What is Bitpay?
When Bitcoin hit the market as a digital currency, very few people believed in its viability. However, the little who did see opportunities moved in to fill the gaps created.
Among the believers were founders of Bitpay -a Bitcoin payment processing platform for merchants. Started way back in 2011, Bitpay works to offer its services worldwide and is now among one of the best payment processing platforms with Bitcoin.
Besides that, BitPay is also the leading platform when it comes to enabling business to start accepting Bitcoin as a mode of payment.
As the leading Bitcoin payment processing platform, Bitpay products are crafted to meet the needs of its individual and business customers. As such, Bitpay has categorized its products into two -for the business community while the other products are for their other customers.
Bitpay Individual Products
For individuals, Bitpay has two products, its card and wallet. Through its card, its customers can quickly convert their digital coins into fiat and pay for either goods or services during shopping. The card is easy to use and can also channel funds from your wallet or app into fiat currency in seconds, enabling you to pay for your bills with ease.
On the other hand, crypto enthusiasts who double up as Bitpay customers have wallets at their disposal to securely store their coins and easily access them. However, that’s not all, by using Bitpays wallet, one can take advantage of all the security measures in place to ensure their funds are secure.
For security purposes, the wallet comes with a multi-sig security measure. Similarly, users can strengthen their wallets security measure by using biometrics or personal pins. Apart from that, the wallet also comes with some additional uses. Through it, users get push notifications which enable them to monitor their spending.
Bitpays Products For businesses
For the business community, Bitpay has three products available for them;- online payment services, billing and instore as their main products.
The online payment product is all about activating the acceptance of Bitcoin and Bitcoin Cash via the website.
“BitPay provides payments buttons, a hosted checkout, and embeddable invoices for your website. BitPay also works with countless plugins and integrations.” They say from their website
On the other hand, the billing product is available to enable business owners to send bills to their clients electronically via email.
In store Product
When it comes to Bitpay’s instore product, it is all about enabling retailers to start accepting Bitcoin or Bitcoin Cash as a mode of payment in their online stores.
Accept Bitcoin in Person
In addition to enabling businesses and persons to sign up for one of its products, Bitpay also allows business owners to accept crypto in person through its checkout app. The app is available for Android and iOS devices and enables users to settle their bills via their smartphones. The process is simple and takes seconds to initiate and close the transaction.
How Bitpay checkout app works
The customer’s bill, which leads to the customer scanning the bar code via their phones to pay the bill. After that, Bitpay proceeds to convert the payment from crypto to fiat and credits the store’s bank account in the next business day.
With that, Bitpay has got you covered when it comes to accepting Bitcoin in person. Through the checkout app, multiple devices can be set up as POS devices to enable the retailers to accept payments in person and via crypto. On the other hand, users benefit from the app since it’s not affected by crypto’s price volatility. They also enjoy a flat-rate fee of 1%.
Bitpay is doing its best to ensure its services are available across the globe. For that, it has partnered with many other firms.