The growing acceptance of cryptocurrencies is having a positive impact on the crypto payment gateway sector. Merchants are increasingly finding new reasons to set up crypto payment methods. On the other hand, more crypto proponents are willing to use their digital assets to pay for services and products.
In the end, it is up to crypto payment gateways to milk this opportunity and make a name for themselves. As expected, some crypto payment gateways have already taken up the mantle by providing competitive features and prices. One of such platforms is Plisio. In this guide, we will highlight all of the information you need to know before you use Plisio, including its pros and cons.
Plisio is a platform designed to offer payment and other related services to individual users and businesses. You can either use Plisio primarily as a wallet or connect it to your business as a gateway to process crypto payments and generate invoices. Since we are focusing more on the crypto payment gateway sector, this article will base its research on the performance of the business and enterprise-based services of Plisio.
For Plisio, it is critical for merchants to have access to a fully functioning, simple, and affordable payment rail that can cope with technicalities involved in crypto and blockchain technology. The world is currently experiencing a dynamic shift towards a digital economy, where crypto is projected to increasingly influence. And so, offerings like Plisio are crucial to the growing status of cryptocurrencies, as they must enable easy-to-install and understand solutions that are suitable for a mainstream audience.
It is worth noting that Plisio has ensured that its services borders on these key elements. According to the information on its website, merchants only have to scale an easy setup process to start receiving crypto payments. There is also an option for executing massive payouts. In other words, businesses can opt to use Plisio for paying employees, clients, and suppliers. With Plisio, there are no boundaries or limits to what you can do with your digital asset as long as it is legal. It is possible to pool 1,000 transactions and save up to 80% in fees with the mass payout option.
You can also integrate seamlessly with a variety of plugins, including Woocommerce, OpenCarts, Magento, Prestashop, and VirtueMart. More importantly, using Plisio helps reduce the risk of falling victim to fraud. Since the payments are processed via the blockchain, you do not run the risk of chargebacks and uncompleted payments.
There is also the added advantage of enjoying privacy-focused services. Plisio claims that it does not store the information and data of users longer than it is needed. Users do not have to scale KYC requirements to use the platform. Therefore, the probability of losing user data to hackers is very slim. Another important detail you need to know is that Plisio provides reporting and account management tools, which you can use to track transaction history and balances.
What are the supported cryptocurrencies?
Note that Plisio is a relatively new platform. As such, it does not support the wide variety of cryptocurrencies that we have come to expect from established crypto payment gateways. However, the platform ensures that its offering captures the most popular digital assets, including Bitcoin, Ethereum, Litecoin, Monero, Zcash, Bitcoin Cash, Dogecoin, Tether, and Dash. In other words, your business can accept any of these cryptocurrencies when you use Plisio as a payment gateway. However, Plisio has stated that it is working on expanding the list of its supported coins.
Can you process fiat payments on Plisio?
From all indications, Plisio does not support fiat settlements. Therefore, you may have to process deposits and withdrawals with cryptocurrencies. The decision to restrict fiat withdrawals is one of the downsides you need to consider as a merchant before opting for Plisio.
What is the platform’s payment policy?
Recall that Plisio offers services designed for businesses and personal use. While its wallet services are free to use, Plisio charges a flat fee of 0.5% on all transactions processed via its crypto payment gateway. Note that this is excluding the fees paid to miners or to complete transactions on blockchains.
Minimum and maximum limits
Plisio has set maximum and minimum limits for each of its supported cryptocurrencies. There are limits for deposits and withdrawals. Also, there are minimum requirements for received payments. Below are the limits imposed by Plisio.
- Invoice minimum IN - 0.007 ETH
- Minimum IN 0.000000000000000001 ETH
- Minimum OUT ~0.00006 LTC
- Invoice minimum IN - 0.0000001 BTC
- Minimum IN 0.0000001 BTC
- Minimum OUT ~0.000008 BTC
- Invoice minimum IN - 0.0000001 LTC
- Minimum IN 0.0000001 LTC
- Minimum OUT 0.00000001 LTC
- Invoice minimum IN - 0.0000001 DASH
- Minimum IN 0.0000001 DASH
- Minimum OUT ~ 0.00001 DASH
- Invoice minimum IN - 0.0000001" TZEC
- Minimum IN 0.0000001 TZEC
- Minimum OUT ~ 0.000001 ZEC
- Invoice minimum IN - 1 DOGE
- Minimum IN 1 DOGE
- Minimum OUT 1 DOGE
- Invoice minimum IN - 0.0000001 BCH
- Minimum IN 0.0000001 BCH
- Minimum OUT ~ 0.000008 BCH
- Invoice minimum IN - 0.0000001 XMR
- Minimum IN 0.0000001 XMR
- Minimum OUT ~ 0.0000001 XMR
Another interesting feature is that businesses can choose to customize their crypto payment gateway for a more unique design and instant payments. You can create unique invoice designs and bypass Plisio completely to enable seamless payment processes. The white-label service allows your customers to process payments directly from your website. Without the custom payment gateway available to merchants that opt for white label services, your customers would be redirected to Plisio’s platform to complete transactions. Hence, Plisio’s customized payment gateway is ideal for merchants that prefer to house all the payment infrastructure on their business website.
Is Plisio mobile friendly?
When it comes to e-commerce, it is necessary to consider the mobile-friendliness of platforms. It is a core requirement for payment gateways to optimize their platforms for mobile devices. Therefore, it comes as no surprise that Plisio has opted for a mobile-friendly design that makes it easy to navigate the website even when accessed via mobile devices. Other than this mobile optimization, the platform is yet to launch its mobile app. However, the platform has made known its intention of launching apps for iOS and Android devices soon.
What about security?
We always advise businesses to analyze the security implementations of payment gateways before adopting their services. As such, it is commendable that Plisio has put the necessary security infrastructure in place to protect businesses and their customers. The first security solution offered by Plisio is the two-factor authentication system. With this, users can activate another layer of identity authentication requirements.
Besides 2FA, Plisio has opted to store 90% of users’ digital assets in cold storage. Likewise, it has provided a standard encryption solution to protect users’ data. It also helps that Plisio tries as much as possible to preserve the anonymity of its users. The platform does not store data that are not consequential to the success of transactions.
As expected of a service that runs 24/7, Plisio has developed a robust customer support system that can cater to the needs of its users. The website has a loaded FAQ section and a separate portal where you can access the email support channel or submit a ticket. Remarkably, the platform provides 24/7 live chat, which may come in handy for users who require fast response.
What are the pros and cons of Plisio?
Having explored the workings of this website, it is vital to highlight its strengths and weaknesses. Below are the benefits and drawbacks of using Plisio.
Pros of Plisio
Plisio offers simplicity
One of the strengths of Plisio is its commitment to the development of easy-to-understand and implement payment infrastructures. Using Plisio entails minimal coding requirements. You can as well contact the platform’s technical support to walk you through complex processes.
Its fee is relatively low
Plisio has chosen not to burden users with an overly expensive crypto payment gateway. The platform deducts a 0.5% commission on all transactions and other applicable fees required to process payments via blockchains. There are no hidden charges for setting up APIs or registering your business.
Plisio values the anonymity of users
As stated earlier in this guide, Plisio is doing all it can to preserve the privacy of users. There is no unnecessary data retention operation governing its business. More so, the platform does not impose KYC requirements on users.
It takes security seriously
Plisio provides 2FA for added security. The platform also employs advanced encryption solutions to eliminate risks associated with data theft.
It offers mass payout services
You can save more on the overhead cost of transactions when you use Plisio to pay clients, employees, and vendors. It is also possible to automate mass payouts.
Plisio offers live chat
In addition to a robust FAQ section and a responsive email ticketing system, Plisio provides live chat as an option for users with urgent queries.
Its services are customizable
Merchants can choose to customize Plisio’s crypto payment gateway. With this, you can eliminate unwanted processes and ensure that the payment gateway fits seamlessly into your business architecture.
Cons of Plisio
It does not support fiat withdrawals
While researching Plisio, we discovered that the platform does not enable a crypto-to-fiat gateway. Simply put, Plisio does not allow merchants to withdraw crypto payments into their bank accounts. This seems to be the price that users have to pay for using a privacy-focused platform. Therefore, we advise that you weigh the options: Is privacy more important than access to fiat payment rails.
It does not support a wide variety of cryptocurrencies
In total, Plisio supports 9 cryptocurrencies. Without mincing words, the crypto payment gateway is not as robust as established options. However, there seems to be a conscious effort on the part of Plisio to incorporate more digital assets.