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BitPay Overview – Everything You need to Know

 

BitPay is an all-around payment processor. It is also an e-wallet that can store bitcoins. It allows customers to store bitcoins the way they like and spend them in many online places. For merchants, BitPay can turn crypto payments into actual dollars with the BitPay debit card.

It works with all crypto wallets and has a simple pricing scheme that you can easily remember. Aside from cryptocurrency, BitPay can also process fiat currencies and digital tokens. Here are the cryptocurrencies it can accept:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • DOGE
  • Litecoin
  • XRP

Bitpay-Overview

For fiat currencies, it can accept the Australian dollar, Canadian dollar, Euro, British Pound, Mexican Peso, New Zealand Dollar, US Dollar, and South African Rand. Tokens accepted are USD coin, Gemini dollar, Pax dollar, Binance USD, Wrapped BTC, DAI, and SHIB.

 

BitPay Merchant Services

Payment Processing

Businesses need to start accepting crypto payments. It’s the most innovative payment method today. BitPay can set up an account for any business, regardless of the products and services you are offering. You can accept crypto from all over the world and use it to pay for supplier services, too.

High-risk Payment Processing

BitPay is a cryptocurrency e-wallet and payment platform. This means that it doesn’t discriminate against the type of business you are running. If you are having a hard time getting approved by traditional banks, consider what BitPay can do for your business.

 

BitPay Fees, Rates & Pricing

Processing Fees

BitPay has a simple pricing scheme. You only need to remember one thing—the company has a 1 percent transaction fee on all types of payments. High-risk businesses will have a slightly higher transaction fee. BitPay also said it allows unlimited monthly transactions.

Additional Fees

There is no information about BitPay’s additional fees.

Hidden Charges

BitPay said it doesn’t have hidden charges.

Hidden Fees

BitPay Complaints

There are formal complaints against BitPay filed on BBB. The complaints ranged from accounts being suspended or closed without the account owner’s knowledge to funds being withheld by the company to the inability of these customers to get the service they think they deserve. Many of the complaints centered around missing funds in their accounts.

Rip Off Reports

Many complainants called the company a rip-off. They also warned other merchants against BitPay.

Other Complaints

Merchants also complained about the company’s bad customer service.

 

BitPay BBB Rating

BitPay is listed on the Better Business Bureau (BBB) website, but it is not accredited. It has an F rating, which is the lowest rating that the bureau hands out. There are several complaints about the company. In the last three years, 19 complaints have been closed while 7 complaints were resolved in the previous year.

 

BBB Reviews

There are no reviews about BitPay on the BBB website.

 

Is BitPay Legitimate?

BitPay has active social media and business networking profiles. It has more than 371,000 followers on Twitter. It also regularly updates the page. The company has a verified page on Trustpilot.

ScamAdviser gave the website a trust rating of 1/100. That is a very low trust score, which means that the site is unsafe to browse. These are the positive highlights of the site:

  • The website has existed for some years.
  • The website has a lot of traffic.
  • Websites are linking to the site.
  • The SSL certificate is valid.
  • There’s advanced software.
  • The site offers a moneyback guarantee.

The negative highlights of the website are the negative reviews on the site and the anonymous payment method.

Scams

ScamAdviser gave the site a poor rating, so beware of scams when browsing the website. Some complaints published on Trustpilot called the company a scam because it held back their money. Since BitPay does not answer customer queries, some call it a scam.

Lawsuits

BitPay faced a lawsuit from OFAC because it processed payments for countries not allowed by the United States, such as North Korea, Sudan, Ukraine, Iran, Cuba, and Syria. In February 2021, the company was ordered to pay $507,375 in fines to settle the civil liability suit.

 

BitPay Customer Reviews

BitPay has a low rating on Trustpilot and even on other review sites. It only got 1.3/5 stars on Trustpilot because customers complained about their accounts being suspended and funds being held back. Many said they couldn’t withdraw their own money. They were also angry that they couldn’t reach the company.

On BBB, people also complained about the company withdrawing funds from their accounts without them knowing. When they tried to reach out to the company, BitPay did not heed their complaints, or it was simply unreachable. However, it should be noted, too, that many of these complaints have been resolved. The customers seem to accept the solution offered by BitPay.

 Customer Reviews

There are other positive reviews about BitPay. Some customers on G2 said they easily transferred money from their other wallets to BitPay. Also, they raved about BitPay’s payment gateway being able to process Visa cards.

 

Conclusion

If you are looking for an all-around payment processor, BitPay may not be it. Despite being a legitimate company, it has already faced a lawsuit because of unscrupulous dealings. On top of that, the company received many complaints but did not seem to improve from there. It has poor ratings on ScamAdviser, which means it is unsafe to browse it.

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