Bitpay

BitPay is a bitcoin payment service provider, which was established in May 2011. Tony Gallippi and Stephen Pair were the founder member of the company. BitPay enables merchants to deal in Bitcoin and Bitcoin Cash payment processing. It is one of the reputed names in the payment processing industry. The headquarters of the company is situated in Atlanta, Georgia, USA. 

Initially, the company was providing mobile checkout services to the merchants or companies that wanted to receive bitcoins. Bitpay businesses have been grown up over the year, and at present thousand of companies and individuals are using this platform for the bitcoin payment platform.

Bitpay strongly believes that cryptocurrency is the future of currency and payments systems. The company is already working hard to remain on top of this technology and creating new tools and services for the general public to use in innovative ways.

BitPay Mission

BitPay is a pioneer in building blockchain payment methodology to transform payment services around the world. The company is constantly improving the technology to bring changes, how businesses or individuals send, receive and store money. 

The company was founded in the year 2011 to enable merchants and individuals to accept bitcoins. Over the years, bitcoin has revolutionized the financial industry and payment world, making payments fast, secure and less expensive. It is evident from the market trends that the future of crypto currency is very bright. Therefore, the company aims to remain at top of the industry.

Bitpay

Set Up An Account on BitPay

There are two types of accounts on the platform. Users can go with a personal account and business account as per the need. To use the services of the BitPay, one needs to create an account as per the following guidelines:

BitPay Personal Account

If you are not running a business, create a personal BitPay account, to manage a your debit card. Very your account to make large payments. Check the following instructions:

  • Go to the official website, i.e. bitpay.com.
  • To sign up on it, tap the ‘Get Started‘ button.
  • Now, select the type of account you want to set up. 
  • By default, the selection will be on Personal.
  • Tap the ‘Continue‘ button.
  • ‘Create Your Account’ page will open.
  • Enter first name, last name and e-mail address.
  • Make sure your first and last name match your name in the government ID.
  • Set up a password of your choice.
  • Tick the box mentioning ‘I agree to the Terms of Use and Privacy Policy‘.
  • Tick the box ‘I’m not a robot.
  • Tap the ‘Create Account‘ button.
  • Your BitPay account will be set up.

BitPay Business Account

The users can set up a business account on BitPay to receive cryptocurrency payments. Once the account is created, the account holder can accept bitcoins, in-store or by invoice. You need to choose the settlement preferences and link the bank account to start with your Business Account. The step by step guide is below:

  • Visit the official web portal of , i.e. bitpay.com.
  • The homepage will open, locate the ‘Get Started’ button.
  • Tap on the ‘Get Started‘ button, and select the Business account.
  • Now, click on the ‘Continue button.
  • ‘Create a Business Account’ page will open.
  • Fill in the Organization Name, your first and last name carefully.
  • Enter the Country of Residence.
  • Select the yearly revenue from the dropdown list.
  • Now, select the option either Consumers or Businesses.
  • Fill in an e-mail address in the given field.
  • Set up your password and make sure it contains both letters and numbers.
  • Tick the box against the ‘I agree to the Terms of Use and Privacy Policy‘ link.
  • Tick the box in the ‘I’m not a robot‘ section.
  • Ensure all the entries are correct, and then tap the ‘Create Account’ link.
  • Your Business Account is ready to use. 

Note: The users can access BitPay app on App Store and Google Play Store. It is also available for Windows 10 and Linux operating systems. The process for creating an account is almost the same on these platforms. One need to follow the instructions carefully while creating an account.

BitPay Products

There are five products or services under BitPay individual and business accounts. The details are as below:

1. BitPay Card: The users can order a debit card, reload money and spend money for different services. To get the your card, download the app on your phone from the App Store or Google Play Store. Load your wallet and request the card online. The users need to add 20 USD worth of cryptocurrency to order the Card. 

User Can reload the fund without any conversion fees. However, there may be some charges that include network fees. The card is designed for those who want to use crypto to live life. You can access the card balance, request a new PIN. The most important thing is the BitPay card is accepted worldwide in millions of locations. 

2. Wallet: BitPay Wallet lets you take control of your crypto. Users can manage the funds, convert crypto into dollars and it has a safe storage facility. You are free to create multiple wallets. Transfer funds, play with testnet coins, and more services. Your fund is secured with multi-sig and key encryption. You will receive notifications for fund transfers, and transactions instantly. Turn your crypto assets into dollars and pay for services worldwide.

3. Extension: The users can add a BitPay extension with the browser. One can send crypto instantly to Amazon and numerous brands with this new browser extension.

4. Online Payments: The BitPay business account holder can get the benefits of this service. After enabling the service, one can accept cryptocurrency globally. Users can accept Bitcoin and other crypto assets, increase customer base, and avoid chargebacks and high fees. One can set up a Payment Button on the website to receive payments. 

5. Billing: BitPay users can receive crypto payments with e-mail billing. With this feature, you can avoid complications and excessive costs. Send crypto bills to the client easily. There is a quick bank settlement .

BitPay Card Limit

ATM Withdrawal limit$2,000 per withdrawal, 3 withdrawals per day
Load Limits$10,000 per day
Spending Limits$10,000 per day
Maximum Balance$25,000 including cash loads

BitPay Card Fees

Card Issue Fee$10.00 (Network fees and miner fees may apply)
Card LoadNo conversion fee (Network fees and miner fees may apply)
ATM Fee$2.50
Monthly Fee$0.00
Card Replacement Charges$10.00
International Currency
Conversion Fee
3%
Inactivity charges$5.00 per month after 90 days inactivity

How does BitPay online payment work?

The users can use the online payment service of the with a Business Account. Go through the following steps to know how online payment works with BitPay:

  1. Invoice: The customer will see the Invoice first.
  2. Payment: Customer makes payment at a locked-in exchanged rate.
  3. Conversion: BitPay converts the customer’s payment into the local currency.
  4. Transfer: BitPay starts a bank settlement process on the next business day.

How does BitPay Billing work?

  1. Send bill: Prepare a bill from the merchant dashboard and send it to the client.
  2. Payment: The customer pays the BitPay invoice amount at a locked-in exchange rate.
  3. Conversion: Now, converts the payment into the local currency.
  4. Transfer: BitPay initiates a settlement procedure with the bank on the next working day.

Benefits of BitPay Application

  • BitPay is a payment processor company hence, individuals and businesses can use it as per the need.
  • BitPay App is available for Android and iOS users. Users can also access on Windows10 and Linux operating systems.
  • Users can order his Card for using the crypto-assets for payment of different services. One can withdraw the Cash from the compatible ATMs.
  • Reloading the card is an easy process, accordingly, users can use the fund for payments of different services.
  • Crypto Wallet allows users to manage funds, keep track of crypto and turn crypto into dollars.
  • The BitPay extension and online payments services are equally beneficially. Users can use these services as per the requirements.
  • The services of BitPay are available in most countries.