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Top 10 Bitcoin Payment Processors

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There are a lot of reasons why a  business owner would want to learn about the top 10 Bitcoin payment processors. For example, these projects help to bridge the gap between the centralized and decentralized economies. As such, they serve a vital role in the market and help to drive adoption.

What is a Bitcoin Payment Processor?

A Bitcoin payment processor is a platform that streamlines Bitcoin payments for goods and services. These systems can come in many forms, including standalone, plugins, and other integrations. This flexibility, combined with growing interests in the crypto economy, has helped drive competition and innovation in the market.

Things to Consider when Choosing a Bitcoin Payment Processor

The top 10 Bitcoin payment processors have a proven track record demonstrating their commitment to their users. Never leave your Bitcoin payment processing up to chance. Only stick with reputable brands that have proven themselves in the market.

You will need to consider what type of volume you expect. Like a credit card processor, you can save a lot of money if you know your volume as it will enable them to price you more competitively. However, many networks now offer a flat rate or even free transactions up to a threshold. All of these options change frequently, so you'll need to stay up-to-date on these items before selecting the best option.

When deciding between the top competitors, you'll need to dig deeper and examine features, market rates, and other vital components to ensure you select an option that fits your needs. In most instances, your business model will be better suited for one option versus the next.  For example, a non-profit will have different requirements than a digital products store or a brick-and-mortar firm.

The Right Bitcoin Payment Processor

Finding the right Bitcoin payment processor can seem like a tedious task. The market has many competitors and if you're new to the concept of cryptocurrencies, the process can seem foreign. Despite these challenges, some protocols continue to shine for their excellence and reliability. Here are the top ten Bitcoin payment processors (in no particular order).

1. Coinsbank

Coinsbank is a popular merchant processing option that includes various other features that make it helpful for both new and experienced crypto users. The platform provides an all-in-one approach to the market. This strategy includes access to a mobile wallet, debit card, exchange,  dapp, and merchant services.

The developers went to great lengths to make the onboarding and integration process as simple as possible. For example, the platform offers 24/7 customer support. Additionally, the mobile app makes accessing services and monitoring your transactions easier.

Source: Coinsbank

Source: Coinsbank

Another cool feature that Coinsbank brings to the market is one-click deposits and withdrawals. This feature helps merchants avoid any volatility and makes it simple to access funds when they are needed most. These funds can be converted to Bitcoin, USD, GBP, and EUR.

Coinsbank also operates a high-performance CEX (Centralized Exchange) which provides access to a variety of popular cryptocurrencies directly from within the network. This convenience and flexibility have helped Coinsbank become a top contender in the Bitcoin payment processing race.

2. Shopify

Shopify is one of this list's most well-known and established merchant processors. To put the platform's size in perspective, the gross merchant volume for the network hit $49.5 Billion according to their Q1 2023 company reports. Additionally, the company grew profits by 12% compared to a year prior.

Shopify was founded in 2006 as a means to help streamline online payments for developers. Their goal to improve the payment experience has blossomed into a massive merchant processing economy that spans the globe. Notably, Shopify remains a pioneer in the market, and its crypto ventures are no different.

Shopify accepts crypto payments and has even partnered with many of the payment processors on this list to improve their offerings. CoinPayments, BitPay, and Coinbase Commerce are just a few of the available options that Shopify users can choose to seamlessly integrate.

Unlike adding a plugin, such as you would use on a WordPress website, Shopify users simply select which crypto payment processor they would like to use from the payments providers page. The process is easy and only takes minutes to complete. As such, it's no surprise to learn that Shopify is a top-performing option in the market.

3. Bitpay

Small businesses and startups will find that Bitpay offers a selection of services geared to meet their unique needs. For example, the volatility shield protects against any losses due to market movements. Additionally, the platform offers low-fee transactions on low-volume clients, as well as support for QR code payments.

Bitpay offers options that make it stand out. The developers streamlined vital tasks such as creating payment buttons, accepting donations, adding recurring billing, and leveraging mobile checkout systems. Merchants can also present their withdrawal times to ensure smooth operations. These withdrawals can be sent to various accounts, including directly into the merchant's bank.

Another major draw is the platform's QuickBooks integration. Merchants can easily export their crypto transactions to ensure their taxes stay up-to-date and accurate. Additionally, Bitpay has strategic partnerships with some of the largest players in the game, including Shopify, WooCommerce, Magento, and 3dcart.

Bitpay is one of a few processors with a cap on transaction fees based on your volume. Additionally, the platform accepts +16 popular coins and is available in 229 counties at this time. All of these factors have helped Bitpay become a top contender to watch.

4. Coinbase Commerce

Coinbase Commerce brings merchant processing to the larger Coinbase community. Coinbase has been a force in the market since it entered service in 2012 and recently ventured into the merchant processing sector with great success. The Coinbase Commerce feature is hugely popular and offers enterprise-level security and functionality.

Coinbase Commerce was built from day one to be easy to integrate into existing legacy systems. The platform leverages the exchange’s reputation and network to ensure that all systems operate under congestion. Additionally, the platform offers volatility protection to merchants.

This established processor offers flexible payment options as well. Your customers can pay with Bitcoin, Ethereum, and +150 other popular cryptocurrencies at this time. There is also an invoicing page that streamlines billing clients. This flexibility and easy-to-follow hosted checkout pages all add to the platform’s draw.

5. Paypal

Paypal is one of the top-performing payment processors in the world. As such, it was an eye-opener when they announced support for crypto payments. Bitcoiners rejoiced when they learned they could now leverage PayPal's security in combination with Bitcoin's value and efficiency.

Paypal provides users with a built-in high-security wallet and access to other key features to help keep costs down. The platform streamlined the crypto process considerably for its millions of users. They can simply click the crypto tab to begin integrating digital assets into their strategy.

Paypal has some cool and unique features. For example, you can convert crypto to fiat at no cost. Additionally, you get the added benefit that nearly everyone knows and trusts PayPal for online payments. This added confidence can help to secure more business.

Paypal offers around-the-clock customer service for merchants. In addition, there is no extra fee imposed on users who opt into the crypto processing features. As such, it makes sense to integrate PayPal when you want to give your users a trusted brand and an easy-to-follow checkout process.

6. BitcoinPay

BitcoinPay remains a competitive option for merchants due to its super low fees and fast withdrawal/deposit times. The network charges 0.8%, which is lower than the other options listed. Additionally, you can integrate this option with a host of popular Bitcoin wallets to add to your security and convenience.

BitcoinPay is a great option for those who want to convert their phone or tablet into a PoS system. Additionally, BitcoinPay supports Lightning Network payments. The Lightning Network is a second-layer protocol that leverages private pay channels to reduce Bitcoin fees and transaction times.

BitcoinPay supports the most popular cryptos at this time and is available internationally. It's also a popular plugin that can be integrated into WooCommerce, Magento, OpenCart, PrestaShop, and many others. This flexibility, plus direct bank deposits and in-depth tax reporting options, have helped BitcoinPay rise to the top.

7. Coingate

Coingate offers zero monthly and subscription fees to its users. Additionally, the network has minimal transaction fees and can be integrated into most top web hosting options today. These features combine with the network's acceptance of +40 different cryptos to make it a powerful tool for merchants seeking access to crypto payments.

Coingate supports a selection of billing styles as well. You can set up one-time, recurring, and even subscription payment methods for your followers. These options can be initiated with a click of the mouse and require no coding. As such, they are ideal for new users. Additionally, the network supports QR code payments, which further streamlines operations.

8. AlfaCoins

AlfaCoins takes a unique approach to the market in that it focuses primarily on the non-profit sector. As part of this approach, the network integrates helpful future such as a donate button that can be added to your channels and social media in minutes.

Source AlfaCoins

Source AlfaCoins

AlfaCoins has a low transaction fee and leverages an enterprise-grade API to provide secure access to its services. Notably, AlfaCoin keeps a fixed conversion rate for 15 minutes following a transaction. This period enables merchants to decide whether to keep the payment in crypto or convert it to fiat with no value fluctuation.

There is a .99% fee on all transactions on the platform, and withdrawals can be made in crypto or multiple fiat currencies. You can even choose to have a portion of the withdrawal in crypto and the balance in fiat. In addition to these benefits, there are no withdrawal fees.

9. GoURL

GoURL offers a white-label solution to the market. The protocol enables anyone to secure satoshis leveraging their Monitizor application. This system streamlines the sale of digital art, music, collectibles, and other assets. Additionally, there is a payment box you can install on your site in minutes.

GoURL is the best option for companies that seek a private solution. The network doesn’t require any sign-up. As such, there's no need to bring your ID or bank account number. Users simply connect their wallets and are ready to begin accepting payments.

Some other cool features include the ability to split payments between multiple wallets automatically, minimum balance autosends, and low-cost fiat-to-crypto conversions. GoURL is one of the easiest options on this list. Features like one-click integration and minimal fees make GoURL a project to research further.

10. Passimpay

Passimpay offers its clientele some impressive features. For example, the network accepts Bitcoin and +50 other popular crypto tokens. Additionally, It supports automatic crypto conversion, making it a great tool for those seeking to trade assets internally.

The network leverages custom-built APIs and a static address for depositing, which considerably streamlines the process. Merchants also enjoy some added benefits like individual pricing based on their customer needs and one-click payment process integrations.

Passimpay users enjoy automated withdrawals, which can be set up to execute in under a second after receiving funds. This option is ideal for merchants who worry that volatility in the market can hurt their returns. Additionally, the network offers privacy-focused processing that doesn’t require you to put forth any personal data.

Bitcoin Payment Processor – Satoshis for Everyone

The rise in Bitcoin payment processors is another indicator that the crypto market as a whole is expanding. The decentralized economy offers merchants and users a viable alternative to the status quo. As such, it's smart to cater to these clients as they are eager to spend their hard-earned crypto with others who support their cause.

You can learn more about exciting blockchain projects here.

David Hamilton is a full-time journalist and a long-time bitcoinist. He specializes in writing articles on the blockchain. His articles have been published in multiple bitcoin publications including Bitcoinlightning.com