Bitpay is a Bitcoin payment service provider based in Atlanta, United States. It was created and launched in 2011 when Bitcoin was still young. However, Bitpay saw the potential it had.
The goal of Bitpay is to revolutionise the financial industry along with Bitcoin to create a faster, more secure, and less expensive payment system on a global scale. It is currently the largest Bitcoin payment processor in the world, working to help businesses across six different continents.
Bitpay has created a seamless and secure Bitcoin payment service that thousands of Bitcoin users and businesses experience and use every day. Even though payment processing was its first mission, since the launch in 2011, the company has also created other services.
How it works
The payment service enables businesses to accept payments in Bitcoin and Bitcoin Cash and send those funds directly to a bank account. It allows these payments in 38 different countries, settled in euros, dollars, and many more currencies.
Bitpay works by allowing customers to pay with Bitcoin during their checkout process. They then pay the invoice to Bitpay at a locked-in exchange rate. After this, Bitpay uses modern technology to convert the Bitcoin into fiat whilst shielding the customer from any volatility risks. Finally, the business will then get the direct deposit into their bank account.
Why the need for Bitpay?
So why should you accept blockchain payments?
The first reason is that using Bitpay and paying with Bitcoin allows you to keep more of your money. Credit cards take up to 3% of processing fees for every transaction processed. However, by accepting Bitcoin and Bitcoin Cash, businesses can get direct bank deposits in any currency for a flat rate of 1%.
Another benefit is the end of chargeback fraud and identity theft. With other payment methods, customers and businesses are forced to shoulder certain risks of payment fraud. But with Bitcoin, customers are able to pay without giving sensitive personal information. Refunds are also made through the merchant, meaning there will be no chargeback.
One of the most beneficial aspects of using Bitpay and Bitcoin is the payment advantages it brings. With Bitpay, businesses are able to accept payments from online customers at checkout and accept bill payments across towns or borders. Businesses and customers can connect to borderless payment networks and can receive payments of any cost from any mobile or computer from anywhere in the world.
Bitpay has also created its own wallet with which users can manage their blockchain finances in one secure and open-source place. With the wallet, users no longer need to keep their crypto online. It has been proven that it is much safer to keep digital assets on a wallet as they are less likely to be hacked and no one has control over your money.
Users can also do more with their Bitcoin and Bitcoin Cash with the wallet. The Bitpay wallet enables you to buy and sell Bitcoin directly from within the wallet. You can also load and manage the Bitpay card, which is accepted at all Visa merchants and is compatible with all ATMs worldwide.
Bitpay is a great payment service for global businesses and customers alike. It has all the features to handle worldwide payments whilst having the security and easy interface for beginners.
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