What is a bitcoin payment gateway?
You are currently visiting shopify. Accept bitcoin payments through your ecommerce store and capture an emerging market of new customers who are looking for places to spend their bitcoins. Unlike processing credit cards, bitcoin payments have low to no fees, allowing you to pass those savings on to your customers and gain a competitive advantage. All bitcoin transactions are protected by the bitcoin network, meaning you can accept payments from anywhere in the world without worrying about fraud or chargebacks.
Easily setup a bitcoin payment processor in your physical retail store using a tablet, POS device or mobile app. In just 10 minutes, bitcoins can be transferred from one side of the globe to the other without limits, delays or high fees.
Making the decision to offer bitcoin for ecommerce means all you need to do is secure your wallet and payment requests — no extensive security checks, extra costs or PCI compliance regulations. Thousands of Shopify storeowners are already accepting bitcoin payments.
Bitgear sells trendy, high quality bitcoin t-shirts to consumers and merchants who want a cool and fashionable way to show their support for the digital currency revolution. Hip, unique and funky, Beloved Shirts sells all-over-print crew neck t-shirts, sweatshirts and hoodies. This stylistic, progressive company accepts bitcoins on all purchases. Strapping Fellow produces and sells custom watch straps made of Horween Brand leather. Enclave Eyewear manufactures and sells nylon composite, stainless steel and acetate eyewear frames using polarized TAC tri-acetate cellulose for the lenses.
Mindzai is a distinct online retail store that sells designer toys, a variety of creative goods and specialized apparel. Mindzai is catered to online buyers looking for something different. Tortuga Backpacks designs and manufactures what they argue is the perfect backpack for urban travelers.
Email address. Your store name. Create your store. Select region. It's fast, easy, cost-effective and hassle free. Get noticed Accept bitcoin payments through your ecommerce store and capture an emerging market of new customers who are looking for places to spend their bitcoins. Low fees Unlike processing credit cards, bitcoin payments have low to no fees, allowing you to pass those savings on to your customers and gain a competitive advantage. No chargebacks All bitcoin transactions are protected by the bitcoin network, meaning you can accept payments from anywhere in the world without worrying about fraud or chargebacks.
POS applications Easily setup a bitcoin payment processor in your physical retail store using a tablet, POS device or mobile app. Fast payments internationally In just 10 minutes, bitcoins can be transferred from one side of the globe to the other without limits, delays or high fees.
No PCI compliance required Making the decision to offer bitcoin for ecommerce means all you need to do is secure your wallet and payment requests — no extensive security checks, extra costs or PCI compliance regulations. Successful bitcoin merchants Thousands of Shopify storeowners are already accepting bitcoin payments. Start your day free trial today! Email Start free trial.
It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented in by an unknown person or group of people using the name Satoshi Nakamoto  and started in  when its source code was released as open-source software. They can be exchanged for other currencies, products, and services. Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, and thefts from exchanges.
Why businesses should accept bitcoin
Using proper caution, one can make or receive payments to anyone without revealing any sensitive information linked to their bitcoin accounts or wallets. This article explains how bitcoin payment services work, their advantages, their associated costs that users should be aware of, and whether these services are a threat to the traditional fiat currency based payment systems. In a nutshell, bitcoin payment services, or bitcoin merchant services, enable merchants and businesses to receive payments in bitcoins from individuals for the goods and services being sold or delivered.
It works similar to the processing of a standard credit or debit card payment servicewith some specifics to bitcoins. Similarly, you can make an online purchase at the Walmart website, and make the payment using the same credit card by entering the details on the payment page of the website. In both the cases the in-store swipe machine, or the online web portalbehind the scenes works a payment service system that enables authentication and processing of your credit card for making the payment.
Bitcoin payment services work in similar fashion. They act as an intermediary layer between the payer and receiver for processing of the bitcoin payments, which also involves recording the transaction on the blockchain public ledger. They allow merchants to accept payments in bitcoins both online and at physical locations without the buyer or the seller worrying about the complex background process of bitcoin payments that gets executed in the background. All popular bitcoin payment services offer моему what restaurants accept bitcoin считаю mediums for merchants to accept bitcoin payments.
They include solutions for various platforms, like integration with e-commerce platforms like Shopify, PrestaShop, and Magento; for payment through in-store point-of-sale POS systems, like Soft Touch and DC POS; and for direct payments from within the popular billing and accounting solutions, like Host Bill and Invoice Ninja.
Essentially, anyone who signs up for bitcoin merchant services can start receiving bitcoin payments from the customers via any and all kinds of transaction mediums from across the globe.
Your customer opts to make payment in bitcoins at the checkout in-store, on processin, or in-apphe pays the amount at the locked-in exchange rate applicable at the time of transaction, the bitcoin payment service instantly converts the received bitcoins into the currency of your choice eliminating what is bitcoin payment processing volatility risk, the money gets added to your account, and it finally gets credited to your designated bank account at the decided frequency once the accumulated account crosses the threshold limit.
One can even opt to get the bitcoins in their own wallet, instead of exchanging them for fiat currencies. The service also sends the necessary details in a secure manner to the blockchain what is bitcoin payment processing for the transaction to be authenticated and recorded on the public ledger. Miners, who verify and add the transactions to the blockchain, receive a bitcoin miner fee. This pzyment does not go to the payment processint, but is given to reward the miners for their work done for verification and authentication.
Bitcoin payment services claim to maintain transparency in the highly dynamic exchange rates between the bitcoin and the fiat currency.
Using such services, a merchant not only gets various mediums to accept global payments, he also gets a reliable and what is bitcoin payment processing identity in the virtual world of cryptocurrencies, which is much safer, transparent and dependable for getting payments.
That is the value-add a business gets from pzyment services. BitPay is one of the early and popular offerings available in the U. Coinbase, a cryptocurrency exchange, also offers a merchant app for businesses for bitcoin payment services. CoinGate, SpectroCoin, and CoinsBank are other leading players offering similar services paykent a variety of flavors to suit the whah of merchants and payers willing to deal in bitcoins. Settlement is available in a variety of fiat currencies by the different operators.
It supports direct bank deposits in 38 different countries, and bitcoin settlements in countries across the globe. While many nations, like Japan and the U. However, the overall increasing acceptance of bitcoins is indicative of more and more global users willing to transact in.
The existence and continuously increasing influence of a parallel, border-less economy which is out of control of any central authority is also putting the business of the traditional card and merchant payment service providers at risk. From a time where everything was being what is bitcoin payment processing in fiat currencies to now, where an increasing portion is switching to cryptocurrency dealings, the associated services linked to fiat currencies are bound to feel the heat.
Technological advances and evolution of new offerings will continue to emerge. Investing in cryptocurrencies and Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a rpocessing by Investopedia or the writer to invest in cryptocurrencies or ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.
Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained. As of the date this article was written, the author owns no cryptocurrencies. Your Money. Personal Finance. Your Bitciin. Popular Courses. Login Newsletters. Bitcoin Guide to Bitcoin. Cryptocurrency Bitcoin. In terms of steps, the following workflow gets executed. Compare Pahment Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.
Related Articles. Bitcoin Bitcoin vs. Credit Card Transactions: What's the Difference? Bitcoin What's the Difference between Bitcoin and Ripple? Partner Links. Related Terms Bitcoin Exchange Wjat A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins.
Bitcoin Definition Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a whitepaper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. PayPal PayPal is an electronic commerce company that facilitates payments between parties through online funds transfers.
Money Definition Money is what is bitcoin payment processing medium of exchange that market participants use to engage in transactions for goods and services.
Coinbase Commerce Coinbase Commerce allows merchants to accept multiple cryptocurrencies payments from global customers. Blockchain Explained A guide to help you understand what blockchain is and how it can be used by industries.
Why businesses should accept bitcoin
Notify me of new posts by email. No PCI compliance required Making the decision to offer bitcoin for ecommerce means all you need to do is secure peocessing wallet and payment requests — no extensive security checks, extra costs or PCI compliance regulations. Approvals for any of the merchant account solutions that Instabill offers can take anywhere from five business days to two weeks. For increased convenience and compatibility, providing all of these options in your payment requests is recommended. Allows spenders to submit transactions directly to receivers without going through bitcoij peer-to-peer network. View Available Cards. I will keep updating this list of Bitcoin payment processors as I can verify them there are many out. Is there an app that i can integrate into my e-commerce site that will automatically convert the What is bitcoin payment processing currency into Bitcoin? But Bitcoin is not only limited to prkcessing businesses… offline business should also start accepting Bitcoin as payment. Some of Our Projects Learn More.