Why a Bitpay alternative?
After conducting an in-depth review of Bitpay, it’s clear that while it is a popular and well-established crypto payment processing company, it does have some drawbacks. One of the most notable is its high transaction fees. BitPay has recently announced a tiered pricing structure, which raises the fees for companies that process less than $500,000 a month to 2%. This is double the fees charged by most other competitors in the industry.Another drawback is the customer support, which is currently rated low, with an average of 1.3 out of 5 stars based on over 150 reviews. This may be a concern for businesses that require prompt and reliable support for their transactions. Additionally, Bitpay’s supported coin list is relatively limited, currently only accepting 15 different cryptocurrencies while some competitors are close to accepting 100+ currencies.While Bitpay is a well-established and reputable company, businesses with lower transaction volumes or a need for a wider variety of supported coins may want to consider Bitpay alternatives that may be more cost-effective and better suited to their needs. These alternatives often offer lower transaction fees, better customer support and support for a wider range of cryptocurrencies. It is important for businesses to evaluate different options and carefully consider which one is the best fit for their specific needs and requirements.
1. FCF Pay
FCF Pay is a revolutionary crypto payment gateway as shown in our FCF Pay review that makes it easy for merchants to accept payments in various cryptocurrencies. With its innovative approach, it has been recognized as the “Most Innovative Project of 2022” at the Dubai crypto expo. Compared to Bitpay, FCF Pay offers several distinct advantages.Fees One of the main advantages of FCF Pay is its low transaction fees. For merchants processing over $50,000 a month, the fees are only 0.5%, significantly lower than the 2% fees charged by Bitpay for merchants that process under $500,000 a month. Additionally, organizations processing less than $10,000 a month can expect to pay a maximum fee of only 1.5%, while all other organizations pay a 1% fee.Accepted cryptocurrencies Another advantage of FCF Pay is the wide range of accepted cryptocurrencies. Currently, FCF Pay accepts over 80 different currencies, including all major cryptocurrencies, while Bitpay only accepts 15+. This means that merchants using FCF Pay can offer their customers more payment options and potentially increase their sales.Functionalities Finally, FCF Pay offers a range of smart functionalities to help merchants and customers when accepting cryptocurrencies, such as Smart Swap which protects merchants for the volatility of crypto. Moreover, they provide a wide selection of off-ramping partners, online and offline crypto payment gateways, an invoicing system, a white-label solution, a donation widget and crypto credit cards.Conclusion In summary, FCF Pay is a highly innovative crypto payment gateway that offers low transaction fees, a wide range of accepted cryptocurrencies, and many smart functionalities. All of these features make it our top-rated gateway overall, surpassing other gateways such as Bitpay.
2. Coingate
Coingate is a leading crypto payment gateway that has been in operation since 2014. The company, based in Lithuania, has processed over 2.5 million crypto transactions and is a major player in the industry.
Fees
The Coingate processing fees are simple since they charge a flat 1% fee for all transaction. As mentioned before, Bitpay only charges a 1% fee for merchants with over a half a million monthly spend. All other merchants pay a 1.5% – 2% fee, which makes Coingate an interesting Bitpay alternative.
Accepted cryptocurrencies
Similarly to FCF Pay, Coingate enables merchants to accept a diverse array of digital currencies and tokens. With its support for over 70 different cryptocurrencies, merchants can offer customers a variety of payment options, including the top 10 largest cryptocurrencies. This feature helps merchants increase sales, attract a wider customer base, and stay ahead of the competition.
Functionalities
Finally, the functionalities of Coingate are similar to that of Bitpay, as they both provide merchants with an online and offline gateway and volatility protection.
Conclusion
In conclusion, Coingate is a reliable crypto payment gateway that offers merchants a flat 1% fee for all transactions, a wide range of supported cryptocurrencies, and features such as online and offline gateway options and volatility protection. It is a great Bitpay alternative and can help merchants increase sales by offering customers more payment options.
3. Crypto.com Pay
Another well-known player in the crypto space is Crypto.com, which has amassed over 50 million users on its platform. In addition to its cryptocurrency exchange, Crypto.com also offers a payment processing service through Crypto.com Pay.
Fees
The fees of Crypto.com Pay are not as clearly communicated, as they mention not having any transaction fees. However, they do charge 1% in payout fees and 0.5% in settlement fees, which is still an advantage compared to Bitpay.
Accepted cryptocurrencies
In total, the platform accepts double the amount of cryptocurrencies (30 in total) compared to Bitpay, including most of the bigger currencies, although not all.
Functionalities
The functionalities of the payment gateway are similar to that of Bitpay. They provide their merchants with an online and offline gateway, an invoicing system and also volatility protection. One major drawback of Crypto.com Pay compared to Bitpay and the above-mentioned Bitpay competitors, however, is that a customer is required to have a Crypto.com account in order to check out safely through their gateway.
Conclusion
In summary, Crypto.com Pay is a competitive payment processor in the crypto space with a wide range of supported cryptocurrencies and additional functionalities such as volatility protection and an invoicing system. However, the fees may not be as clearly communicated and customers must have a Crypto.com account to use the payment gateway.
