Bitonic is a Bitcoin broker founded in the Netherlands in 2012. Their main service is offering instant Bitcoin purchase to users but Bitonic also offers merchant services which enable businesses to accept Bitcoin payments. As part of the merchant services, Bitonic also enables not-for-profits to accept Bitcoin donations with no fee.
Bitonic integrates with Dutch payment service provider Mollie to facilitate the acceptance of Bitcoins. For commercial merchants to accept Bitcoin payments, they set up a free account with Mollie. Accepted payments are converted to EUR and sent to the business's bank account within two days. Bitonic charges a fee of 0.5% when converting to EUR. The fee charged is difficult to find on the website and is not stated transparently. Mollie is the entity which also facilitates not-for-profits to accept donations at no charge.
With merchant services not being Bitonic's main offering, merchants are likely to find better solutions elsewhere. There are many limitations to the merchant's services. Bitcoin is the only cryptocurrency and the Euro is the only fiat currency. For not-for-profits, Bitonic offers a good solution as they will have no charge to accept Bitcoin.
- Not-for-profits can accept donations in Bitcoin at no charge
- The fee is low for commercial merchants to accept Bitcoin and convert to Euro
- Business established in 2012 and has a long history in the cryptocurrency industry
- The fee is difficult to find on the website
- Bitonic is not primarily a merchant service provider business
- Only Bitcoin is supported
- Only Euro is supported