In the world of cryptocurrency payment processors, there are quite a few companies to choose from. Most people know BitPay, as it is the leading Bitcoin payment processor. One should not discount Coinbase or GoCoin either, as both companies have a solid track record. Now is a good time to compare all three companies and see what they have to offer.
A rapidly growing Bitcoin payment processor CoinGate mostly operates in the European market, but is also expanding to other regions, particularly Asia and South America. Quite recently, the Lithuanian company added other digital currencies to their service via ShapeShift. CoinGate company also offers several ways to buy Bitcoin. In addition to traditional bank transfers and credit card purchases, the company has recently introduced a brand new feature allowing users to buy Bitcoins with phone credit.
CoinGate provides a variety of merchant tools that allow online shops to accept digital currencies hassle-free. Even though CoinGate charges the same 1% of transaction fee to merchants as its other competitors, the company claims to offer end-users the best market rate without any hidden fees or added margins. Community research on Reddit shows that this indeed may be true.
With its gateway, CoinGate offers some added-value features that other payment processors lack, such as setting a desired invoice expiration time and accepting underpayments. The payment gateway can be integrated to virtually any website via API, or plugins and modules for a variety of shopping carts, such as WooCommerce, Magento, PrestaShop, and OpenCart, among others. Therefore, with its wide range of useful features and relatively low-cost processing, CoinGate is easily a great choice even compared to market leaders.
When it comes to processing Bitcoin payments, BitPay is a solid choice. The company has a good reputation and provides a service at affordable rates. Do keep in mind there is a 1% surcharge for all transactions, though. Merchants can convert incoming payments to fiat currency directly if they want to do so.
Additionally, companies such as BitPay provide all of the necessary tools to process Bitcoin payments securely. Moreover, it is a good solution for anyone who expects a lot of incoming Bitcoin transactions in the future. Unfortunately, their service is limited to Bitcoin only, which could be a bit of a drawback.
Similarly to what BitPay provides, Coinbase offers Bitcoin merchant services to users all over the world. They also charge a 1% fee for incoming transactions, and users can convert (a portion of) the incoming payments to fiat currency if they want to. Most people are familiar with Coinbase because of the company being a cryptocurrency exchange primarily.
For now, Coinbase also only supports Bitcoin for merchant transactions, despite the trading platform supporting multiple currencies. It is unclear if Ethereum and Litecoin payments will ever come to the merchant service, though. On the upside, the company also provides a convenient wallet service for all users, which means one can store incoming Bitcoin transfers in BTC on the same platform.
Cryptocurrency enthusiasts often tend to overlook GoCoin, despite the company providing some exciting merchant tools. It is the only payment processor on this list to support currencies other than Bitcoin. GoCoin allows anyone to accept Litecoin and Dogecoin payments as well. That is quite significant since both of these currencies are still very popular these days. GoCoin also charges a 1% transaction fee for all payments, which is in line with the other companies.
It is quite interesting to see so few companies accept payment methods other than Bitcoin. People who want to attract a lot of cryptocurrency customers may want to look into what GoCoin has to offer for sure. Accepting Litecoin, especially since the network activated Segregated Witness, can be one of the smartest business decisions. GoCoin is a company no one should overlook by any means.
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