This is one of the first service providing businesses that were created in the cryptocurrency industry. It has almost from the start been regarded as key to adoption. For this reason, some of the businesses included on this list have been established since 2009. Coinsnap is a service which has been operating since 2009 and Bitpay is a service which has been operating since 2011. Reputation and history of operation are key factors that were taken into account when reviewing these services. Services such as Bitpay have been around since the start but that is not going to be the only consideration when evaluating them. Bitpay previously recommended users to support a fork of Bitcoin which did not turn out to be a success. Factors and business decisions such as these will be weighed accordingly when reviewing these services. Readers of the reviews gain key insights from a quick glance at the reviews and get a brief gauge of some of the most important business decisions made by the company.
Some of the services also operate other business operations and this will be taken into account. Coinbase has become almost synonymous with cryptocurrencies and has only recently launched their merchant service. Others have solutions such as wallet solutions, prepaid cards, and exchange services.
What cryptocurrencies a merchant is going to accept is a decision they need to make. Maybe there is a demand from customers to pay in a variety of altcoins such as Litecoin, Dogecoin, or another. If this is the case, not all merchant services are going to facilitate the acceptance of these altcoins with some only focused on Bitcoin. These reviews will include what kind of cryptocurrency support each of these services caters for. The settlement will be another detail to take into account for merchants. Most of these services will only support settlement in a number of different fiat currencies so merchants have to find a merchant service which caters for their settlement currency. These reviews will help merchants to quickly evaluate this. It will also provide detail on whether users have extra optionality when it comes to settlement. For example, the ability to keep some of the payments in cryptocurrencies is a feature which some of the services cater for.
Fees will be another key consideration for merchants. Some of the longest existing merchant services will charge higher fees due to being more widely known and having brand recognition with customers. The ability to compare and contrast services within this category will be a valuable resource for merchants. Although a longer existing business may be charging high fees, a counterpart that has good relations with customers may be offering the same service at a lower or no fee. Reviews will also delve into the fees to present the key points to users. Overall, fees have been quite transparent in this category but businesses can sometimes contain important points in small print. Any of these points will be clearly noted to readers.
Not every service included in this category will be suitable for every merchant. Some of the services focus on online businesses while others focus on brick-and-mortar businesses. Many included in the category cater for both.
Whether technical knowledge is required or not will be an important point to note for merchants looking to set up these services. Cryptocurrencies can be complicated enough without having to worry about integrating a complicated API also. We have also reviewed the API to note the level of difficulty that can be expected when implementing these services. The reviews will also include what type of customer support that can be expected when users experience problems. The ability of users to integrate with third-party applications such as Shopify and other e-commerce plugins will also be noted in the reviews.
Overall, merchant services are one of the key business areas in the cryptocurrency industry. The reviews in this category do not only highlight the positives and negatives of each of these services but also allow users to easily compare and contrast to find the best service that fits their needs. Merchants will have key needs when using these types of services so these reviews ensure to include the key points that may disqualify a service from a certain potential customer. Some of these factors include cryptocurrency support, settlement currency support, fees, and other services.