I am early on this. I suspect that adding Bitcoin payment capacities to NetSuite would be a breakthrough for NetSuite customers offering their products and services via eCommerce. For those that are not aware, Bitcoin is a decentralized digital currency that looks like a promising mechanism to produce no-cost global exchange. To learn more about Bitcoin, start here.
NetSuite’s superior multi-currency and multi-language mechanisms coupled with it’s strong transaction management make it a strong candidate to host Bitcoin payments. Yes, NetSuite has built-in integration with common payment gateway providers, such as Merchant eSolutions, PayPal, and others. But in a recent work on developing a NetSuite driven Chinese eCommerce experience, we have to code for payment gateways that are not supported natively within NetSuite. As a NetSuite Systems Integrator, we may elect to do the same by creating a NetSuite bundle that enables Bitcoin payments.
In due course, I envision significant demand for this form of exchange. If you could avoid paying 2%+ payment exchanges fees, wouldn’t you accept? The potential is there and adoption is growing. And the NetSuite platform is an ideal candidate to show of its ability to produce global commerce.
Let me know if you have interest in Bitcoin and NetSuite integration. With some support and enthusiasm, I can be easily nudged to make this a reality.
I run bitcoinblogger.com and have been involved with bitcoin since 2010. Right now there are two companies that have bitcoin payment systems and I imagine they are your competitors (although not a direct competitor.) The first is bit-pay.com and they write plugins for different content managment systems. If you want to integrate quickly I would contact and work with them. They do, however, charge per transaction. The second is mtgox.com and they have recently provided payment services. I do not know how much they charge per transaction. If you work with one of these two companies they could probably assist you.
If you should decide to implement bitcoin transactions in Netsuite, the most important thing to know about using bitcoin is security. Whatever you build or implement must be 100% rock solid. I would want your customers to feel and be secure when using bitcoins. The bitcoin community has suffered a few hacks but bitcoin still endures.
Those are just some ideas off the top of my head. I don’t know how much I can offer to help but I can give some advice if needed.
Jim
Hi Jim,
I agree, security is very important, as NetSuite customers rely on NetSuite’s rock solid infrastructure. And the community needs successes to continue to accelerate adoption. In my mind though, I don’t see a need for using an exchange. Why could we not have an implementation such as when the order is taken, the instructions on the payment page say something to the effect of, “send NN.NNN BTC to this address: 17NvtErw8tA2vutKBFfk7LYyhdgDjgpcKv. Once we get confirmation, we will ship the goods.”. Further, an email could go out to the user with similar instructions.
Now, as far as the capture of those funds, I see a number of approaches:
Any thoughts about this approach?
Marty
Jim,
We offered leadership to develop the platform and now it is available! Check out https://www.btc4erp.com
Marty
Build it and they will buy.
Glad to see you are considering bitcoin. The crowds aren’t there yet but you’ll be ready when the stampede hits. Just look at recent price action. Momentum is gaining.