BitPay

What is BitPay

BitPay is a cryptocurrency payment service provider founded in 2011 by Tony Gallippi and Stephen Pair. Headquartered in Atlanta, Georgia, the company offers tools for both individuals and businesses to manage and use digital currencies. For individuals, BitPay provides a self-custody crypto wallet app that allows users to buy, store, swap, and spend various cryptocurrencies. For businesses, it offers a payment gateway that enables merchants to accept crypto payments from customers around the world and receive settlement in their local currency, protecting them from price volatility.

BitPay Features

• Self-Custody Wallet: Users have full control over their private keys and funds. The wallet supports multiple cryptocurrencies and stablecoins across different blockchain networks.
• Buy, Sell, and Swap Crypto: The app integrates with multiple exchange partners, allowing users to buy crypto with a credit card or bank transfer, and swap between different digital assets directly within the wallet.
• BitPay Card: A prepaid Mastercard debit card that allows users to load their crypto balance and spend it like cash online or in-store, wherever Mastercard is accepted.
• Pay with Crypto: Users can pay invoices from BitPay merchants directly from their wallet. The service also includes a feature to pay bills, such as credit cards and mortgages, using cryptocurrency.
• Merchant Payment Processing: Businesses can integrate BitPay to accept crypto payments on their websites, in-app, or at point-of-sale. It handles the entire payment process and offers settlement in fiat currency.
• Gift Card Purchases: The app features a marketplace where users can buy gift cards from hundreds of popular brands using their cryptocurrency balance.

BitPay Pricing Plans

BitPay offers different pricing structures for its individual and business users. For individuals, the BitPay Wallet app is free to download and use. However, there are fees associated with certain actions, such as network fees for blockchain transactions and service fees from third-party partners when buying or swapping crypto. For businesses, BitPay typically charges a single transaction processing fee for every payment they receive. This fee is a small percentage of the transaction value. There are no setup costs or recurring monthly fees for the standard business plan. Custom pricing is available for large enterprises with high transaction volumes.

BitPay Free Plan

The BitPay Wallet app for individuals is completely free. There is no subscription fee to create and manage a wallet. Users can send, receive, and store their crypto without paying BitPay. Costs are only incurred for on-chain network fees (miner fees) and when using integrated services like buying crypto or swapping assets, which are charged by BitPay's partners.

How to use BitPay

1. Download the App: Get the BitPay app from the Google Play Store or Apple App Store.
2. Create a Wallet: Open the app and follow the prompts to create a new self-custody wallet. It is very important to securely back up your 12-word recovery phrase.
3. Add Funds: You can fund your wallet in two ways: by transferring existing crypto from another exchange or wallet, or by buying crypto directly within the app using a credit card or other payment methods.
4. Start Using Crypto: Once your wallet is funded, you can explore the app's features. You can send crypto to others, shop at merchants that accept BitPay, buy gift cards, or load your BitPay Card to spend your funds anywhere.

Pros and Cons of BitPay

Pros:

• Established company with a long history in the crypto space.
• User-friendly interface for both beginners and experienced users.
• Self-custody wallet gives users full control of their assets.
• Supports a wide variety of cryptocurrencies and stablecoins.
• Comprehensive solution for both personal use and business payment processing.

Cons:

• Fees for buying and swapping crypto can be higher than on dedicated exchanges.
• The BitPay Card comes with its own set of fees for loading and maintenance.
• Customer support can sometimes be slow for non-business users.

BitPay integrations

BitPay offers a range of integrations, primarily for e-commerce platforms and billing systems, to help merchants easily accept crypto payments. Key integrations include:

• Shopify: Merchants can add BitPay as a payment option in their Shopify store's checkout process.
• WooCommerce: A dedicated plugin allows WordPress e-commerce sites to accept crypto via BitPay.
• Magento: An extension is available for Adobe Commerce (Magento) to integrate BitPay payments.
• QuickBooks: Businesses can create and send invoices through QuickBooks that can be paid with cryptocurrency via BitPay.
• POS Systems: BitPay integrates with various Point of Sale systems for in-person retail payments.

BitPay Alternatives

• Coinbase Commerce: A service from the popular exchange Coinbase, it allows merchants to accept crypto payments. It is known for its simple setup but supports fewer cryptocurrencies than BitPay.
• CoinPayments: A crypto payment gateway that supports a very large number of altcoins. It offers more currency variety but can be more complex for beginners.
• Uphold: A digital money platform that allows users to buy, hold, and convert between various asset classes, including crypto, precious metals, and fiat currencies. It is more of a multi-asset wallet than a dedicated payment processor.
• NOWPayments: A non-custodial crypto payment gateway that supports a wide range of coins and offers features like recurring billing and donations.

BitPay API

Yes, BitPay provides a comprehensive API for developers to integrate cryptocurrency payment processing into their custom applications, websites, and platforms. The API allows for creating invoices, managing refunds, and retrieving real-time exchange rate data. To get an API key, you must first sign up for a BitPay merchant account. Once your account is approved, you can generate API tokens from your merchant dashboard.

Here is a simple example of how to create an invoice using the BitPay API with cURL:

curl -X POST https://bitpay.com/invoices \
  -H "Content-Type: application/json" \
  -H "X-Accept-Version: 2.0.0" \
  -d '{
    "price": 10.00,
    "currency": "USD",
    "token": "YOUR_API_TOKEN"
  }'

BitPay Affiliate program

BitPay offers an affiliate program for individuals and businesses who want to earn commissions by referring new merchants to the platform. Affiliates earn a percentage of the processing fees generated by the merchants they refer for a specific period. The commission rate is typically a revenue share model. To join, you need to apply through the affiliate section on the BitPay website. Once approved, you receive a unique referral link and access to a dashboard to track your referrals and earnings. Payouts are usually made monthly once a minimum earning threshold is met.