Industry Category: Cryptocurrency Payments

The 10 Best Cryptocurrency Payment Providers

Cryptocurrency Payments enhance the payment process by reducing the number of third-parties involved. It also enables the use of digital currency on an everyday basis. 

With the “blockchain ecosystem” as its foundation, payments are secure since they are well encrypted. This feature alone surpasses the offerings of traditional online payment gateways currently on the market. Furthermore, it enables global transactions to take place between distributors, businesses, consumers, and suppliers, at a much lower cost. 

We have put together a list of the 10 of the best cryptocurrency payments in the UK to help you understand the advantages and shortcomings of some of the largest providers.

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Cryptocurrency Payments

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Bankful

Leading the way in providing merchants with viable and customizable solutions, Bankful empowers merchants to navigate through the complex challenges that most traditional payment processors are reluctant or unable to take on. Their offerings consist of intelligent payment routing, multi-currency processing, and conversion. Now, fully informed of the growing power of cryptocurrency, Bankful has upped its payment processing game by accepting Bitcoin as a method of payment for its merchants worldwide.

The Pros

Fraud prevention is at the forefront of Bankful’s strategy, with features such as Level One PCI Compliance, technology-focused and accessible APIs, SDK, as well as custom financial technology solutions. 

With their cryptocurrency payment solution, funds can be deposited within 24 hours. With over 120 fiat currencies to choose from, including in US dollars, merchants have the ability to greatly expand their enterprise.  Also, the Bitcoin to fiat exchange rate is secured at the time of sale, avoiding any fluctuations in the market. 

It also integrates seamlessly with popular e-commerce powerhouses such as Square, Wix, and Shopify.

The Cons

Currently, there are no drawbacks to be reported.

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CoinPayments

Launched in 2013, CoinPaymnents offers a cryptocurrency payment solution. It facilitates merchants to receive Bitcoin and more than 1100 altcoins within their online store. It boasts over 3 million users that span across 182 countries.

The Pros

CoinPayments have a low transaction fee of only 0.5% by industry standards. It is able to integrate with well-known e-commerce platforms such as Shopify, WooCommerce, Magento, and many more. 

They are also in partnership with fiat settlement providers, helping merchants settle funds to their bank accounts in 8 international currencies. Customers can purchase gift certificates as well. It also works as a Bitcoin wallet, so merchants can keep all their funds secure.

The Cons

Funds can take too much time to arrive in the wallet.

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CoinsBank

Based out of Belize, CoinsBank is a Bitcoin payment processor. Its platform is licensed, user-friendly, and features advanced trading options such as “stop-loss and take-profit orders”.  It is available for mobile device use with its free, downloadable apps for both iOS and Android.

The Pros

The app features a “one-click instant deposit and withdrawal” capability for large-volume traders. Another benefit is that CoinsBank provides transfer of currency to friends and family 24/7 and at no cost. All transactions are carried out at “live market rates”. Here, users can really control their funds.  

With the two-factor authentication system they provide, wallets are more secure. Furthermore, a 24-hour customer support team is ready to help and resolve any questions or problems.

The Cons

CoinsBank is only able to support a limited number of cryptocurrencies. Also, the rates for withdrawals and deposits are pricey. Another downside is that, within the regions of where it operates, it is unregulated.

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Cryptocurrency Payments

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AlfaCoins

AlfaCoins is a trusted Bitcoin payment provider. Founded in 2013, one of its most celebrated offerings is where payments can be split into cryptocurrency and fiat currency. AlfaCoins also provides a cryptocurrency rate system that gives its merchants the best rates.

The Pros

At this time, AlfaCoins accepts Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dash or XRP, and Litecoin Testnet. Transaction fees are at 0.99%. The subscription fee is free and installing the Bitcoin payment system is at no cost. AlfaCoins can be used in any country throughout the world, with the exception of North Korea and Iran. Funds can be withdrawn in either Euros or US dollars. 

The Cons

AlfaCoins does not offer $1 million worth of transactions free of charge.

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Shopify

A world-renowned and powerful e-commerce platform, Shopify, delivers one of the most reliable cryptocurrency payment solutions.

Due to its innovative and forward-thinking technology, its merchants can now accept Bitcoin payments worldwide.

The Pros

The hallmark of Shopify is its friendly and accessible customer support. Their setup is easy. Shopify’s platform is loaded with features, such as APIs that facilitate integrations with BitPay and Coinbase. This makes crypto payment processing clear and straightforward.

The Cons

Merchants must register for a Shopify merchant account in order to take advantage of the payment processing capability,  Transaction fees are not specified since they are based on who the merchant chooses as their payment processor.

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BitPay

Founded in 2011 and headquartered in Atlanta, Georgia, BitPay is a cryptocurrency payment platform that supports the acceptance of Bitcoin payments. With its mobile checkout process, it allows buyers to have their funds transferred from their Bitcoin wallet to the merchant’s bank account. BitPay works in over 38 countries.

The Pros

One of BitPay’s unique features is the BitPay card. It functions as a Debit/Credit card. This card allows you to use Bitcoins anywhere that Visa is accepted. Merchants can also choose “withdrawal transaction speeds” to any timeframe needed. For security, the platform also offers two-factor authentication, direct bank deposits, ledger payment tracking, and email invoicing.

The Cons

Unfortunately, BitPay limits its live support to larger companies. It only offers email support to most of its merchants. Merchants are free to cancel their service with BitPay whenever they want, however, they should expect funds to be withheld.

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Confirmo

After acquiring BitcoinPay in 2019, Confirmo has made it its mission to accept payments worldwide, quickly and with minimal chargebacks and fraud. Headquartered in London, Confirmo offers the lowest transaction fees currently on the market.

The Pros

Confirmo has no monthly fees, no costs for the initial setup, and no commitment required. Their charge is only 0.8% per transaction.  It also offers “two fee modes”. With their payout solution, you can automatically send crypto payments from available US dollars or Euros balance. The entire process takes just a matter of seconds to complete.

The Cons

There are inactivity fees that are charged for a prepaid service.

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Ikajo International

Since 2003, ikajo is a global payment processor that has been serving both low and high-risk businesses. Ikajo’s list of industry clients include gaming, gambling, and online dating merchants. It’s team boasts to have completed more than 14,000 projects and also lays claim as developers of the “original fraud prevention software.”

The Pros

Ikajo owns its very own fraud and chargeback prevention software in order to protect its merchants. There does not seem to be a limit as to where payments can be accepted from, so it’s understood that it’s worldwide. Merchants simply need to integrate the cryptocurrency payment solution through a hosted payment page or by using a special widget. All transactions can be settled using Swift or cryptocurrency. Merchants also have the choice of receiving their funds as cryptocurrency or Euros. 

Customer support is available 24/7.

The Cons

Gathering all the necessary documents in order to apply for the cryptocurrency payment can be time-consuming.

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SpicePay

SpicePay provides its merchants with the ability to withdraw all Bitcoin payments through PayPal. Debit cards and the standard bank transfer can also be used.  , All withdrawals can be made in either Euros or US dollars, depending on the merchant’s choice.

The Pros

As a merchant in the EU, you can access your funds in less than 24 hours.  All transactions take place by using a secured connection via an “HTTPS protocol” with 128 bytes encryption. This eliminates any interception by a third party. Their low transaction fees are only 1%.

The Cons

For a first-time user of this platform, there is a purchase limit of 0.5 BTC if you use PayPal and credit card payments.  Only an email option is offered for all customer service inquiries.

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Cryptocurrency Payments

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GoCoin

GoCoin is considered one of the most enduring blockchain payments and invoicing platforms in the world today. Founded in 2013, GoCoin’s merchants are able to receive Bitcoin Cash, Bitcoin, Dash, Litecoin, Ethereum, and EOS as methods of payment. Their cryptocurrency payment solution operates internationally, offering security and flexibility without chargebacks, payment fraud, or volatility in the market.

The Pros

GoCoin is considered one of the most enduring blockchain payments and invoicing platforms in the world today. Founded in 2013, GoCoin’s merchants are able to receive Bitcoin Cash, Bitcoin, Dash, Litecoin, Ethereum, and EOS as methods of payment. Their cryptocurrency payment solution operates internationally, offering security and flexibility without chargebacks, payment fraud, or volatility in the market.

The Cons

Both businesses and merchants may need to provide more documents for KYC.

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Why Bankful

Bankful offers a strong foundation of custom-built technologies that are reliable, and secure, and that allow our merchants to operate at the highest level of effectiveness and efficiency

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