CoinPayments

What is CoinPayments

CoinPayments is a cryptocurrency payment gateway established in 2013. Its main purpose is to allow online businesses and merchants to accept payments in a wide variety of cryptocurrencies. The platform acts as a bridge between the customer paying with crypto and the business receiving the funds. It provides the tools needed to integrate crypto payment options into websites, e-commerce stores, and applications. CoinPayments handles the payment processing, transaction verification, and currency conversion, making it simpler for businesses to enter the digital currency market without needing deep technical knowledge. The company operates globally, offering a borderless payment solution for businesses of all sizes.

CoinPayments Features

CoinPayments offers a range of features designed to facilitate cryptocurrency transactions for businesses.

• Multi-Coin Support: Accept payments in over 100 different cryptocurrencies, including major coins like Bitcoin (BTC) and Ethereum (ETH), giving customers flexibility.
• Shopping Cart Plugins: Easily integrate with popular e-commerce platforms such as Shopify, WooCommerce, Magento, and OpenCart. This allows for a quick setup on existing online stores.
• Payment Buttons & Links: Create simple payment buttons for your website or generate payment links that can be sent to customers via email or messaging apps for direct payments.
• API Integration: A comprehensive API is available for developers to build custom payment solutions and integrate crypto payments directly into their applications and platforms.
• Point of Sale (POS): An intuitive interface for brick-and-mortar stores to accept cryptocurrency payments in person from customers' mobile wallets.
• Secure Custodial Wallet: A multi-coin wallet to securely store, send, and receive various cryptocurrencies. Funds held in custody are insured for merchant protection.
• Crypto Conversions: Automatically convert received cryptocurrencies into stablecoins or other digital assets to protect against price volatility.
• Payment Forwarding: Set up automatic forwarding of payments to an external wallet of your choice. This can be done instantly, daily, or once a certain balance is reached.
• Low Transaction Fees: The platform operates on a low, flat-fee structure per transaction, making it a cost-effective option compared to traditional payment processors.

CoinPayments Pricing Plans

CoinPayments does not use a traditional tiered subscription model with monthly fees. Instead, its pricing is based on a simple, pay-as-you-go structure. A small, fixed percentage fee is charged on each transaction that is processed through the gateway. This fee is the same for all users, regardless of their business size or transaction volume. This model is beneficial for businesses of all sizes, especially those with fluctuating sales, as they only pay for the service when they make a sale. There are no setup fees, monthly charges, or hidden costs for standard gateway services.

CoinPayments Free Plan

There is no monthly subscription fee to use CoinPayments, so the account itself is free to create and maintain. Users can sign up, integrate the payment gateway, and access the wallet features without any upfront cost. The platform's revenue comes from the small processing fee applied to each successful transaction. This means you only incur a cost when you receive a payment from a customer. This approach is similar to a free plan, as there are no recurring charges to keep the service active.

How to use CoinPayments

Getting started with CoinPayments is a straightforward process for any business.

1. Create an Account: Go to the CoinPayments website and sign up for a new business account. You will need to provide some basic information and complete a verification process.
2. Configure Your Wallet: Once your account is active, navigate to your wallet settings. Here, you can select which cryptocurrencies you want to accept from customers.
3. Choose an Integration Method: Decide how you want to add CoinPayments to your business. You can choose from several options:
   • eCommerce Plugin: If you use a platform like Shopify or WooCommerce, download and install the respective CoinPayments plugin.
   • API: For custom websites or applications, use the developer API to build a tailored integration.
   • Payment Buttons/Links: For simple checkouts or invoicing, generate a payment button or link from your dashboard.
4. Start Accepting Payments: Once integrated, customers will see the option to pay with cryptocurrency at checkout. When a payment is made, CoinPayments processes it and the funds appear in your CoinPayments wallet.
5. Manage Your Funds: You can hold the crypto in your wallet, convert it to another currency to avoid volatility, or forward it to an external wallet.

Pros and Cons of CoinPayments

Pros:

• Extensive Coin Support: Supports a very large number of cryptocurrencies, more than many competitors.
• Low, Transparent Fees: A simple and competitive fee structure with no monthly costs.
• Multiple Integration Tools: Offers plugins, APIs, buttons, and POS systems, making it versatile for different business types.
• Long-Established Reputation: Being founded in 2013 makes it one of the oldest and more recognized crypto payment gateways.
• Global Reach: Allows businesses to accept payments from anyone, anywhere in the world, without cross-border fees.

Cons:

• Custodial Wallet: By default, funds are held in a custodial wallet, meaning you do not control the private keys. Users must trust CoinPayments to secure their assets.
• Customer Support: While 24/7 support is offered, response times can sometimes be slow during peak periods.
• Interface Design: The user interface can feel less modern compared to some newer platforms in the market.

CoinPayments integrations

CoinPayments provides a variety of plugins to integrate directly with major e-commerce and shopping cart systems. This makes it easy for online merchants to start accepting crypto payments without needing to write code.

• Shopify Integration: Allows Shopify store owners to add a crypto payment option to their checkout page.
• WooCommerce Integration: A dedicated plugin for WordPress websites using WooCommerce to accept digital currencies.
• Magento Integration: Connects with the Magento e-commerce platform for seamless crypto payment processing.
• OpenCart Integration: A plugin designed for online stores built on the OpenCart framework.
• PrestaShop Integration: Enables businesses using PrestaShop to easily accept cryptocurrency payments.
• BigCommerce Integration: Offers connectivity with the BigCommerce platform for a complete payment solution.

CoinPayments Alternatives

• BitPay: A leading competitor that is well-known for its focus on enterprise-level clients and compliance. It supports fewer coins than CoinPayments but has strong brand recognition and offers additional services like crypto payroll.
• Coinbase Commerce: Backed by the major cryptocurrency exchange Coinbase, this platform is known for its user-friendly interface and strong security. It allows merchants to self-custody their funds, giving them full control over their private keys.
• NOWPayments: A non-custodial payment gateway that supports a wide array of cryptocurrencies. It focuses on simplicity and offers features like automatic coin conversion and a variety of integration tools, similar to CoinPayments.
• BTCPay Server: A free, open-source, and self-hosted payment processor. It is ideal for users who prioritize privacy, security, and full control over their funds, but it requires more technical expertise to set up and manage.

CoinPayments API

Yes, CoinPayments provides a comprehensive API for developers. This API allows for the creation of custom payment solutions, enabling businesses to integrate crypto payments directly into their websites, mobile apps, and other platforms for a branded experience.

To get an API key, you must first create a CoinPayments account. Once registered and logged in, you can generate your public and private API keys from the 'API Keys' section in your account dashboard. These keys are required to authenticate your requests to the API. The documentation is available on their website for developers.

Here is a basic example of what an API call might look like using cURL to create a transaction:

curl -X POST \
  https://www.coinpayments.net/api.php \
  -d 'cmd=create_transaction' \
  -d 'amount=10.00' \
  -d 'currency1=USD' \
  -d 'currency2=BTC' \
  -d 'buyer_email=customer@example.com' \
  -d 'key=YOUR_PUBLIC_API_KEY' \
  -d 'version=1' \
  -d 'format=json' \
  -H "HMAC: YOUR_HMAC_SIGNATURE"

CoinPayments Affiliate program

CoinPayments offers an affiliate program that allows you to earn commissions by referring new merchants to their platform. When a business signs up using your unique affiliate link and starts processing transactions, you earn a percentage of the fees CoinPayments collects from them. The commission rate is typically a share of the transaction fee for a set period, often for several years. To join, you need to sign up for a CoinPayments account and then navigate to the 'Affiliate Program' section in your dashboard to get your referral link and access marketing materials. Payouts are made in cryptocurrency directly to your CoinPayments wallet once you reach the minimum payout threshold.