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SpicePay

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Monday, October 19th, 2020
Best Payment Providers

A Good Fit For:


What We Like

SpicePay offers a blockchain payment platform that enables merchants to accept payments in Bitcoin and other cryptocurrencies in an affordable and easy manner.  

Merchants have the option of making payments in either Euros or US Dollars automatically or manually. They can accomplish this via wire transfer, SEPA, PayPal, or a prepaid debit card. 

The cryptocurrency currently supported by SpicePay includes Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. These go through an “open source” wallet app, which is integrated into BitGo technology. The app is simple and straightforward to use, with a dynamic interface. It is also compatible with the foremost operating systems like Android, Windows, and iOS. 

What We Didn't Like

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Marketing

Sales

Support

Pricing

Overall

Overview

As a global Bitcoin trade and payment gateway portal founded by Kiril Marinov, SpicePay’s leadership is made up of Bitcoin miners and users who have been spearheading the advocacy for cryptocurrency use since 2009. 

Based in London, SpicePay’s mission is to share the many benefits of cryptocurrency use, especially with merchants, since this would be one of the most cost-saving and forward-thinking solutions for their businesses. 

By listening to their customers and staying abreast of the latest developments in technology within the industry, they hope to continually improve their products and services. 

They attribute their extensive knowledge base on cryptocurrency to their experience with the trials and errors of running their own businesses as well as experimenting with a variety of blockchain payment systems. 

Some notable features and benefits offered by SpicePay include the following:

Speed

  • Quick Fulfillment: Unlike credit card payments, merchants across the EU can have access to their funds in less than 24 hours.
  • Automation: This removes human error, which is more typical with all manual processing. It also takes less time.
  • Proficient Support: A competent support team is at the ready to address any needs. 

Security

  • SSL: All transactions are processed using a secured connection via HTTPS protocol with 128 bytes encryption of transferred data, eliminating any chance of a third-party intervention. 
  • Qualified Provider: SpicePay is both a licensed service provider and fully verified. 

Fair Terms

  • Affordable: SpicePay’s transaction fees are lower.  At only 1%, it is lower than the average 2%-4% credit card transaction fees. 
  • No Chargebacks: All sales are final.
  • Personalized Approach: There is no hierarchy of customers based on certain criteria, all are treated equally. This level of “personal service” is virtually unheard of in this type of industry.
  • Affiliate Program: Affiliates earn 25% commission on each transaction by a referred customer. 
  • No Minimum Transaction Amount Or Volume Required: Regardless of the amount of your settlements, you are still free to use their service. 

To get started with SpicePay’s blockchain payment platform, merchants need to follow a few steps. 

  • Merchants need to create their Merchant Profile:

Some basic information about the merchant and their business is required and a “default BTC” or another cryptocurrency address for automatic withdrawals. Once the profile is saved, merchants will get automatic access to a merchant toolkit. In it, they will find a great resource for getting started in accepting cryptocurrency payments. 

  • Integrate Blockchain Payments: 

If the merchant has basic development skills, they can choose one of SpicePay’s open-source plugins or other integration solutions. If merchants prefer, SpicePay can provide assistance with the integration, free of charge. In fact, their 30-Day Free Trial also includes free setup. When this process is completed, the merchant’s online checkout process will include the payment option for either Bitcoin or any other cryptocurrency of their choice. 

  • It’s Time To Get Paid:

As merchants begin receiving payments in cryptocurrency, they will be automatically deposited into their SpicePay wallet as a default feature. If merchants prefer automatic withdrawals, those funds will be deposited to the chosen cryptocurrency address selected on the merchant’s account profile. Another option is to have the digital funds automatically exchanged for USD, EUR, GBP and CAD. They can also make withdrawals by wire transfer, SEPA or PayPal.

Merchants that are new to SpicePay have the option of trying out their payment processing services for 30 days and at no charge.

Some additional features offered by SpicePay are their plugins. These include:

  • Ecwid
  • WordPress
  • Magento
  • Zen Cart
  • OpenCart
  • X-Cart

Marketing

SpicePay offers an Affiliate Program for its merchants. This allows merchants to advertise SpicePay’s services on their website. Since the merchant owns the website, they own a share of all transactions completed by customers who are led to SpicePay via their website. 

It’s a simple, straightforward process:

  • Create: Merchants simply need to create a SpicePay merchant account to get automatic access to banner ads, links, and other resources to link their website and emails to SpicePay. 
  • Referrals: When a customer comes to the merchant’s website and clicks on the Affiliate referral link, creates a SpicePay account, and moves forward to complete a merchant transaction, that customer becomes a “referred customer”. 
  • Earn: Merchants earn a 25% commission for the transaction. This is based on SpicePay’s total net profit as well as any transaction completed by the referred customers thereafter. 

The Affiliate Program is free to join. Commissions will be paid in the same cryptocurrency used in their referred user’s blockchain payment transaction. The funds will be automatically deposited into the merchant’s SpicePay wallet. All funds are credited to the merchant’s account in “real time”.

Honesty

There was no evidence found in which SpicePay has demonstrated any deceptive practices of any kind. This company seems very transparent. The few reviews found online features customers that were overall very satisfied with their service. 

 

Sales

SpicePay does not appear to employ any independent sales agents within the company.

Support

For customer support, the only information given on the website was an email option. There is no evidence of a phone number, live chat, or anything similar on their company website. 

They also have a Frequently Asked Questions (FAQ) page that addresses the most common questions merchants may have about their services.

Pricing

SpicePay’s transaction fees vary and are based on both the merchant’s industry and settlement volume. However, it will never exceed 1% of the value of each payment in cryptocurrency (as made by the merchant’s clients). There are no additional fees charged.

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