Review of Most Known Crypto-Processors on the Market from Monoup
Accepting cryptocurrency payments on a website is no longer an innovation but a widespread feature that became essential for modern gaming portals.
At first glance, it may seem that all providers of this service are the same, but we are ready to prove that this is not the case. Although basic service is similar, there are details that can make collaboration with a crypto processor better or worse. Let's examine the main facts about modern crypto payment solutions in today's overview.
Coinspaid
Coinspaid is one of the most in-demand crypto payment processors in iGaming industry, originally developed as an in-house solution for clients of SoftSwiss gaming platform. Created in response to the needs of gaming operators, crypto software has become essential in today's iGaming world. Nevertheless, Coinspaid service has repeatedly proven its high quality and convenience for various merchants who continue to choose it, even if they do not collaborate with SoftSwiss platform itself.
The main focus of the company is accepting crypto payments and providing exchange services. Brand is licensed in Estonia and Poland, allowing it to operate seamlessly within the European Union. Coinspaid offers services not only to iGaming operators but also to companies in forex, travel, marketing industries, IT developers, and even ordinary e-commerce stores. Additionally, thanks to comprehensive licensing, Coinspaid offers business wallets that can be presented for compliance. The wallet is opened under the name of your business and has access to real-time crypto and fiat currency exchange. Among other important points, it is worth noting the cost of service, which is somewhat higher than that of the closest competitors. Company processes hundreds of millions of dollars monthly in client transactions and offers a high level of asset protection, which can justify the cost of service.
One of the main advantages of Coinspaid is full regulatory transparency and constant adherence to all new requirements and crypto laws. Although businesses may note increased AML monitoring, its goal is only to protect the common interests of payment service and its clients.
Coin Payments
Another popular crypto payment provider is Coin Payments. The company has been operating since 2013, making it one of the most experienced in the industry. During this time, Coin Payments has secured legal setup in Lithuania and Panama and confidently operates in various jurisdictions.
A strong point of service is its support for a large number of different cryptocurrencies (over 1,300), not just the most popular ones but also less commonly used. Thanks to this, service can be useful in various fields and serve as the basis for high-quality business processing. Integration is available via API, payment buttons, invoices, or plugins, which also opens access to this service for a larger number of merchants.
The platform charges a 0.5% fee, but for higher-risk types of businesses, this fee may be increased. Additionally, network fee is charged from sender of each payment. This approach can be considered standard in the industry, and fee is average. For a long time, company's approach to cooperation was standardized and similar to PayPal — impersonal communication and difficulties with a ticket system. Although much of the data is publicly available, including API documentation, this did not help much in practice. From personal experience, we can add that this has now changed, and Coin Payments has become more open to their clients.
BVNK
A relatively new but already notable provider, BVNK aims to bridge the gap between traditional finance and cryptocurrency, particularly using stablecoins. The company focuses on building fruitful relationships with banks and fintech, as well as strong crypto development.
BVNK is oriented towards stablecoins such as USDC and offers services to various industries, including fintech, payment systems, gaming operators, forex brokers, and other crypto companies. By using BVNK's services, you can open a fiat-crypto account that helps improve the operational aspect of your business. If you support both crypto and fiat flows, using multiple different providers can become a significant expense. Additionally, unfavorable exchange rates, restrictions, and unwillingness of traditional banks to support digital currencies become a significant obstacle to the rapid movement of money. BVNK's account essentially takes away all this headache, allowing the merchant to receive necessary service in one place.
It is no surprise that this idea has attracted investors, and company itself is now valued at over $700 million. BVNK was launched in 2021 but has already managed to receive several prestigious awards in the industry and establish itself as a strong player in the crypto market.
Bitpay
Bitpay is a payment provider focused on business services, specifically accepting Bitcoin and other cryptocurrencies for goods and services. A convenient mobile wallet app for individual users and a merchant account for businesses are combined into a single ecosystem.
With Bitpay, you can not only accept crypto on your website but also make payouts, salary, or other payments necessary for your business. This way, crypto becomes on par with traditional money and can act as a full-fledged payment instrument.
This American company offers a stable fee rate of 1% for average businesses, which can be considered a higher fee compared to many competitors. However, it is worth noting that licensed and established services often cost less than crypto enthusiasts who do not have license and access to fiat transactions. Here, it is important to make the right decision for your own business and get maximum service for the paid price.
Bitpay offers a convenient way to negotiate fees and flexible discounts for higher transaction volumes. The higher the merchant's processing volume, the lower their fee. At the same time, company supports only the main coins: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), ApeCoin (APE), Polygon (POL), Dai (DAI), USD Coin (USDC), Binance USD (BUSD), Wrapped Bitcoin (WBTC), Pax Dollar (USDP), Gemini Dollar (GUSD), and Euro Coin (EUROC).
Crypto Pay
Crypto Pay is licensed in Lithuania, Estonia, and the UK, and also collaborates with Visa, having EMI license obtained in Lithuania. Such a solid package of legal documents only confirms the serious approach since its start in 2013.
Crypto Pay offers payment services for businesses such as accepting crypto payments, as well as fiat payment and exchange services. Collaboration is available in the form of payment links (no integration required), API integration, and online cashier window. A distinctive feature of this company is its support for a wide range of industries, including those that often face difficulties in obtaining payment services. For example, individual freelancers, influencers, bloggers, sellers of digital goods, gaming, marketing companies, and even affiliates. All these business directions are usually considered risky because they pose some difficulty in verification and tracking for traditional banking institutions. Crypto Pay helps solve the problem of access to financial services.
The company processes more than a billion dollars a year, but it supports a limited number of countries for operation. These include European Union and partially Asia and Latin America.
In conclusion, these are not all the available payment companies in the industry, but they are certainly among the most popular. Why is it important to know about them? As we often say, what works for everyone may not work for you, but awareness of market trends and current offerings is key to making the right choice.
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