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CoinPayments

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Friday, October 9th, 2020
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What We Like

CoinPayments, a company whose expertise lies in cryptocurrency payments and transactions, is known to be both a crypto trading platform and a digital currency storing wallet. 

Although CoinPayments is considered to be an online wallet, it is also accessible as a mobile app. It is set up for optimal performance and is user-friendly. Through this app, you can have access to your wallet, carry out transactions (such as buy, sell, and trade), and even receive payments in person. CoinPayments’ mobile app is available on Android and Apple mobile devices.

One of the most celebrated features of CoinPayments is the sheer amount of altcoins they accept and provide to its users. Out of the roughly 5,862 crypto coins available in the world today, CoinPayments supports 1,925, a very impressive number.

What We Didn't Like

Despite the positive reviews and glowing write-ups about CoinPayments’ advanced features and benefits, one cannot ignore the growing number of negative reviews by past and current users of the platform. 

In the Trustpilot website, scores of users have reported negative comments about their personal experience with using CoinPayments. Many have called them “scammers”, “thieves”, and have warned others not to use them. Users complained of not getting their refunds when requested due to the amounts being too small, others say they charge 50% if they withdraw a small amount. 

In addition, complaints also noted that they had very “slow support”, and that their “poorly designed system” would cause payments to take too long, which timed out on the merchant’s end. The result was that the money was lost, without a refund, and no reply from support. Furthemore, any type of support ticket seems to be addressed by an  “answer bot”. Moreover, some users have described CoinPayments as a “shady service” and with an “absolute lack of kindness”. Others complained about the site being “difficult to use”. Becoming verified was also a strong issue, with one user “wasting hours” to get the platform to work for them. 

For all the reasons mentioned above, it would be best to approach this company with extreme caution.


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Marketing

Sales

Support

Pricing

Overall

Overview

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. 

Marketing

Merchants who are interested in signing up for an account with CoinPayments can do so via their website. They will need to click the “Sign Up” button on the top right corner of the CoinPayments website. On the Create New Account Form, merchants need to fill out all the pertinent details. 

After the sign up process is complete, they will need to click on the activation link provided via the email given. After that, they would log in to their newly created account and go into Account Settings. Here they would change what coins they want to accept as payment and link their CoinPayments account with their eCommerce store.

CoinPayments also has an affiliate program for merchants. When merchants share their referral link, and if another merchant signs up after clicking it, the CoinPayments merchant will get a percentage of their CoinPayments transaction fees for 5 years.  

Honesty

As previously mentioned, there are many negative reviews from users of the CoinPayments platform that have experienced poor service, their funds taken, refunds denied, and support virtually non-existent. Again, merchants should do their due diligence and proceed with extreme caution before doing business with this company.

Sales

There is no information to be found as to whether they have any current partnerships or any details as to how their sales staff is structured.

Support

For customer support, CoinPayments has a “Support Wizard” page where merchants can have a wide range of instructions to help resolve any issues. CoinPayments does encourage its merchants to log in to their account first and follow the support ticket process. 

The first step is to go through the support wizard, where, once completed, they will receive a support code which is only valid for one hour. They will also receive a support ticket on Fresh Desk. Tickets are answered in 24 hours.

Pricing

CoinPayments clearly features its price information on its website. For all their incoming payments deposits, there is a fee of 0.5%. There is a ASAP/Nightly service that moves funds to an external address, however, this is subject to a coin transaction fee. Deposits to the wallet up to $15,000 “equivalent value monthly” are free. For all amounts above that, there is a 0.5% fee.

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