By far the easiest way to accept Bitcoin payments is by using a third-party payment processor. Although this also means giving up control over finances, it is the quickest way to convert Bitcoin to fiat currency. Multiple Bitcoin payment processors are competing for a top spot on the market, although some names are more prominent than others. The following list is put together in random order and does not necessarily reflect the market position of individual companies.
Most people know the Coinbase platform as an exchange and wallet service. But Coinbase also offers merchant services, allowing anyone in the world to accept Bitcoin payments through a website or other online means. It is equally possible to convert incoming Bitcoin to fiat currency right away, although that is not something everyone will be looking to do.
One possible drawback is how the conversion from Bitcoin transfers to fiat currency can take a few days to complete. Coinbase does send out funds every day, but it can take two to three business days before the bank transfer completes. However, the company also offers a way to refund customers, which may come in handy for some transactions. Do keep in mind that there is no charge for keeping Bitcoin transfers in BTC, but there is 1% conversion fee for local currencies.
The name CoinPayments should ring a bell among cryptocurrency enthusiasts. The company specializes in Bitcoin payments, but they accept a growing list of altcoin payments as well. Plus, they have a plugin that works with most popular webcart tools in existence today, including WooCommerce, OpenCart, and Magento.
Customers in the United States and Eurozone can have their incoming transactions converted to fiat currency if they want to. Moreover, it is possible to convert altcoins to their respective Bitcoin balances, for example. It is unclear if CoinPayments charges any fee other than the cryptocurrency’s transaction fee, but that does not appear to be the case.
Although BitKassa may not be the biggest name in the cryptocurrency merchant solution world yet, they have seen their fair share of success. Initiatives such as Arnhem Bitcoinstad and Ghent Bitcoincity rely on retailers accepting BitKassa payments. The company also offers online solutions which allow funds to be converted to Euros automatically–an attractive option to explore for sure.
When talking about accepting Bitcoin payments, one cannot discount Bitpay by any means. The company has become the global leader in processing Bitcoin transactions over the past few years and continues to expand its presence on a regular basis. A free plan is available, although most users will roll over into the business category, which is subject to a 1% fee for all transactions.
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