With the introduction of bitcoin, merchants who run e-commerce businesses for the first time can offer their services to anyone in the world who has a bitcoin wallet to pay for their services or products. Bitcoin has advantages over existing payment methods such as credit cards There are three ways by which Bittoku can provide for merchants to receive payments in bitcoin, through the merchants e-commerce site, through an email invoice, or directly through Bittoku site when logged in as a merchant account.
Bittoku service will allow clients to create invoices, which has value quoted in JPY and priced in BTC. These invoices will have a time limit (default 5min-15min depending on the client setting) when which the quoted price in BTC is accepted. After the time-out, the invoice will be made invalid, and cannot be paid. A new invoice will need to be created from the quote, either from the Merchant Admin Console or from the email link.
All risk associated with the fluctuation in the price of bitcoin vs Japanese Yen will be carried by Bittoku. The merchant client will always be paid the amount of the quote (minus our fees). In this way, our merchant clients can enjoy all the benefits of taking bitcoin as a payment method, with none the risk of loss due to changes in bitcoin market price.
For use of our invoice management and reporting system, and in order to compensate for the management of the BTC/JPY exchange (kawase) risk, Bittoku will charge our clients a fee in the form of 1% on the JPY amount of each transaction, paid by deducting the amount of JPY we pay the client in exchange for the quoted amount of bitcoin on any invoice.
Funds will be transmitted by bank transfer to the merchant bank account on a weekly or daily schedule, depending on the number of transactions. Alternatively, when certain pre-agreed amount limits have been met, they will be transmitted
The Merchant Admin Console (MAC) is a login at the Bittoku servers that allows merchants to manage their invoices. It shows all invoice history and the state at which they are in. Besides viewing the invoices and their status, merchants can also resolve invoices that are in HELD state, (caused by erroneous payments or overpayments) and also see the balance of their account.
The states in which invoices can be are as follows: