What is BitPay?
BitPay is the world’s biggest Bitcoin payment processor, with over a million customers. It enables businesses to accept Bitcoin as payment and offers them reduced processing costs compared to most credit card firms in the industry. It was designed to make it simple for companies to accept Bitcoin as a form of payment. Payments are made in Bitcoin, and then BitPay converts the amount into one of eight main currencies, such as the US dollar, and sends the money straight to the firm that received it.
When a consumer makes a payment, the exchange rate is locked in for that transaction. Because of this, BitPay will bear the loss if Bitcoin fluctuates between the moment a client pays and the time that money reaches the company owner. This company charges a flat one percent transaction fee to merchants, which they claim makes them more appealing than the three percent fee charged by some credit card providers.
How Does It All Work?
With the BitPay Card, customers may quickly convert Bitcoin they have acquired via a reputable payment gateway such as Altalix into fiat cash. This cash is then loaded onto the card and can be used anywhere a MasterCard debit card is accepted throughout the globe. Customers can also use their BitPay Cards to make online purchases and withdraw money from ATMs, among other things. It is possible to convert and use cryptocurrencies in conjunction with fiat cash, thus bridging the gap between traditional money and cryptocurrencies.
The BitPay Card may only be obtained if the applicant is over eighteen and has completed the required identification and residence verification processes. This card may be used at any merchant that accepts Mastercard debit cards, and it can also be used to withdraw cash from any ATM that accepts Mastercard as a form of payment. The BitPay Card is equipped with an EMV chip, which enhances security while also allowing for contactless payments to be made.
What Makes BitPay So Special?
Aside from making purchases using the BitPay Card, it is not feasible to make payments with other methods, such as a credit card. Businesses that use the BitPay Card may take Bitcoin as payment and get direct bank deposits in any currency of their choosing. The BitPay Card offers a one-time settlement cost of one percent and no transaction fees. According to the existing settlement options, eight different currencies and direct bank deposits are presently available in 38 countries, with Bitcoin settlement feasible in 233 nations. They also offer BitPay Wallet software, enabling customers to manage and spend Bitcoin acquired via highly rated and trusted cryptocurrency payment gateways like Altalix. Users may now use the BitPay Card to convert their Bitcoin to dollars. Furthermore, the BitPay Wallet app offers several options for acquiring and storing Bitcoin and conducting online payments. Users can buy gift cards from hundreds of prominent retailers in-store and online in seconds using their smartphones or tablets.