BitPay Review & User Guide 2019: Features, Security, Fees

Bitpay is a crypto-payment gateway platform that was established in 2011 and is based in Atlanta Georgia.  The platform makes it easy for merchants to accept payment in bitcoin. In fact, Bitpay was established by Tony Gallipi during Bitcoin’s early days. By providing a mobile checkout process, buyers can have funds directly transferred from their bitcoin wallet to the seller’s bank account. Fast forward into a decade later, Bitpay has a base in more than 38 countries. This post will be covering an in-depth BitPay review and user guide.

Furthermore, the gateway giant has partnered with several leading payment firms such as Paypal, WordPress, NewEgg, and Microsoft. Meanwhile,  it has also established two open source projects for Bitcoin; Bitcore and CoPay. The platform’s notable features include a BitPay Card that functions as a Debit/Credit Card. This card allows you to utilize your Bitcoins anywhere that accepts Visa. 

bitpay review

All you need is creating your business account, and gain access to millions of merchants accepting payments in crypto. Additionally, you can open an individual account interchanging between crypto and fiat. After providing the necessary documentation and personal details, Bitpay will provide you with a wallet and its Bitpay Card. You will then be able to make and accept crypto payments using the card. 

Sign up on the World’s Leading Bitcoin Payment Gateway

Labeled as one of the most convenient crypto payment processing firms, Bitpay is ideal for businesses that want to accept Bitcoin as a means of payment. The platform delivers an array of cutting edge features and benefits. For instance, you will find direct bank deposits, 2-factor authentication, email invoicing, ledger payment tracking, Cryptographically secure APIs, best bid exchange rates among others. We will dig dip about all these features in the following BitPay Review. 

Unwrapping Bitpay 

Bitpay is deployed through the following devices: Android, Windows Mobile, and iPhone/Ipad. The deployment comes with a lightning speed online set up customized for online payment. On top of which there are two storage wallets, that we are going to discuss in later parts of this BitPay Review. 

Additionally, users benefit from massive personalization for speed confirmations and security. It also supports up to 40 invoicing languages. This translates to a global consensus while executing borderless payments.  

The platform is built on the bitcoin blockchain. Therefore protects users from chargeback fraud and identity theft. While the Bitpay Card subjects users to a 3% processing fee per transaction; it also offers a flat rate charge of 1% settlement. 

what is bitpay

Bitpay Visa Card

The BitPay Visa Card was launched in 2016 amidst lots of positive responses from users. The card as tethered to a Wave Crest Backing. Wave Crest is a European Card Issuer. 

Within no time, BitPay changed its Bitcoin processing firm from Wave Crest to Metropolitan Commercial Bank. A decision sparked by a service disruption colluded by Visa. The Visa Card allows users to execute transactions at a physical point of sale register. 

Additionally, a Cardholder could also withdraw Bitcoin for the equivalent BTC fiat from an ATM. However, they should first fill up the card with an equivalent amount of Bitcoin. A fit that you can easily accomplish through the BitPay Wallet Application.

BitPay beats its competition through its unique Visa Card, given that there only exists a limited amount of such options. While some crypto payment firms have tried to provide such a card before; they have fizzled out before surfacing into the market due to limited adoption rates. Since their disruption due to Wave Crest’s interruption, the payment service has not received any customer complaints. In fact, it has continued to provide high-quality services in the payment of both Bitcoin Cash and Bitcoin through its mainstream Visa Card.

bitpay visa card

BitPay comes with two wallet services. Both wallets are a free solution for individuals using Bitcoin (BTC)  and Bitcoin Cash (BCH). Let’s take a look at both wallets. 

  • CoPay Wallet
  • BitPay Wallet

CoPay Wallet

CoPay allows users to use and store their bitcoin safely. The wallet is an entirely open source as earlier mentioned and functions as a hierarchical deterministic (HD) wallet. An HD wallet avails users with keys that are cryptographically encrypted and beyond cracking; even while implementing advanced hacking methods. 

Also, note that the CoPay Wallet is a multi-signature. Hence, would you want multiple people to have access to the wallet, they can do so at once. This is a good feature for a business or group based transactions with multiple administrators. Furthermore, the wallet is cross-compatible with iOS, Android, Linux, Windows OS, and Mac OS. 

Finally, note that CoPay Wallet is a stand-alone application and does not come with other services. Therefore, put in mind that it does not directly leverage to Bitpay’s payment gateway. However, BitPay’s Payment Services has directly integrated CoPay’s developmental and security details to improve its BitPay Wallet. The leveraged developmental features make the wallet as user-friendly and secure as CoPay. 

BitPay Wallet

BitPay Inc released its wallet in 2016. As earlier mentioned, the wallet was built on top of CoPay’s Wallet platform. Therefore, you will easily familiarise yourself with the wallet in case you have used CoPay before. BitPay wallet simplifies a customer’s ability to convert, spend and purchase items through bitcoin.

Therefore and unlike CoPay which only allows users to store their bitcoins; this gives you more functionality.  You will also find another payment feature called Gildera. The feature ensures that you can use Bitcoin without necessarily storing them in an exchange wallet. Moreover, the Bitpay wallet will allow you to conveniently manage your BitPay Visa Card. 

To check your balance, navigate to the menu and quickly load your balance. As long as you are using Bitcoin, you will get a flat rate fee offer for loading the balance. This is such an important feature given that it brings multiple features through one wallet solution. Similar to CoPay, you will also find the multi-signature feature. 

Generally, note that the multi-signature provides a level of security and safety; by ensuring that all signatories sign off a particular transaction. Hence, all devices and wallets that have access to the wallets can sign off a transaction and prevent identity thefts and security breaches. 

BitPay Customer Support

You can reach out to a customer query to BitPay support through a live ticket, phone, via email or training. Nevertheless, the payment firm only allows email support to most of its merchant clients. However, it only extends their live support to large companies. 

We are yet to confirm whether BitPay provides prompt responses to user queries. This is because we got mixed reactions on this after we reached out to them and received a prompt response within 6 hours. Meanwhile, we had previously received complaints claiming BitPay’s customer support is often unhelpful. 

BitPay Fees, Rates and Pricing 

Given that BitPay does not have to go through Visa/Mastercard payment processing gateways; it is able to avoid interchange rates and other payment processing fees. (Such as setting up fees, monthly minimum fees, PCL compliance fees, statement fees, and chargeback fees). As a result, BitPay can easily provide some of the cheapest rates in payment processing. 

The platform does not also charge cancelation fees. Although a merchant can terminate service with BitPay whenever they like, they should speculate potential funds hold. Although these holds may not take long. 

Standard risk businesses are subject to 1%  per transaction fee with no additional charges. However, merchants in high-risk businesses could be subject to higher risk charges which will be agreed after account set-up. 

Meanwhile, users will benefit from email support, automatic payment exception handling, basic E-commerce, Quickbooks and multiple user support. On the other hand, enterprise-level companies could obtain either priority support or lower pricing. The popularity of dropshipping platforms such as Ali Express and Shopify makes BitPay even more valuable during this era. You can check out BitPay Shopify reviews to grasp what merchants are doing to integrate both services. 

Overview of BitPay Features 

  • Direct Bank Deposit
  • 2-Factor Authentication
  • Mobile Optimization
  • 40 languages Invoicing
  • Cryptographically Secure API
  • Ledger Payment Tracking
  • Custom Transaction Speed Setting Options
  • Email, Server and Mobile Payment Notifications
  • Hosted Integrations
  • Email Invoicing
  • Gratuity options
  • Payment Buttons
  • Hosted Checkout
  • Billing Plugins
  • Web-based Checkout
  • Direct Point of Sale Integrations
  • Multiple User Capability
  • Mobile PoS Application

Security Features

BitPay’s Wallet storage facilities (CoPay and BitPay Wallet) protect a customer’s cryptocurrency from hackers. Although both wallets do not utilize Google’s two-factor authentication process; they have integrated the Bitcoin Payment Protocol (BIP) to validate the execution ends of a transaction. Since they are not subject to KYC policies and all Bitcoin transactions are entirely anonymous; I’m sure this clears the doubt on – Is BitPay anonymous?  

BitPay Review: Bottom Line

From the perspective of a merchant, Bitpay is the most convenient means of payment. The platform’s ability to bypass certain general fees appeals to the merchant. Mainly because they can easily charge lower fees on their products. There has been a massive debate between BitPay Vs Coinbase. To clear the air, we would like to say that both platforms are entirely different. While this is a crypto payment processing gateway, Coinbase is a cryptocurrency exchange platform. Additionally, they have been complaints that it is imposing a network fee on users. This resulted in merchants resorting to available Bitpay alternatives such as PayBear and CoinPayments. Finally,  the platform avails two wallets that will certainly add functionality to your crypto. If you prefer using Bitcoin as a form of payment or; are looking to diversify your means of payment – BitPay is the way to go. Consider the above BitPay review and make an informed decision. 

Read Also: CoinGate Review

Bitpay Review

Summary

BitPay works as an automated payment processing for cryptocurrency which easily allows for third party merchants to accept digital currency as a form of payment.

Overall
4.8
  • Usability
  • Security
  • Fee Rates
  • Support

Pros

 

  • Cross Compatibility
  • Multi-language Support
  • Simple BitPay Sign Up Process
  • Protection from Identity theft and Chargeback fraud
  • Multiple User Capability and Transaction sign Off

Cons

  • Android platform is risky

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