Cryptocurrency as payment? | BitPay- A Bitcoin Payment Service

Hello Steemians,

Today I am back with my another entry on Challenge 1 of Crypto Challenge Month. I have covered the major companies i.e. Coinpayment.net and CoinGate.com in my previous posts. So today I came up with Bitpay.com. Bitpay is a Bitcoin payment service provider. BitPay supports settlement in 5 Cryptocurrencies that we'll discuss later in this post. Also, If you want to know about my favourite Crypto, then check out my previous post.

Challenge 1: My favourite Cryptocurrency, how can we get businesses to accept it as payment?

As I said today I will share my knowledge on Bitpay.com. Have you heard about this website before? If not, let's continue reading to this post to get a brief knowledge about this website.

About Bitpay

Let's start with a brief history of Bitpay. BitPay is a bitcoin payment service provider headquartered in Atlanta, Georgia, United States. It was founded by Tony Gallippi and Stephen Pair. BitPay supports settlement in 12 currencies (5 Cryptocurrencies) and direct bank deposit in 37 countries. Cryptocurrency settlements are supported in over 200 countries.

Supported Currencies on Bitpay

• Cryptocurrency - Bitcoin (BTC), Bitcoin Cash (BCH), Gemini Dollars (GUSD), Paxos (PAX), and USD Coin by CENTRE (USDC)
• AUD - Australian Dollars
• EUR - Euros
• GBP - Pounds Sterling
• MXN - Mexican Pesos
• NZD - New Zealand Dollar
• USD - US Dollars
• ZAR - South African Rand

I will discuss only about supported cryptocurrencies in this post.

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Supported Cryptocurrencies

As I sai I'll provide all the necessary information about cryptocurrencies on Bitpay. So, If you choose settlement in cryptocurrency then Bitpay will process settlement to your species wallet address.

BitPay supports the cost of any applicable miner fees when sending out crypto settlements.

• Bitcoin (BTC) has a settlement minimum of 0.01 BTC.
• Bitcoin Cash (BCH) has a settlement minimum of 0.01 BCH.
• Gemini USD (GUSD) has a settlement minimum of 20 GUSD.
• Paxos (PAX) has a settlement minimum of 20 PAX.
• USD Coin by CENTRE (USDC) has a settlement minimum of 20 USDC.

Supported Cuntries

BitPay provides payment processing and cryptocurrency settlement for merchants in the 229 countries and territories. It's not possible to mention them all in this post so you can check supported countries by clicking Here.

Cryptocurrency Split

Merchants have an option of Cryptocurrency Split on Bitpay. Many merchants choose to take a percentage of their settlement in BTC, BCH, GUSD, PAX, or USDC. You can choose to take any percentage – or all of it – in cryptocurrency (BTC, BCH, GUSD, PAX, or USDC). You can set up a Cryptocurrency Split in your Settlement settings.

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All the above information aimed for understanding more about Bitpay and it's supported currencies. Now I can go further to our main topic of discussion "how can we get businesses to accept cryptocurrencies as payment?". So let's get deep into the topic.

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There are two options on Bitpay's website, the first one is "Business" and the second one is "Personal". I will discuss about both business-oriented & personal products on Bitpay.

Products for buisnesses by Bitpay

The company offering several methods of cryptocurrency payments for websites and stores. As you can see in the "Products" option on their homepage, there are 3 business options that we will discuss in this post.

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Let's discuss these 3 products.

Online Payments

If you're looking for crypto payment gateway for your business then please go through this section. You can start accepting listed Cryptocurrencies with an easy setup on Bitpay. It's an easy secure and charges only 1% as transaction fees. Higher fees apply to high-risk industries. Let's discuss more about Online Payments, Billing and In-store Sections.

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Click on the source to visit directly to Online Payment page.

Billing

You can accept crypto payments for your businesses with Email billing. Send bills directly to your clients with the help of Bitpay. This will reduce excessive costs, complications, and risks.

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Click on the Source to visit directly to the Billing page.

In-store

This section is for the retail businesses to accept Bitcoin and Bitcoin Cash payments from setup to settlement by using Bitpay IOS or Android app. I'm not sure but this app might be required at both ends to perform a transaction.

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Click on Source if you want to know the detailed procedure of in-store payment. It's a quite impressive feature for crypto payments. We do normally use UPI QR payments in our daily life. This feature is also kind of same to this.

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Products for Individuals by Bitpay

The company offering several methods of cryptocurrency payments for Individuals. As you can see in the "Products" option on their homepage, there are 3 Individual options that we will discuss in this post.

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Let's discuss these 3 products.

Wallet

Wallet refers to a Bitpay wallet that allows you to convert your crypto into dollars for further use. All Individual's services will be done through Bitpay wallet. All you need to add your cryptocurrency into your Bitpay wallet.

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You need to download the Bitpay app to use Bitpay wallet for an uninterpreted payment service. Their app is available on every major platform i.e. Andriod, IOS, Windows, Linux.

Card

Bitpay allows you to manage and spend your Bitcoins with the Bitpay wallet. You can instantly load an amount of your choice to your card through Bitpay wallet, without any conversion fees. But Network fees and miner fees will be applicable on this card.

Bitpay card is a Prepaid Mastercard for the Bitpay wallet users. To get your card you need to Download the Bitpay android/IOS app and then load an amount in your wallet. After that, you can simply apply/order for a physical card.

You will be charged $10.00 for Card Issue (Network fees and miner fees may apply) and $2.50 for ATM fee. For any further fee & limit details please visit Bitpay.

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You can click on the source to visit directly to Card page for any further information.

Extension

There is nothing much to tell about an extension. It's a Google Chrome Extension that allows you to pay through Bitpay wallet. It's easy to use and for the convenience of the individuals. It will help users to save their precious time.

Gift Card

This product is not listed on their homepage but this is the part of Bitpay wallet. They supported about 50 brand's gift cards which includes major names such as Amazon, Allen Solly, PizzaHut etc.
You can buy gift cards using an extension or through their application

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Click on the source to visit directly to Gift Card page.

These features are covering all payment problems in online or offline stores, it is easy to use and we are all familiar with these types of payments.

So that's all from my side on this post on Bitpay.com. This website seems to be very helpful for bitcoin holders. If you're one of them then check this for sure. This website offering multiple methods for setting up cryptocurrency payments.

Thank you,