Founded in 2013 and based in Vancouver, Canada, CoinPayments is known to be a crypto payment processor and gateway. They have created simple payment technology such as APIs, website plugins, and Point-of-Sale interfaces. This facilitates vendors to accept a wealth of tokens and coins. With the explosion of cryptocurrency use, CoinPayments’ market share has also seen a dramatic growth in market share worldwide.
Businesses who use CoinPayments can accept Bitcoin, as well as 1,925 other altcoins for a fee of 0.5%. In addition, merchants can also take advantage of user-friendly POS interfaces, website plugins, and APIs.
CoinPayments prides itself in serving 2.5 million vendors throughout 182 countries.
For online merchants, they have simple-to-use shopping cart plugins with all the major shopping cart solutions. These include Shopify, Magento, OpenCart, WooCommerce, as well as WordPress plugins. Merchants even have the choice of using POS terminals, should they wish to receive payments in person.
Aside from the wide-range of integrations available, CoinPayments also has more features within their arsenal of solutions. Some of them are listed below:
- Multicoin Wallet: This online wallet can be used to store more than 1,925 supported coins. This is the wallet where all the cryptocurrency you earn will be stored. Since this is considered an online “hot wallet”, it is best suited for a substantial amount or for a long period of time. For “cold storage”, it would be best to move this cryptocurrency into your own wallet.
- Point-Of-Sale System: By using CoinPayments interface, merchants are able to accept payments in person. On the Merchant page, customers can try out a demo version of how it works. To use this feature, merchants must bookmark their POS checkout URL. Then, simply enter the amount the customer needs to pay and the merchant simply selects the coin. It will then generate the address and the QR code.
- GAP600 Instant Confirmations: Since June 2017, CoinPayments has partnered up with GAP600 to guarantee transactions against risk of double spending. GAP600’s internal risk engine can examine all incoming transactions as well as carry out live risk scoring on them. Ever since this solution has been implemented, well over 85% of transactions made on CoinPayments complete instantaneously.
- Automatic Coin Conversions: Through CoinPayments’ ShapeShift integration, they can convert some coins to fiat currency or other coins without difficulties. This saves the merchant both time and money. ShapeShift functions primarily as a conversion service, and will route coins directly to your destination address. Since they are “non-custodial”, your coins are not stored in their servers.
Merchants can also purchase “digital gift cards” with cryptocurrency from retailers such as Best Buy, Adidas, Nike, and Uber. They can be redeemed in any store location for that brand, within the country the card was purchased for.