barely; setting up a standing order at your bank is probably easy enough depending on your online banking, but altering it is going to be manual and it's always going to take a fixed amount, rather than only what BitFolk is owed
Costs to BitFolk Free

Cheque

Postal orders are similar to cheques for BitFolk's purposes.

Partner N/A
One-off manual payments? Yes
Automated recurring payments? No
Costs to BitFolk £0.75 each, plus have to go to bank or post office

Bitcoin

Main article: Bitcoin
Partner Own integration
One-off manual payments? Yes
Automated recurring payments? No
Costs to BitFolk Free

Retired payment methods

Google Checkout

Google Checkout was shut down by Google on 20th November 2013.

Proposed payment methods