Founded in 2011 and based in Atlanta, Georgia, Bitpay is a cryptocurrency processor whose platform facilitates the acceptance of bitcoin as payment from customers. Through their mobile checkout process, consumers can have funds transferred from their bitcoin wallet to the merchant’s account.
One of Bitpay’s key features is their Bitpay Card that operates just like a debit or credit card. The Bitpay Card allows users to utilize their Bitcoins wherever Visa is accepted.
To get started, merchants only need to create their business account. In addition, merchants can open an individual account that interchanges between crypto and fiat. Once all personal information and required documentation is submitted, merchants will then have the ability to accept crypto payments with the use of the card.
Bitpay can be used with the following devices: Windows Mobile, Android, and an iPhone/iPad. Its speedy online setup is ideal for online payments. It also comes with two storage wallets. There are more personalizations for users including 40 invoicing languages.
The entire platform is constructed on the bitcoin blockchain. This safeguards users from chargeback fraud and identity theft. The Bitpay Card does come with a 3% processing fee for every transaction. But it also offers a flat rate charge of 1% settlement.
The Bitpay Visa Card was first launched in 2016, receiving rave reviews from users. The card was initially tied to the Wave Crest Group, a European card issuer. However, shortly after, Bitpay switched its Bitcoin processing from Wave Crest to Metropolitan Commercial Bank. This decision was triggered by a disruption in service associated with Visa. This Visa card enables users to carry out their transactions at a point-of-sale register.
Cardholders can withdraw Bitcoin “for the equivalent BTC fiat” from an ATM machine. Yet, before they do, their card must be topped up with an equal amount of Bitcoin. This can be easily managed through the Bitpay Wallet Application.
Bitpay features two wallet services. Both are free solutions for those using Bitcoin (BTC) and Bitcoin Cash (BCH).
The first, CoPay Wallet, is a place where users can store and use their Bitcoin securely. It is an open source and works as a “hierarchical deterministic (HD) wallet.” An HD wallet provides users with “cryptographically encrypted” keys that are beyond cracking.
CoPay Wallet is also “multi-signature” and therefore allows multiple people to have access to this wallet. This is an excellent feature for group-based transactions where there are multiple administrators. This wallet is compatible with Android, iOS, Linux, Windows OS, and Mac OS.
The second wallet, Bitpay Wallet, was launched in 2016. This wallet was erected upon CoPay’s Wallet platform. Bitpay Wallet streamlines the customer’s capability to not only convert, but to spend and purchase products via Bitcoin.
Within the Bitpay Wallet, there is a payment feature called Gildera. This allows users to use Bitcoin without having to store them within an exchange wallet. Users can also manage their Bitpay Visa Card through their Bitpay Wallet. In order to check the balance, users can simply go to the menu and load their balance. Only if users are using Bitcoin can they get a flat rate free for loading the balance. It also includes the multi-signature feature.