In the world of bitcoin and cryptocurrency, there is a growing demand for merchant services. Quite a few companies offer payment processing capabilities, although some enterprises have a much bigger name compared to the rest. It appears the number of merchant service providers continues to increase, which is a positive development. More competition in this space will benefit both retailers and consumers who are passionate about bitcoin.
Convenience is a big factor for retailers looking to accept bitcoin payments. 34 Bytes checks the right boxes, as the company allows businesses to accept BTC payments without using a tablet or smartphone. Users can have funds sent to a separate bitcoin wallet, or to a merchant’s Coinbase account. All of their point-of-sale terminals have built-in WiFi, which means anyone can use bitcoin as a payment option at all times.
One of the more popular companies to use as a bitcoin payment processor is called Coinkite, even though they shifted their business model quite a bit. For now, the company still offers stand-alone PoS terminals, which includes a receipt printer and support for mobile data. A second iteration of these terminals is currently in development, but no pricing or availability has been announced at this time. The company does not provide a way to accept online payments, though.
Not all bitcoin merchant solutions have to be overly complicated, and CoinSimple wants to make the process as simple as possible. CoinSimple connects to the client’s bitcoin wallet of choice and sends invoices to customers. Clients can price all of their products and services in BTC value, yet settle the purchase in national currency. All services are offered free of charge right now, although that situation will change to a subscription model in the future.
One of the oldest companies providing bitcoin merchant services is called CoinPayments. Not only does the platform support bitcoin, but they also process dozens of altcoin payments. CoinPayments integrates with most major shopping cart plugins, and the company also provides a point of sale interface. All transactions are subject to a 0.50 % processing fee, though.
Over in Europe, Bitkassa is quickly becoming a household name when it comes to accepting bitcoin payments. With a strong focus on in-store bitcoin merchant services, BitKassa has been very successful. Moreover, they are the primary merchant service provider for the Arnhem Bitcoincity initiative. All payments are converted to euros and paid out the next business days.
The Coinbase platform has become much more than just an exchange to buy and sell cryptocurrency. Businesses can start to accept Bitcoin payments through Coinbase, and avoid exposure to cryptocurrency volatility. Payouts are processed on a daily basis, and bank transfers should be completed within 2-3 business days. What sets Coinbase’s Bitcoin merchant services apart is how the company offers an option for Bitcoin payments through their API. Quite a few companies use Coinbase to accept Bitcoin payments, including Overstock.com and Expedia.
BitPay remains the market leader when it comes to bitcoin merchant services. The company has been around for several years, and even though they removed their free service plan, BitPay remains one of the most successful payment processors in the cryptocurrency world. With a 1% flat settlement fee for all bitcoin transactions, they are certainly worth considering for companies who expect a growing monthly bitcoin payment volume.
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