Merchants seeking to accept cryptocurrency payments.
BitPay offers an app for restaurants, retail, and eCommerce to successfully accept crypto. As an international company, they can avoid exchange rates and fees. They work with companies of all risk levels.
Setup Fee: None
Monthly Fee: None
Swipe Rate: 1%
Keyed-in Rate: 1%
Early Termination Fee : None
BitPay was founded in 2011.
Stephen Pair is the CEO.
The company has its headquarters in Alpharetta, GA.
BitPay was founded to provide affordable access to cryptocurrency to businesses around the world
They have been instrumental in creating blockchain payment technology and use that knowledge to help guide their customers to the next level of payment acceptance.
While the offerings of BitPay are singly focused on the acceptance of crypto, they have devoted their entire existence to streamlining that process and connecting merchants to a worldwide web of finance.
Due to the uncertainty surrounding the crypto market, the reviews about the company have been a mixed bag. It seems that merchants either love or hate BitPay.
Merchant Provider Risk Tolerance
Hardware and Software
BitPay only offers software. They offer a payment tool that functions alongside the normal POS system. This integrates with the POS system and allows transactions to be processed without unnecessary steps.
Merchants can also utilize the app that is available on Android and Apple devices. While this is not the seamless integration most merchants want from a payment option, it is easily downloaded and an account can be set up almost instantly.
BitPay offers an avenue to an otherwise untapped payment source. It will not function independently for most merchants but can be useful.
There are no directly stated extra services. They do accept recurring billing through their app but don’t advertise it as anything extra.
They do advertise zero exchange rates. This could have some appeal to merchants doing international business. It appears that this is simply a part of their basic package and is not anything extra that a merchant would need to take advantage of.
Supported Payment Types and Services
BitPay only works with cryptocurrencies and so needs to work in conjunction with an existing POS system.
Fiat Currency -
New Zealand Dollar
South African Rand
Discloses All Important Terms
Public Pricing Available
Pricing seems simple. They state on their website that they take a flat 1% commission off each transaction. There may be a higher transaction fee for high risk merchants, but this is not advertised on their website.
They clearly state that there are no setup fees, no chargeback fees, and since they are eliminating the credit card companies, they are eliminating all the traditional fees there.
There are no cancellation or early termination fees.
Also, since everything is run through software, there are no equipment leases to worry about.
Mobile Payment Rate
Virtual Terminal Rate
Payment Gateway Fee
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
There are no long-term contracts from BitPay. They utilize a month-to-month agreement with no minimum charges.
No Contract Required
Early Termination Fee
Since BitPay is completely digital, setup can happen as quickly as a merchant can download the app, set up an account, and link to their bank.
Support appears to be rather limited. There is no contact page on the company website. According to reviews and the website, when a merchant sets up an account they receive access to tech support.
Many of the complaints found online refer to poor customer support.
BitPay has a profile with the Better Business Bureau. They have logged 18 complaints in the last three years and 9 in the last year.
Many of the complaints were addressed by the business, but there is little indication that they were settled to the customer’s satisfaction. Many of the complaints seem to revolve around people’s confusion with cryptocurrency in general.
They also received one review with a 1/5 star rating. The review revolved around all the little things wrong with the company.
Other Online Reviews
There seems to be a mixture of feelings about BitPay when it comes to reviews outside the Better Business Bureau website. People either love them or hate them.
It looks as if the people who understand how cryptocurrency works love what BitPay has to offer and those who assume that crypto functions exactly like banks and credit cards are sorely disappointed.
Many of the complaints seem to be using BitPay as the focal point for all things cryptocurrency-related. There are several complaints about glitches coming from other places and the customer trying to hold BitPay responsible.
Regardless of the actual target of the complaints, they have a very high total.
F and is not BBB Accredited.
Total Online Reviews
Total Online Complaints
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