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Frequently Asked Questions
What's the purpose of CoinMyBills, LLC?
We believe that the only way bitcoin is going to survive is to implement it in as many ways as possible. Once it's adopted
into the mainstream, there will be no question of its survivablility. Our goal is to bring this technology into the public
arena as quickly as possible. We believe in bitcoin and the supporting technology.
What does CoinMyBills, LLC, do?
We accept bitcoin payments and write a check to any payee that you designate. We charge a modest $3 for each check issued
with a minimum check amount of $50 USD. We can pay any bill you have, as long as they accept paper checks.
How does it work?
You will use our custom interface to provide information for a payee (a person or company to whom you would like to send money).
Once the payee is added, a bitcoin address will be generated for that payee. Whenever you send BTC to that address, you are
actually setting up a payment for that payee. Once the Payment Threshold has been achieved, a check will be issued to the Payee
and mailed USPS.
What are the minimum/maximum amounts for payments?
Currently, we have no minimum amount, but we have a maximum payment of $5000 per check.
All accumulated amounts shown in USD for each Payee are figured after all fees.
You may send as many payments per day as you wish. The same calculations will apply if you were to send us ten payments of 0.1 BTC
each or 100 payments of 0.01 BTC each before the payments are processed for the day. All amounts USD will be rounded down to the nearest penny.
Who can use CoinMyBills?
Anyone living in the United States of America, or who would like to pay a bill that's owed in the USA, can use our service. Payments are processed
each business day (M-F, excluding bank holidays). International addresses are allowed, but please be sure that the
recipient can accept checks drawn on a US bank, and please allow 2-4 weeks for delivery.
How long will it take for the recipient to receive the payment?
You should allow 5 business days for the check to be received by the intended party. Payments are processed once per day. Addresses not in the
contiguous United States may take a bit longer.
How much information do you need from me to cut a check?
We will need a few things, but they are minimally personally-identifying.
1) We will need your email address to send you confirmations.
2) We will need the payee information, such as physical mailing address, account number, and telephone number
What if I accidentally send you too much BTC?
BTC will carry over day to day for each Payee. Payments are proccessed each day, at 7am Central Time. Any BTC that is left over after
a check has been issued for the Payment Threshold amount will remain attached to that Payee until it is transferred to another
Payee or builds back up to the Payment Threshold once again.
What about refunds?
Refunds cannot be issued in Bitcoin. All refunds must be made via company check. You may request a refund by contacting us through email.
We can then send you a check for any BTC amount you have with us, after conversion to USD, and after our normal fees.
Alternately, you could set up a Payee using your own
personal information, and have a check issued to you.