Comparison of the main Bitcoin payment providers
In this article we present the most important Bitcoin payment providers (Bitcoin Payment Processor, Bitcoin Payment Service Provider). In previous articles we have described what to look for when accepting Bitcoin in an online store, how a Bitcoin payment in an online store works and what a Bitcoin payment provider does.
In this article we present the most important Bitcoin payment providers. We talk about the specifics of each Bitcoin payment provider, which cryptocurrencies are supported, which store modules are offered to simplify the integration of the payment method into the internet store.
Selection criteria according to a Bitcoin payment provider
Technical requirement to accept Bitcoin
What are the technical requirements to accept Bitcoin in the online store?
- a store software such as for example from WooCommerce, Shopware, Drupal, Magento, Shopify or PrestaShop
- a Bitcoin payment provider for crypto payment processing
- a plugin, extension or API connection to establish a connection between store software and Bitcoin payment provider
What do you want as an online store operator?
When it comes to meeting the technical requirements, the store software is already specified by the existing online store. Now, to be able to accept crypto, Bitcoin or Lightning in the online store, it requires selecting for the appropriate Bitcoin payment provider and a suitable extension to link the store software with the payment provider. To do this, you should deal with the following questions for yourself:
- Which store software is used?
- Do you want to receive euros or would you rather keep the bitcoin?
- In addition to Bitcoin and Lightning, which cryptocurrencies would you like to offer to your customers?
Which cryptocurrency to accept?
Should you offer many cryptocurrencies in your online store or focus on the most important cryptocurrencies? In the article “Which cryptocurrency to accept” we shed some light on this question.
What every online store needs to offer is Bitcoin and Lightning. Almost every cryptocurrency owner also has Bitcoin and can pay with it. Bitcoin Lightning is also Bitcoin. Lightning is another layer of Bitcoin, which is specifically designed for payment processing.
Some payment providers have focused on Bitcoin and Lightning payment processing and other payment providers support a few select cryptocurrencies and yet other payment providers have set a goal of offering as many cryptocurrencies as possible.
Choosing the right cryptocurrency can depend on the product, the target audience, or even the region where the products will be sold.
Bitcoin payment processing fees
The fees are almost identical for all providers and amount to 1% of the turnover on average. Thus, the payment processing of cryptocurrencies is much cheaper than for the traditional payment methods. In addition, as a merchant you have the advantage that there are no chargebacks and the sales are credited immediately.
No percentage fees are charged on sales and usually monthly fees are waived and the corresponding store extensions are provided free of charge. Some Bitcoin payment providers charge a fee for converting crypto to euros or for making a withdrawal to your bank account.
The BTCPay Server solution also does not charge a percentage fee on the turnover. Payment processing for the BTCPay server is free of charge. You pay only the cost of running your own server at your Internet provider (VPS).
The most important Bitcoin payment providers
Bitpay
Bitpay was one of the first Bitcoin payment providers and was for a long period of time the largest and most well-known Bitcoin payment provider and was used by most merchants worldwide.
Bitpay lost this special position because it resisted technical innovations and tried to establish its own standard.
BitPay only accepts payments that support the BIP70 protocol. Since not all Bitcoin wallets support this protocol, payers using other Bitcoin wallets experience payment interruptions.
Technical advancements such as Segwit were not supported.
End users who make a purchase from a merchant that is greater than $3,000.00 must create a Bitpay ID. For the Bitpay ID, these customers have to legitimize themselves to Bitpay and carry out a legitimation check including KYC.
A recommendation can no longer be made for the former market leader.
- Fees: No base fee, No transaction fee, 1% on volume. No further fee is charged for the withdrawal.
- Cryptocurrencies: Bitcoin and Lightning, Bitcoin Cash, XRP, Dodge
- Plugins / Module: https://bitpay.com/docs/plugins WooCommerce, Shopify, WHMCS, Magento 1& 2, OpenCart, PrestaShop, Drupa, Easy Digital Downloads, Ubercart, Zen Cert
- API:
- Github: https://github.com/bitpay
- Location: USA
- Website: https://bitpay.com/online-payments
- Special features: Registration and legitimation check of payers with Bitpay before paying with cryptocurrencies at the merchant.
BTCPay Server
For Bitcoin payment processing, one can use the services of a Bitcoin payment processor.
However, if you prefer to handle Bitcoin payments on your own technical infrastructure, you can do so with the help of the BTCPay server.
With the BTCPay Server you are your own payment provider. It is a free open source software that you can install and use yourself on your server. Accordingly, no legitimation check is required and no fees are incurred.
The BTCPay server supports Bitcoin and Lightning payment methods. Other payment methods can be added optionally.
Bitcoin payment receipts are credited directly to your own Bitcoin wallet.
You can find more information in our article: BTCPay Server
- Fees: No base fee, No transaction fee, No volume.
- Cryptocurrencies: Bitcoin and Lightning.
- Plugins / Module: WooCommerce, Shopify, Drupal, Magento, PrestaShop, Shopware
- API: https://docs.btcpayserver.org/API/Greenfield/v1/
- Github: https://github.com/btcpayserver
- Location:
- Website: https://btcpayserver.org/
- Special features:
Own Bitcoin payment processing on your own server,
Everything under your own control,
No KYC,
No fees
Coincharge
Coincharge supports businesses with Bitcoin payment processing based on the BTCPay server. Merchants receive their own BTCPay server or can share an existing BTCPay server.
Bitcoin payment receipts are credited directly to your own Bitcoin wallet. If desired, also at a Bitcoin exchange to receive credit in a fiat currency.
For more information about Bitcoin payment services, see: Coincharge products and services
- Fees: No base fee, No transaction fee, No volume.
- Cryptocurrencies: Bitcoin and Lightning
- Plugins / Module: WooCommerce, Shopify, Drupal, Magento, PrestaShop, Shopware
- Github: https://github.com/coincharge-io
- Location: Germany
- Website: https//coincharge.io
- Special features:
- Credit to own Bitcoin Wallet
- No KYC
- No fees,
- one-time setup fee for installation on own server
CoinGate
Coingate also impresses with an extensive selection of over 50 different cryptocurrencies. All cryptocurrencies relevant for payment processing are supported. It is especially worth mentioning that Coingate supports Lightning payments.
- Fees: No base fee, No transaction fee, 1% on volume. Withdrawals by SEPA bank transfer do not cost any fees (minimum amount €50,-). For international withdrawals (outside EU) a fee of 1% is charged.
- Cryptocurrencies: over 80 cryptocurrencies such as Bitcoin and Lightning, XRP, Stellar, Dogecoin, Litecoin, Ethereum, Bitcoin Cash,
- Plugins / Module: WooCommerce, PrestaShop, VirtueMart, Magento 2, WHMOS, Opencart, OScommerce, blesta, zencart, thirty bees https://coingate.com/plugins
- API: https://developer.coingate.com/
- Github: https://github.com/coingate
- Location: Lithuania
- Website: https://coingate.com/accept
- Special features:
Coinpayments
Coinpayments is the provider with the most extensive selection of accepted cryptocurrencies. If you want to offer your customers an almost complete selection of all available cryptocurrencies, you will find what you are looking for at Coinpayments.
You can choose which cryptocurrencies you want to offer to your customers. Then you determine whether you want to keep this cryptocurrency or have it automatically converted into another cryptocurrency (e.g. Bitcoin).
The payout is also made exclusively in cryptocurrencies.
- Fees: No base fee, No transaction fee, 0.5% on volume.
- Cryptocurrencies: More than 80 Coins. Among others: itcoin and Lightning, Bitcoin Cash, Litecoin, Dash, Dogecoin, Ether, Monero
- Plugins / Module: Magento, Shopify, WooCommerce, Opnecart, drupal, PrestaShop, WHMCS, Easy Digital Download, Hikashop, ecwid, Übercart, xcart, zen cart, Virtuemart https://www.coinpayments.net/merchant-tools-plugins
- API: https://www.coinpayments.net/apidoc
- Github: https://github.com/CoinPaymentsNet
- Location: Estonia
- Website: https://www.coinpayments.net/
- Special features:
The payout is made to crypto wallet of the merchant.
No direct payout in fiat currency.
Even if the payout is made in cryptocurrency, the trader must perform a KYC.
Coinbase Commerce
Coinbase Commerce is a division of the crypto exchange Coinbase.
Coinbase Commerce supports the most significant cryptocurrencies for payment processing and with WooCommerce and Shopify the two largest store software solutions.
Coinbase Commerce does not support Bitcoin Lightning (as of December 2022)
- Fees: No base fee, No transaction fee, 1% on volume.
- Cryptocurrencies: Bitcoin, Ethereum, USD coin, Litecoin, DAI, Dogecoin, Bitcoin Cash
- Plugins / Modul: Shopify, WooCommerce, https://commerce.coinbase.com/integrate
- API: https://commerce.coinbase.com/docs/
- Github:
- Location: USA
- Webseite: https://commerce.coinbase.com/?lang=de
- Special features:
Coinbase offers a Self managed solution and a Coinbase managed solution. With the self-managed solution, the collected Bitcoin go directly to the merchant’s own wallet. The merchant is then free to decide when he wants to exchange his bitcoin into euros on the Coinbase exchange.
With the Coinbase managed solution, bitcoin are credited directly to a Coinbase wallet and immediately exchanged into euros.
Lightning payments are not supported
Globee
Report follows
- Fees: No base fee, No transaction fee, 1.96% on volume.
- Cryptocurrencies: Bitcoin, Monero, Dodgecoin, Ethereum, USD-Tether,
- Plugins / Modul: Shopify, WooCommerce, WordPress e-commerce, OpenCart, Magento, PrestaShop https://globee.com/plugins
- API: https://globee.com/docs
- Github: https://github.com/GloBee-Official
- Location: Switzerland
- Website: https://globee.com/
- Special features: Lightning payments are not supported
OpenNode
OpenNode specializes in payment processing for Bitcoin and Lightning payments. Especially in the area of Lightning payments, OpenNode has earned a good reputation and convinces with industry-specific solutions.
The payouts can be made in Bitcoin or also in fiat currencies.
OpenNode, a KYC must be made even if the payout is in a cryptocurrency.
OpenNode is a recommendation if you want to accept Bitcoin and Lightning payments exclusively.
- Fees: No base fee, No transaction fee, 1% on volume.
- Cryptocurrencies: Bitcoin and Lightning
- Plugins / Modul:: WooCommerce, Magento, Shopify, Opencart, Prestashop https://www.opennode.com/integrations/
- API: https://developers.opennode.com/reference
- Github: https://github.com/opennodedev
- Location: USA
- Website: https://www.opennode.com/
- Special Features: Opennode is a Bitcoin Only payment processor and supports Bitcoin and Lightning payment processing only.
Utrust
Report follows
- Fees: No base fee, No transaction fee, 1% on volume.
- Cryptocurrencies: Bitcoin, Ethereum, Tether, Dash
- Plugins / Module: WooCommerce, Magento, PrestaShop, Gambio, opencart,
- API: https://docs.api.utrust.com/
- Github: https://github.com/utrustdev
- Location: Switzerland
- Website: https://utrust.com/business/
- Special features:
Direct conversion of the turnover into a fiat currency, EUR, USD, pound
Utrust does not offer Lightning payment
B2BinPay
Report follows
- Fees: 0.5% on turnover, no monthly fee, no transaction fee
- Cryptocurrencies: Bitcoin, Ethereum. Cardano, Litecoin, Monero, Bitcoin Cash, Ripple (XRP), Dash and Stablecoins like Tether, Binance USD, USD Coin and Tokens.
- Plugins / Modul: WooCommerce, Magento, PrestaShop
- API:
- Github:
- Location: Estonia
- Website: https://b2binpay.eu/
- Special features:
B2BinPay does not support Lightning payments
NOWPayments
Report follows
- Fees: 0.5% on the volume. Withdrawal fee to bank account between 1.5 to 2.3% depending on volume.
- Cryptocurrencies: Over 50 different cryptocurrencies such as: Bitcoin, Ethereum XRP, Tether, Litecoin, Bitcoin Cash, Dogecoin, Nano, Monero, Dash, Vechain, Cardano, Shiba Inu, Binance USD, DAI, USD Coin,
- Plugins / Modul: Shopify, WooCommerce, opencart, Ecwid, WHMOS, PrestaShop, Magento, zencart und Shopware
- API: https://documenter.getpostman.com/view/7907941/S1a32n38?version=latest
- Github:
- Location: Sychelles with contact in Amsterdam (Netherlands)
- Website: https://nowpayments.io/
- Special Features: No Lightning payments
Blockonomics
Blockonomics is a Bitcoin payment service provider where incoming payments are credited directly to your own Bitcoin wallet. During the registration you have to enter your xPub key.
- Fees: No base fee, No transaction fee, 1% on turnover.
- Cryptocurrencies: Bitcoin & Bitcoin Cash
- Plugins / Module: WooCommerce, WHMCS, EasyDigitalDownload, Opencart, Prestashop
- API: https://www.blockonomics.co/views/api.html
- Github: https://github.com/blockonomics
- Location:
- Website: https://www.blockonomics.co/merchants
- Special features:
- No KYC
- Credit to own Bitcoin Wallet
Do you want to accept Bitcoin in your online store?
In this post, we have presented the main Bitcoin payment providers. Do you want to accept crypto and bitcoin payments in your internet store, then we recommend the following articles:
Do you want to accept Bitcoin in your online store and would like more information or individual advice? Then arrange a personal consultation with Coincharge.
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