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Tuesday, November 3rd, 2020
Best Payment Providers

A Good Fit For:

What We Like

Gocoin is considered one of the “longest running blockchain payments and invoicing platforms” in the world today. Through Gocoin, merchants are able to accept Bitcoin, Bitcoin Cash, Litecoin, Dash, Ethereum, as well as EOS as a form of payment. With its secure and flexibility of payment methods, their international gateway liberates merchants of worry from chargebacks, payment fraud, or market volatility. 

Settlements in both fiat and cryptocurrency are quick and convenient, offering a fee of 1% on most transactions.

What We Didn't Like

There have been a few negative reviews online about certain aspects of using Gocoin. One user specifically mentioned that they were having difficulty integrating Gocoin with Shopify. 

Another user expressed that “payments are severely delayed”. They went on to explain that the purpose behind using Bitcoin is to allow for instant transactions. However, they mentioned that when one of their clients paid them with Bitcoin, the payment took almost a week to receive, (in Bitcoin). They strongly believe that this completely “defeated the purpose” of signing up with Gocoin. The end result was that they switched to CoinPayments because they were able to process transactions quicker and get paid. 

In addition, one user mentioned that a “wider range of currencies” should be included, with more “real-time conversions”. Moreover, someone else stated that the amount of information required to set up an account was excessive. Back in December 2019, a customer suggested features such as recurring billing and a wallet should be included. 

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Marketing

Sales

Support

Pricing

Overall

Overview

Established in 2013 and based in Santa Monica, California, Gocoin is a leading international payment platform that enables merchants to accept cryptocurrency payments within their checkout page. Merchants are able to benefit from accepting cryptocurrency as the explosive growth of using this digital currency continues to receive a wider acceptance worldwide. Accepting more payment methods, including cryptocurrency means more sales for the merchant. 

Gocoin has APIs that are ready for integration into the merchant’s checkout system. Their back-end systems maximize the coin exchange for cash. This ultimately eradicates all types of volatility as well as risks in security. By using Gocoin, merchants simply accept the direct deposits into their bank account or their digital wallet. 

Some of the most critical features of using Gocoin are that the signup for an account is straightforward: there are no costs, there is only a three-step processing form, and there are no contracts to sign.

For their processing, they offer a low 1% fee for most transactions. There are no chargebacks as they offer “transactional risk protection”. Their payouts in fiat and cryptocurrency are also convenient. 

When it comes to their user interface, their invoices can be fully customized, and refunds for customers are simplified. There are developer tools, documentation access, and built-in integration support. 

Invoice and payment tracking come with enhanced filters as well as date range parameters. For those merchants that prefer visual representation, Gocoin offers revenue graphs in order to visually track the movement of funds and for monthly records. There are also very useful balance breakdowns for every currency represented. It shows all payouts and invoices. 

For their hosted gateway, there is very minimal setup required. There is also an immediate payment acceptance. It can be easily customized. It also offers website redirect and iframe options. 

When it comes to their API solutions, to assist in the cart integration, they have open source SDKs and plugin availability. Invoices, notifications, and authorization settings are completely customizable. Updates for market exchange rates and currency pricing is also available. There is also support for most widely-used e-commerce platforms such as WooCommerce, Shopify, Magento, and many others. 

The only area in the U.S. where services are blocked is in New York, due to state regulations. Outside of the U.S., Gocoin cannot service the following countries: 

  • Afghanistan
  • Balkans
  • Belarus
  • Burma (Myanmar)
  • Côte d’Ivoire (Ivory Coast)
  • Cuba
  • Congo
  • Iran
  • Iraq
  • Lebanon
  • Liberia
  • Libya
  • North Korea
  • Somalia
  • Sudan
  • Syria
  • Zimbabwe

Marketing

According to their Facebook page, Gocoin has participated in the live event, LABit Con, to market their service by displaying their marketing literature in a booth. They have also participated in Blockchain week held in Las Vegas and WCC DEV CON (World Crypto Conference).

Honesty

Very few negative reviews demonstrated any dishonesty or misleading practices by Gocoin. Most of the reviews that were found were positive and praised the company for how straightforward it was to sign up and how easy it was to follow. Others mentioned receiving payments the same day when customers have sent it. All problems and questions get resolved easily.

Sales

Gocoin does not seem to employ any independent sales agents within the company.

Support

As far as customer support, they offer what they refer to as “Boutique Support”. This refers to their one-on-one online support system. They offer integration support. They also provide customer invoicing, transaction and payment support. 

Gocoin also features a “Knowledge Base” page, where a list of FAQs and corresponding articles are listed.  If customers still cannot address their questions there, they can contact Gocoin via a contact form to fill out and send. Both the support and sales department list their direct email contact on their website. There is no live chat or telephone number listed. 

Pricing

Gocoin has a dedicated page on its website where it displays its service fees and payout schedule. 

 

For its service fees, Gocoin charges a 1% “flat fee” for transactions. Upon the acceptance of payment, this fee is charged instantly. For merchants that are conducting higher volume transactions, this fee is likely to get reduced. 

As far as their payout schedule, Gocoin does mention a caveat that they are not responsible for any delays tied to the receiving bank. 

As far as settlements, for fiat currency (USD, EUR, GBP), for a wire transfer, the timeframe given is weekly, however, one must contact support for the exact fee or minimum amount. 

Here are the rest of the settlements for the remaining cryptocurrency:

Currency Minimum Amount Timeframe (M-F)

Bitcoin 0.005 BTC Daily
Litecoin 0.1 LTC Daily
Dash 0.1 DASH Daily
Bitcoin Cash 0.1 BCH Daily
Ethereum 0.1 ETH Daily
EOS 1.0 EOS Daily

 

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