Bitcoin Payment Provider vs. BTCPay Server
For Bitcoin payment processing, online merchants can use the services of a Bitcoin payment provider. What services a Bitcoin payment provider provides was presented in the article What does a Bitcoin payment provider do.
What services a Bitcoin payment provider provides was presented in the article What does a Bitcoin payment provider do.
Bitcoin is a peer-to-peer payment system that does away with middlemen and instances between the payer and the payee. If one were to use the services of a payment provider for Bitcoin payment processing, then one would again have integrated an intermediate instance that should actually be dispensed with.
This waiver of an intermediate instance is possible with the help of the BTCPay Server. With the open source based BTCPay server, the merchant is his own Bitcoin payment provider.
Anyone who has already integrated another payment method such as credit card or PayPal into their online store will be familiar with the lengthy registration and login process. You have to describe your business model and you have to present a lot of documents about yourself and your company.
This is not necessary with BTCPay Server. You run your own software in the form of the BTCpay server on a hosted server and can receive Bitcoin and Lightning payments that are credited directly to your own Bitcoin wallet.
You don’t have to justify your business model to anyone or even reveal your personal information when you accept Bitcoin payments through the BTCpay server.
While credit card and PayPal charge a percentage of sales and a transaction fee for payment processing, Bitcoin payment processing with the BTCPay server is free.
Andreas Antonopoulos explains why you should use your own Bitcoin payment processor in the form of a BTCPay server in his video post, “Bitcoin Q&A: Should You Use a Crypto Payment Processor?”
The BTCPay Server can be used to map a wide range of different business models. We present these different business models as practical examples at Coincharge.
Step by step guide
It should not go unmentioned here that the advantage of a Bitcoin payment provider can be that you get the Bitcoin automatically exchanged into USD or Euro and paid out to your bank account. This allows the accounting and bookkeeping department to post individual payments from customers as usual.
This is also possible with the help of BTCPay Server. If desired, the collected Bitcoin will be automatically forwarded to a Bitcoin exchange, sold there and credited to your own account in Euros.
If you want to accept Bitcoin and Lightning payments in your online store, BTCPay Server is a perfect solution.
From the standard solutions presented here to individual projects can be implemented on the basis of BTCPay Server. A large community of developers is available to realize these individual projects or to provide advice and support.
Coincharge relies on the developers and technology of BTCpay Server and are also happy to help you if you want to accept Bitcoin payments in your online store.