In the past few weeks we've begun rolling out several new features to make accepting bitcoin payments even easier, particularly for our most active merchants. With these improvements, we are making some changes to our pricing plans.
Starter plan merchants now have access to our new payment dashboard and a simplified refund and invoice adjustment flow. As we continue to improve our platform, we will no longer be offering our "unlimited" starter plan to new merchants.
The new Starter Plan will remain free for up to $1,000 daily and 30 transactions per month, giving many small businesses more than enough access to our platform for their needs. For merchants who process over 30 transactions a month, a 1% fee will be applied to those additional transactions.
Batch bank settlements have always been a popular settlement option with our merchants, and we're proud to offer bank settlements to more countries than any other bitcoin processor. We rely on banking and settlement partners to perform this service, and many banking systems have higher settlement costs. Starting October 1, merchants on the Starter plan will receive free weekly settlements in US Dollars via ACH, or Euros via SEPA transfer. Daily bank settlements, and settlements to other banking systems, will be offered to merchants on our Business plan. Funds settled in bitcoin will be settled daily.
Business plan merchants now have access to multi-user login, payment dashboard enhancements, simplified refund and invoice adjustment capability, and hosted integrations. Our Business plan will be moving from a fixed, $300 monthly subscription to a usage-based, 1% plan.
In the past two years, our fixed pricing model set a relatively high entry-point for businesses experimenting with accepting bitcoin. We've found that nearly all merchants processing enough volume to make the fixed model cost-effective also choose to upgrade to our Enterprise plan as bitcoin payments become a more important part of their business.
The new plan will lower the risk of experimenting with bitcoin acceptance for mid-sized businesses, while enabling our team to better focus on Business plan merchants.
Merchants on our Enterprise plan have contract pricing that will not change. Our Enterprise merchants will continue to get first access to new features as well as priority service and support.
We are very grateful to our merchants for choosing BitPay, and we strive to maintain industry-leading support. If you have any questions regarding these updates, please do not hesitate to contact our support team.