This Bitcoin payment processor called Bitpay, was founded in 2011 and is headquartered in Atlanta, Georgia. The U.S. regulated company enables companies to accept Bitcoin payments and receive bills in their local currency without the risk of Bitcoin price fluctuations and without Bitcoin expertise.
Since their creation, cryptocurrencies have become increasingly popular. A lot of people bought coins and global popularity grew steadily. But there was often a lack of options to actually use these coins in everyday life since most companies do not accept cryptocurrencies as a means of payment. With BitPay, that should change soon. It is one of the largest and most famous crypto payment platforms in the world. The company was founded in 2011 by Tony Gallippi and Stephen Pair. The head office is in Atlanta, Georgia. The company also operates 6 other locations, including in Argentina and the Netherlands.
With BitPay, local businesses, companies and online shops can accept Bitcoin and Bitcoin Cash
Customers also have the option of paying with cryptocurrencies even if the merchant does not actually accept cryptocurrencies. At this point, the platform works as an intermediary and converts into the corresponding currencies. In some ways it is comparable to a crypto version of PayPal.
The most popular and valuable digital currency in the world, Bitcoin, has grown in popularity in recent years as a payment method for digital goods, e-commerce purchases and account top-ups. Bitcoin is used worldwide. Since Bitcoin is the currency of the Internet, there are no country-specific restrictions. It can be sent and received across borders in a few minutes.
By accepting Bitcoin through BitPay, merchants have access to a payment network and a new customer base of Bitcoin users that is as global as the Internet – without fees, costs for cross-border integration and fraud risks of conventional online payment methods.
- Bitcoin cash: Since March 2018, BitPay merchants have been able to accept payments in Bitcoin Cash (BCH). This digital currency has a market cap of over $ 15 billion. Bitcoin cash transactions are very inexpensive, which is why the currency is ideal for microtransactions, e.g. B. for video games, delivery of food or app downloads.
- BitPay prepaid cards: Since 2016, the company has also been offering Bitpay Visa prepaid debit cards for Bitcoin users to make everyday payments with the cryptocurrency easier. The BitPay Card is accepted wherever Visa is accepted, at retailers and ATMs worldwide.
- BitPay wallet: BitPay Wallet is designed to manage all blockchain transactions in a secure app. The BitPay Wallet is an open-source app. With this app, users can load credit onto their BP card.
Integrate Bitpay into your shop system
To facilitate the integration process, Bitpay offers retailers various options. Integrated solutions, for example, Shopify, do not have to be developed further and can be connected directly to a Bitpay account. The company also develops and maintains plugins with many open source e-commerce solutions, including Ecwid, PrestaShop and Magento. Point-of-sale solutions are also available, particularly through partnerships with Ingenico and NCR Silver.
Advantages of working with BitPay
- Traders receive direct bank deposits for all Bitcoin processed via BitPay.
- The full value of the Bitcoin payments received is guaranteed and a price volatility risk is excluded. BitPay offers secure and fast payments for customers without the risk of identity theft and without additional costs for PII / PCI.
- Sellers are given the opportunity to accept bitcoins as a means of payment without having to deal with conversion, administration, functionality and other things in detail. You benefit from the efficiency and simple payment processing across all national borders.
- BitPay users benefit from the favorable exchange rates that the platform uses.
- Most credit cards charge up to 3% processing fee per transaction, while BitPay for in-store credit card debits is only 1%.
- Integration into any existing system is easy using the software’s cryptographically secure API. This enables business customers to upgrade quickly and easily.
- Users have extensive customization options for their security and speed of confirmation. Merchant accounts are also secured using the Google Authenticator two-factor authentication system.
- In addition to Bitcoin and Bitcoin Cash, payments can also be made in eight national currencies, such as US dollars, euros or Canadian dollars.
- The platform supports invoicing in 40 languages, so that companies can act globally and serve international customers.
- Since it is based on the blockchain , users are protected against chargeback fraud and identity theft. The parties involved do not have to disclose confidential information, making every transaction safe and secure.
The open-source e-commerce software Magento, published for the first time in 2008, is one of the most frequently used shopping cart software and content management systems. Online retailers have full control over the design, content and functionality of their shop. Magento also offers tools for marketing, search engine optimization and catalogue management. How much does it cost to set up a Magento store? A simple shop costs between a few thousand to ten thousand US dollars, while a more complete version can cost several hundred thousand euros.
Fees and course
BitPay network costs are a fee charged to buyers. It helps cover BitPay’s mining fee for the UTXO sweep. Traders typically pay a 1% processing fee. For high-risk traders, the processing fee may be higher.
BitPay works with digital currency exchange systems worldwide. Exchange rates for BitPay invoices are only calculated using digital exchange rate systems that meet regulatory, operational and market requirements.
BitPay retailer experience
It operates in a variety of industries worldwide, except for countries where bitcoins are prohibited and countries where the US government is currently imposing economic sanctions.
The company works with Microsoft, Lieferando, Steam, TigerDirect and Warner Bros. Records, among others