BitPay offers a flat 1% fee and settles in 2 to 3 days, whereas other international wires require 4 to 6 days and charge fees at 3% – 4%. Its importance is apparent from the fact that in 2018 even bitcoin dropped by 80%, BitPay transactions surge was at +255%. There is a high demand for B2B payments nowadays. These include FMCGs, internet companies, telecom companies, finance companies, law firms, and cybersecurity firms. This business model is expanding day by day and is very popular among companies. What is BitPay Business Model?īitPay business model consists of two structures to accept and transfer payments in bitcoins and make bitcoin transactions. This wallet supports several languages and also shows prices in 150 currencies. Users can then use this currency for online transactions. The BitPay wallet app enables users to buy and spend bitcoins and convert them to real currency. Companies and businesses can get bank deposits without paying surplus charges on transactions.īitPay also offers BitPay Wallet in addition to BitPay cards.
As BitPay allows users to accept payments in Bitcoin, it offers a 1% flat rate of transaction fee. Processing fees for every transaction through credit cards can vary from 2 to 3 %, depending upon the transaction.
Related: TransferWise Business Model: How Does It Make Money? Customers can convert bitcoins or other cryptocurrencies to dollars, euros, and pounds to shop. It has an EMV chip that provides extra security during transactions. Customers can withdraw money at any ATM, pay bills at any shop or online and also transfer money. Vendors and businesses accept payments in bitcoins and convert them into the currency of their choice by direct bank deposits. BitPay card provides all services like MasterCard. of Employees 80+ HQ Atlanta, Georgia, USA Business model Bitcoin Payment Service Products/Services Online transfer and collection of Digital currency Competitive Advantage A large network, Low transaction costs, International presence Funds raised $70+ million Competitors Coinbase, Paxos, BitGo and Xapo How Does BitPay Work?īitPay card is like a MasterCard or a prepaid card through which users can make payments anywhere in the world. Company Name BitPay Website Founded in 2011 Founders Stephen Pair and Tony Gallippi No. BitPay generated $70 million in fundings in two rounds of venture capital funding. It also allows cryptocurrency payments by reducing payment errors.īitPay offers BitPay Wallet and BitPay Prepaid Card, allowing the users to spend, save and turn their digital currency into real currency in the form of dollars. BitPay solved these issues by providing a secured platform so that businesses can grow and generate higher revenues. In the early days of online payment services, the number of frauds and risks was very high. It is a platform through which online users can make online payments in the form of digital currency. BitPay is very user-friendly and provides a personalized interface making it easy to use.īitPay was founded by Stephen Pair and Tony Gallipi in 2011. Blockchain payment technology is the essence of BitPay, which allows users to transfer bitcoins and convert the digital payments in users’ choice currency. BitPay has a secure and impeccable system to the extent that fewer errors and problems occur during Bitcoin payments.īitPay is a payment service provider company that accepts and transfers payments in bitcoins. BitPay is operating in six different continents, making it one of the leading Bitcoin payment services in the world.Įvery day thousands of payments of Bitcoins take place via BitPay. It is changing and revolutionizing the financial sector of industries. It reduces the risk of fraud or online payment thefts.īitPay is a secure and fast method for the transaction of money globally. BitPay converts the payments received in Bitcoin to the currency of users’ choice. The company headquarters are in Atlanta, US. BitPay is a platform used for Bitcoin payment services.