CoinPayments is a wallet service platform where you can buy, sell and exchange at a flat transaction fee of 0.50%. It is an integrated payment gateway for cryptocurrencies such as Bitcoin, Litecoin, Monero, Zcash, Dogecoin, Ethereum, etc.
What Is CoinPayments?
CoinPayments is a Canadian platform that caters toward merchants who sells their services online. It supports 100 + types of payment transactions and you are free to add and withdraw payments as needed.
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.”
Currently, the platform integrates many popular shopping carts used in eCommerce stores including PrestaShop, Woo Commerce, Opencart, and Magento. It also offers a POS system to accept payments in person.
CoinPayments Wallet Features:
This feature makes bitcoin payments easier and faster than usual
Secured With BitGo:
BitGo secures CoinPayments hot wallet, where multisig technology protects all the company’s funds.
You can access your account and convert coins anywhere using the mobile apps. It available on both Android and iOS.
This feature allows you to lock your coins in the system vault. So, you need to wait for some time before spending your coins (max of 56 hours).
Auto Coin Conversion:
It allows automatic conversion of 55+ coins saving both fees and time
You can create and store coins on multiple wallets
Point of Sale:
It offers an add-on feature “point of sale” which you can use to accept payments in person.
The US and Europe-based merchants can have fiat settlements directly to their bank accounts.
Pay By Name:
This unique feature allows you to store the details about individual users. It is similar to the “fingerprint technology” whereby the fingerprint portrays unique identity of the user.
The Merchant Tools
How to Use CoinPayments?
Set up an account and choose the fields according to your preference:
Enter the personal details including:
- A unique username
- Email and password
- Select a Time Zone
- Reading and confirming the terms of service
Email Verification process: A link is sent to your email address, you need to verify your email by clicking on the link.
An Account Wizard helps newbies to get familiar with how the wallet services and merchant payment works.
The wallet service offers 2 options:
- A normal wallet: By which you exchange your coins
- $PayByName: By which you can create a unique tag to receive payments from all coins
The merchant payment offers 2 options:
- Choose all the coins available
- Select your coins of preference.
CoinPayment Fee Charges
CoinPayments is an industry leader in low 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
Multi-signature and 2-factor authentication process provides 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.
On the other side, CoinPayments seems to be designed 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 a popular cryptocurrency payment platform which merchants are using around the globe. 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 have many choices here!
You can learn more about CoinPayments or start using the payment platform by directly navigating to its official website.
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