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.
Bitpay Review scores
Ease of setup
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%.
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
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:
- Zen Cart
Similar to other crypto payment gateways, Bitpay has their own API for custom integrations
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
Frequently asked questions
Bitpay is a global payment service provider that enables businesses and individuals to send and receive payments in cryptocurrencies, such as Bitcoin. It offers a comprehensive suite of tools and services designed to facilitate secure and convenient cryptocurrency transactions. By leveraging Bitpay’s platform, users can tap into the benefits of cryptocurrencies while seamlessly integrating with traditional financial systems.
Yes, Bitpay is considered safe and legitimate within the cryptocurrency industry. With its establishment in 2011, Bitpay has built a strong reputation as one of the leading and most trusted cryptocurrency payment processors. The company places a high emphasis on security, implementing robust measures to safeguard user funds and transactions. Additionally, Bitpay adheres to relevant regulations and compliance requirements, further reinforcing its commitment to providing a safe and reliable service.
To use Bitpay, you can start by creating an account on their website or mobile app. The registration process typically involves providing your basic information and completing the necessary identity verification steps. Once your account is set up, you can generate payment invoices tailored to your specific needs. These invoices can be sent to customers or counterparties, who can then make payments using supported cryptocurrencies. Bitpay offers various integration options, making it easy to incorporate their payment solutions into your website, e-commerce platform, or point-of-sale system.
Bitpay acts as an intermediary between merchants or individuals accepting cryptocurrency payments and those making the payments. When a customer chooses to pay with a supported cryptocurrency, Bitpay processes the transaction by generating a unique payment address and QR code. Once the payment is made, Bitpay verifies and secures the transaction, protecting against potential risks such as double spending. The received cryptocurrency is then converted into the merchant’s preferred fiat currency, reducing volatility exposure. Finally, the equivalent fiat amount is settled with the merchant, ensuring a seamless and efficient payment experience.
Yes, Bitpay requires users to complete a Know Your Customer (KYC) verification process. This process involves providing identification documents such as a government-issued ID, proof of address, and other necessary information. By implementing KYC procedures, Bitpay ensures compliance with regulatory requirements and mitigates the risk of fraudulent activities.
No, Bitpay is not an anonymous platform. Due to regulatory obligations and the implementation of KYC procedures, user identities are verified when using Bitpay’s services. This verification process helps establish the legitimacy of users and prevents illicit activities, enhancing security and regulatory compliance. However, it’s important to note that while user identities are not anonymous, the transactions themselves can still be pseudonymous due to the nature of cryptocurrencies, which inherently offer a certain level of privacy.
No, Bitpay is not a decentralized platform. It operates as a centralized payment service provider, acting as an intermediary between merchants and consumers in cryptocurrency transactions. However, Bitpay does facilitate the use of decentralized cryptocurrencies, such as Bitcoin.
Bitpay was founded in 2011 by Tony Gallippi and Stephen Pair. Tony Gallippi served as the company’s executive chairman, while Stephen Pair took on the role of CEO. As of our knowledge cutoff in September 2021, the company is privately held, and the founders remain prominent figures associated with Bitpay
Bitpay primarily generates revenue through transaction fees. When merchants accept payments through Bitpay, they are charged a small percentage or fixed fee on each transaction. The specific fee structure may vary depending on factors such as transaction volume and currency. By monetizing its payment processing services, Bitpay sustains its operations and continues to innovate in the cryptocurrency payment industry.
Bitpay is headquartered in Atlanta, Georgia, United States.
Bitpay Wallet is a feature-rich cryptocurrency wallet developed by Bitpay. It enables users to securely store, manage, and spend their cryptocurrencies. The wallet offers a user-friendly interface and supports various cryptocurrencies, providing a convenient solution for individuals seeking to interact with digital assets. Bitpay Wallet incorporates essential features such as multi-signature support, allowing for enhanced security and control over funds. It also integrates with Bitpay’s payment processing services, streamlining the payment experience for both consumers and merchants.