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CoinPayments- The Cryptocurrency Payment Wallet

CoinPayments- The Cryptocurrency Payment Wallet

CoinPayments is a merchant payment solution and wallet service platform by which you can buy, sell and exchange at a flat transaction fee of 0.50%. Find out what is CoinPayments, how to use it, features it offers, fees and pricing in this review.

What Is CoinPayments?

CoinPayments is basically a Canadian cryptocurrency payment platform that caters toward merchants who sells their services online.

The official site claims:

“CoinPayments is the first and largest payment processor of over 575 cryptocurrencies. It boasts over 1,673,500 vendors across 182 countries around the globe. Also, the platform offers a huge variety of services and merchant tools.”

What CoinPayments Wallet Offers You?

CoinPayments accept major cryptocurrencies like Bitcoin, Litecoin, Ripple and many others.

It supports 100 + types of payments as well as transactions including transfers from uniform banks (although it doesn’t handle physical payments). You are free to add and withdraw payments as needed.

Currently, the platform integrates several popular shopping carts used by eCommerce stores including Woo Commerce, PrestaShop, Opencart, and Magento. Most of the cart options are the usable and open source in WordPress; while few of them are customizable.

It also offers a POS system that is used to accept payments in person.

Provides a host of payment facets and integration which help users process the payments.

CoinPayments Wallet Features:

Features
Features

The payment platform comes with all of the following features:

BitGo Instant:

Supports BitGo Instant which makes bitcoin payments easier and faster than usual

Secured With BitGo:

BitGo secures CoinPayments hot wallet, where all of the company’s funds are protected by multisig technology.

Mobile Apps:

Accept payments in person, access your account, and convert coins anywhere via the mobile apps available for both Android and iOS.

Vault:

This feature lets you lock your coins in the system vault. It operates in a way that you need to wait for some duration of time prior to spending your coins (max of 56 hours).

Auto Coin Conversion:

Allows automatic conversion of 55+ coins saving fees and time

Multi-coin Wallet:

Permits users to create and store coins on multiple wallets

Point of Sale:

It possesses an add-on feature “point of sale” that can be used to accept payments in person.

Fiat Settlements:

The US and Europe-based merchants can have fiat settlements directly to their bank accounts.

Pay By Name:

A unique feature enables to store unique details about individual users. You can say it as a fingerprint technology whereby the fingerprint portrays unique characteristics of the user.

The Merchant Tools

Merchants
Merchants

How to Use CoinPayments?

If you do not own an account with CoinPayments, so initially you need to sign up on the website

1st Step: Enter the personal details including:

  • A unique username
  • Email and password
  • Select a Time Zone
  • Reading and confirming the terms of service

2nd Step: Email Verification process, where a link is sent to the email address entered in the previous step.

3rd Step: An Account Wizard helps newbies to familiarize with how the wallet services and merchant payment works.

The wallet service feature offers 2 options:

  1. A normal wallet: By which you exchange your coins
  2. $PayByName: By which you create a unique tag to receive payments from all coins

Via merchant payment option you can choose what coins as a merchant you wish to accept. This provides 2 options:

  1. Choose all the coins available
  2. Select your coins of preference.

That all! Isn’t this a short procedure!

CoinPayment Fee Charges

CoinPayments is an industry leader in low fees… However, the current fees are:

Fees
Fees
  • It charges a modest 0.5% on all incoming payments
  • Commercial deposits are paid at 0.5%
  • Withdrawal attracts the coin transaction (Tx) fee
  • Wallet services are free of cost

You can view additional information about CoinPayments fees on their official website.

CoinPayments Security

Multi-signature and 2-factor authentication process provide good security to its users.

June 2017, CoinPayments made headlines for a bug by which thousands of dollars’ worth of Ripple (XRP) was stolen from users’ accounts. One investor claimed to experience loss of $700,000 USD worth of Ripple.

Reports made by CoinPayments say that the people who stole ripple tokens from other users were not hackers but long-standing customers of the platform.

However, CoinPayments wallet provides below average anonymity and as a result user accounts might be linked to individuals

Users of CoinPayments also have some complaints about its customer care service.

Points to Consider

CoinPayments seems to be created by keeping merchants in mind. It is popular with businesses that are keen to accept altcoins.

This platform offers a good user experience for any merchants or users trading.

Easy to use and provides adequate assistance for newbies.

CoinPayments is in a critical position at the moment due to Ripple attacks; however, Company’s leadership is positive that they’ll overcome this.

Final Note

CoinPayments is a popular cryptocurrency payment platform which merchants are using around the world. You can accept payments online via convenient address system, or you can accept payments in-person via POS system. Mobile apps are also available for iOS and Android. So you many choices!

To learn more about CoinPayments or to start using the payment platform, visit them online on their official website.

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Image Credits: CoinPayments
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Author

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.