BitPay is a payment processing service provider for both individuals and for businesses. BitPay has been in business since 2011 giving them a long history in the cryptocurrency industry. They offer a number of different services including a prepaid card, a storage wallet, and also merchant services. BitPay enables merchants to accept payments in cryptocurrency both online and in brick-and-mortar businesses. Businesses can accept both Bitcoin and Bitcoin Cash.
For merchants to use the services, they first need to set up an account with BitPay. Brick and mortar merchants can then set up BitPay checkout. BitPay checkout is an app which is available on both iOS and Android. It can be used by multiple staff and when accepting payments, staff members enter an amount and order number. Customers then scan the QR code to send the payments. BitPay checkout pairs up to the merchants BitPay account. For merchants who are accepting payments online, the process is straightforward. A payment button can be placed anywhere on the website. The platform also integrates with e-commerce plug-ins. On both online and brick-and-mortar businesses, users can choose how much of the accepted payments they want to convert to fiat currency. BitPay guarantees instant conversion if the merchant chooses.
In terms of fees, there is a 1% transaction fee applied to all transactions. Merchants can settle daily in eight currencies and there is no limit on transactions.