About Bitpay
Founded in 2011 Bitpay is one of the first companies that tried integrating cryptocurrencies as a payment for webshops with a clear goal: “to transform how businesses and people send, receive, and store money around the world”
Bitpay provides a safe crypto payment gateway with many functionalities, in which over 5 billion dollars has been processed so far. Bitpay is currently the world’s leading crypto processor, but is it actually that good? Read our full Bitpay review below.
Overall judgement
Bitpay Review scores
Transaction fees
Functionalities
Accepted cryptocurrencies
Ease of setup
Customer support
Positives
- Free and easy integration
- Volatility protection
- Safe payment gateway
- Well known brand
Negatives
- Transaction fee ranging from 1% to 2%
- Limited amount of accepted cryptocurrencies
- Rated 1.3 out of 5 based on 150+ reviews. Mainly due to no or slow customer support
Transaction fees
BitPay has recently implemented a new tiered pricing structure for its crypto acceptance services, which increases the fees. Under the new pricing model, the transaction processing rate will range from 1-2% based on a customer’s cumulative monthly volume, plus a 25¢ fixed fee per transaction. Customers with a monthly transaction amount of less than $500,000 will be charged a 2% fee plus the fixed 25¢ fee. For those with a monthly transaction amount between $500,000 and $999,999, the fee will be 1.5%, and for customers with a monthly transaction amount of $1,000,000 or more, the fee will be 1%. Some high-risk industries may be subject to higher fees. It’s worth noting that these fees are higher than the competition that charge a flat 1% fee or in some cases even 0.5%.
Functionalities
Like many of the other crypto payment gateway providers, Bitpay offers volatility protection. All exchange rates are locked at the time of sale, and therefore the merchant will always receives the value that he expects. At the end of every day, all sales will be bundled, and the value will be deposited to your bank account. This way the merchant does not have to touch any crypto himself. However, there is an option to be paid out in cryptocurrencies.
Moreover, Bitpay provides their merchants with the option to:
- Accept offline (in-store) crypto payments
- Send crypto invoices
- Create a donation page
- Setting up recurring payments
Accepted cryptocurrencies
- Bitcoin (BTC)
- Ethereum (ETH)
- USD Coin (USDC)
- Binance USD (BUSD)
- Dogecoin (DOGE)
- Ripple (XRP)
- Tether (USDT)
- BNB
- Cardano (ADA)
- Solana (SOL)
It is surprising that Bitpay has not integrated coins like Tether (USDT) as this is the largest stablecoin in existence and is extremely well suited for online payments. This seems like a missed opportunity. They have integrated some lesser known cryptocurrencies however like Apecoin, Bitcoin Cash and Shiba Inu.
Ease of setup
To start using Bitpay a merchant has to register for a merchant account as usual. However, before one can start accepting crypto, a lot of information and confirmation is required. For example, business registration documents and an photo identification should be provided to Bitpay. After this is settled, however, the integration process is quick and easy with their 12+ pre-built integrations, including:
- Woocommerce
- Shopify
- Magento
- Wix
- Pretashop
- Opencart
Similar to other crypto payment gateways, Bitpay has their own API for custom integrations
Safety
Bitpay has a simple checkout page with a QR code which the customer can scan. This is referred to a manual checkout, which belongs to the safest ways to pay with crypto
