About Bitpay
BitPay is a long-established cryptocurrency payment processor founded in 2011, with headquarters in Atlanta, USA. The platform enables businesses and individuals to accept and manage cryptocurrency payments, with a particular focus on supporting major coins such as Bitcoin (BTC), Ethereum (ETH), and select stablecoins like USDC and USDT. European merchants can settle payments directly in euros, which helps protect against crypto market volatility.
The platform offers several core products:
- Payment Processing: For both online and point-of-sale transactions, BitPay allows merchants to accept cryptocurrencies and receive corresponding payouts converted to euros.
- BitPay Card: This Visa-powered prepaid debit card enables users to spend cryptocurrencies as traditional currency (EUR) in-store or online.
- BitPay Wallet: A self-custody crypto wallet application for storing, buying, and spending a range of digital assets.
- B2B Solutions: Allows businesses to manage payroll and invoicing with crypto support.
BitPay provides user-friendly integrations for e-commerce, including APIs and plugins for popular shopping platforms. While focusing on compliance and security (including strict KYC/AML standards), some services are restricted based on customers’ locations due to regulatory and banking limitations. Fees for merchants are generally around 1%, and users should be aware of potential card-related fees. BitPay is widely recognized for its reliability, broad compatibility, and a commitment to regulation within the European Economic Area.
Pro's of using Bitpay
- Supports Major Cryptocurrencies: Accepts leading coins and stablecoins, with regular support for new mainstream protocols.
- Euro Settlement: Converts crypto payments for payout in euros, mitigating price volatility for European merchants.
- Ease of Integration: Offers robust plugins, APIs, and clear documentation for straightforward e-commerce adoption.
- Strong Compliance and Security: Applies industry-standard KYC/AML procedures and has a longstanding reputation for secure processing.
- Crypto Debit Card Option: BitPay Card enables direct spending of crypto balances at Visa-accepting merchants across Europe.
Con's of using Bitpay
- Limited Crypto Selection: Only a restricted list of coins and tokens is supported compared to some competitors.
- Comprehensive KYC Requirements: Mandatory verification for most fiat-related features, including the card and payout processes.
- Service Availability Varies: Some functionalities, especially the BitPay Card, may be unavailable in particular European countries.
- Additional Fees Apply: Beyond basic merchant charges, extra fees may apply for card usage, ATM withdrawals, and currency conversions.
- Centralized Controls: Transactions can be paused or declined for compliance reasons; BitPay exercises custodial control during processing.
What are alternatives for Bitpay
- CoinGate: Lithuanian-based processor supporting a wider range of coins and strong EUR integration. (https://coingate.com/)
- NOWPayments: Non-custodial crypto payment provider offering 250+ coins and EUR payouts. (https://nowpayments.io/)
- CoinPayments: Global solution with EUR settlements and support for numerous cryptocurrencies. (https://www.coinpayments.net/)
- Kraken Pay: Merchant services from an established European exchange, focused on EUR payments and business features. (https://www.kraken.com/)
- Revolut Business: Widely used UK fintech with integrated crypto support and EUR accounts for businesses and individuals. (https://www.revolut.com/)
- Strike: Enables instant BTC and Lightning payments; expanding European coverage. (https://www.strike.me/)
Availability and features may differ by country—always verify up-to-date support for your location and business needs.