Learn about the most popular BitPay services.

BitPay: Processor, Wallet, Card and Other Services Overviewed

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More and more companies connect crypto payments as an additional payment method, and an increasing number of customers choose cryptocurrency when paying for orders. Such transactions are convenient, secure and have a high processing speed. 

One of the popular services that allow the use of cryptocurrencies is BitPay. The system has 300 million users and has processed more than 340,000 transactions in the last six months. 

In this article, we will discuss BitPay's main features and services and explain how to accept cryptocurrency payments in countries where this system is not supported.

BitPay: Brief Overview

BitPay is a cryptocurrency wallet that has been around for over 13 years. It is one of the first systems developed for managing digital assets: storing, investing, receiving/sending transfers. Originally created to work with Bitcoin, BitPay is one of the largest cryptocurrency platforms that processes over 50,000 transactions monthly and supports a wide range of currencies. 

BitPay was originally launched as a cryptocurrency wallet.

The BitPay payment gateway was launched in 2011. The developers planned to create a system that would make crypto payments faster, safer and more accessible. The beta version of the wallet was launched five years after the company was founded. 

In the same year, the BitPay prepaid card became available to users. In 2018, the company received a license from the New York State Department of Financial Services. 

BitPay currently has offices in several countries and is supported on Android, iOS, Windows, Linux, and macOS. The platform offers various services, from a cryptocurrency wallet and cryptocurrency processing to gift cards, accepting donations and selling NFT.

Compilation of BitPay Services

Let's take a closer look at some of BitPay's tools.

Crypto processing

BitPay's cryptocurrency processing allows you to accept cryptocurrency payments on a company's website or online store. The system processes Bitcoin, Ethereum, USD Coin and other currencies. 

The number of transactions available per day is not limited. The commission depends on the company's monthly turnover and ranges from 1% to 2% + 25¢. 

When using crypto processing, the buyer selects the desired currency and receives an automatically generated invoice in QR code format. The exchange rate is fixed at the time of payment, protecting the entrepreneur from cryptocurrency's volatility.

The cryptocurrency gateway from BitPay allows you to accept crypto payments worldwide.

After the funds are received, the cryptocurrency is automatically converted into the fiat currency chosen by the entrepreneur and withdrawn daily to the linked bank account. 

Integration to the website is done via API or with the help of ready-made plugins for popular e-commerce platforms.

BitPay Card

BitPay prepaid debit cards are a convenient solution for using digital money for everyday transactions, including offline payments. BitPay card works the same way as any debit card: you can use it to pay for purchases in regular and online stores, withdraw money from ATMs, etc. 

To learn more about cryptocurrency cards, read our article. 

In addition, the user can earn cashback: in the app you can see which stores are participating in the program and how much cashback will be credited on purchases. 

The BitPay card is tied to the user's cryptocurrency wallet. It must be replenished in advance through the mobile wallet app or account. 

The issuance of cards has been temporarily suspended. After its resumption, the cards will be available to users from the United States.  

BitPay Cards are prepaid debit crypto cards that allow you to pay for everyday purchases.

BitPay Wallet

BitPay Wallet is a reliable and simple solution for storing and managing digital assets, which supports 18 currencies and coins. The service is a non-custodial wallet; only the owner can access the private keys. Protection systems include optional multi-signature and multi-factor authentication (up to 12 devices). 

To use the wallet, users need to install the application, which is supported on all major platforms (Android, iOS, Windows, Linux, MacOS). Users can integrate with other cryptocurrency wallets, including Coinbase, Exodus, Kraken, etc.  

BitPay Wallet is a reliable option for storing crypto assets.

BitPay Send

BitPay Send is a tool for mass payments. The service allows companies to send crypto transfers to employees, partners and customers around the world. Using mass cross-border payments in cryptocurrency allows companies to reduce costs on various commissions, and provide fast processing with a high level of security. 

The system supports payments to 225+ countries and allows you to set up automatic fund transfers. In addition, the company does not need to purchase and store cryptocurrency separately. The sender funds his BitPay account in fiat currency, after which they select the payout parameters and distribute to the recipients. 

Conversion to cryptocurrency is automatic. Funds are transferred to cryptocurrency wallets, and you can use almost any popular one on the market to receive them — you do not need to create a BitPay account.

Cryptocurrencies purchase

BitPay allows users to instantly buy more than 20 cryptocurrencies. The purchase is done in a few simple steps: entering the amount in fiat currency, selecting the cryptocurrency and entering the wallet address to receive it, the payment method, and finalizing the transaction. 

BitPay's website allows you to instantly buy more than 20 cryptocurrencies.

Bank transfers, credit and debit cards, as well as Apple Pay and Google Pay can be used for payment. 

When buying cryptocurrency, the user gets a choice of several provider options. BitPay cooperates with many partners that offer different cryptocurrency rates. This allows the customer to choose the most favorable option. The purchase amount is not limited, and the funds arrive on the wallet in a minimum period of time.

Accepting donations

BitPay offers non-profit and charity organizations tools for collecting donations in cryptocurrency. According to the system, the average cryptocurrency donation is five times larger than fiat one. 

A major advantage of using BitPay is the automatic conversion of cryptocurrency to fiat. After a donation is made through the payment page or payment button, the system converts the incoming amount into the fiat chosen by the organization and automatically withdraws it the next business day. This allows you to use the service even without experience with digital money.   

With the BitPay platform, you can organize the acceptance of donations in cryptocurrency.

Gift cards

Users can buy gift cards from various brands — you can see the list of available cards in the system's app. Among the companies that accept payment via BitPay are Uber, Spotify, Google Play and others. 

To buy a gift card, to select the desired brand in the app, specify the required amount and pay for the purchase from any cryptocurrency wallet. The card becomes available immediately after payment. 

One of the pros of buying gift cards through the system is the absence of additional commissions. Unlike most other BitPay services, when buying cards, the user pays only the blockchain network's commission without additional payments to the system itself.

Bill Pay

Bill Pay is a tool for paying bills with cryptocurrency. The system supports most bills: loans, mortgages, credit card payments and various services. You can pay either from a BitPay wallet or from one of the 100+ other supported wallets. 

You can find your accounts automatically using your details, or manually select the desired items from the list. After that, you only need to select the currency and confirm the payment. You can complete the transaction either through the mobile app or on BitPay's website.  

Bill Pay is a tool from BitPay that allows you to pay bills with cryptocurrency.

Note that the service can only be used in 20 states of the US, although BitPay promises to make cryptocurrency bill payment more accessible in the future. To find out the current jurisdictions where you can use the service, you can visit the official website.

NFT sales

One of the tools that the cryptocurrency payment system offers to users is the sale of NFT. In order to work, a BitPay plugin will be required. You need to upload NFTs to the blockchain by paying a tokenization fee and make them available for purchase. BitPay has over 300 million registered wallets, giving NFT owners a large audience of potential buyers. 

As with BitPay's other payment acceptance tools, the merchant does not need to convert the received cryptocurrencies into fiat on their own: the transfer and withdrawal to a bank account happens automatically. The instant transfer provides users with protection against volatility and ensures that they receive the full price of the item sold.

BitPay Extension

BitPay Extension is a browser extension that allows you to pay with cryptocurrency on 250+ brands' websites. To take advantage of this opportunity, you need to install the extension from the official website and click on its icon on the browser bar while on the page of the brand you are interested in. 

A browser extension from BitPay allows you to pay with cryptocurrency for purchases on many brands' websites.

The extension will automatically check whether cryptocurrency payment is available on the website and offer options for making a payment: through a brand checkout or the BitPay app. 

Note that the service, like other BitPay tools, is available only in some countries: the United States, Canada, the United Kingdom, and EU countries. In many jurisdictions, the system is not available.

Accepting International Payments with CryptoCloud

Connecting BitPay may not be available due to both sanctions and restrictions of the system. In such cases, an alternative — such as CryptoCloud — is required to process crypto payments. 

CryptoCloud is a cryptocurrency payment gateway that can be used to accept payments from clients from all over the world. You can register in the system for free and connect cryptocurrency payment on the website in a few minutes thanks to a number of ready-made integrations. The service commission is from 0.4%. 

CryptoCloud functionality includes accepting payments via checkout, invoicing, generating payment links, working with statistics and analytics, connecting other company employees to the personal account and quick withdrawal of funds to your wallet.  

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Several projects can be connected to one account. In addition, the merchant can choose the commission's payment side and customize the payment accuracy. The system supports such currencies as Bitcoin, Ethereum, Litecoin, Tether — the list of available currencies keeps expanding.

Cryptocurrency Payment Systems

BitPay is one of the most popular cryptocurrency payment gateways that offers users a number of useful services: a wallet, prepaid cards, processing, a system for accepting donations and selling NFT, tools for mass distributions, and much more. This system incorporates functionality for individuals and businesses. 

Unfortunately, BitPay is not available in many countries. However, alternative solutions exist, including CryptoCloud. This functional service offers a free connection, low commissions, multilingual checkout, and support for major cryptocurrencies. More information can be found on the official website.  

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