What Is BitPay?
CryptoBitPay is the world's largest cryptocurrency payment processor, founded in 2011. It enables merchants to accept 16+ cryptocurrencies (BTC, ETH, LTC, DOGE, stablecoins) with instant settlement to fiat currency, eliminating volatility risk. BitPay processes over $1 billion in crypto payments annually.
How It Works
1. **Merchant creates invoice**: When a customer selects crypto payment, BitPay generates a payment invoice showing the amount in the selected cryptocurrency, a wallet address, and a QR code. 2. **Customer pays**: The customer scans the QR code or copies the address and sends the exact crypto amount from their wallet. BitPay monitors the blockchain in real time. 3. **Transaction detected**: BitPay detects the incoming transaction and displays a confirmation status to both merchant and customer. 4. **Blockchain confirmation**: The transaction receives the required number of blockchain confirmations (varies by cryptocurrency and amount). 5. **Fiat conversion**: BitPay converts the received cryptocurrency to the merchant's chosen fiat currency at the current exchange rate. 6. **Settlement**: BitPay deposits the fiat amount (minus the 1% fee) to the merchant's bank account, typically the next business day.
Key Details
Instant settlement to fiat
1% processing fee
No standard limit (enterprise plans available)
69 countries
Pros & Cons
- Longest track record — founded in 2011, BitPay is the most established crypto payment processor with over a decade of reliable operation and billions processed.
- Instant fiat settlement — merchants receive fiat currency (USD, EUR, GBP) with zero volatility risk, deposited to their bank account the next business day.
- Flat 1% fee — significantly cheaper than credit card processing (2.9%+) with no setup fees, monthly fees, or hidden charges on the standard plan.
- Wide crypto support — accepts 16+ cryptocurrencies including BTC, ETH, stablecoins, and popular altcoins, maximizing the customer base that can pay with crypto.
- Comprehensive integrations — plugins for Shopify, WooCommerce, Magento, and all major platforms, plus a full REST API for custom integrations and a POS app for in-person payments.
- KYC required — BitPay requires merchant identity verification and compliance with financial regulations, which some crypto-native businesses view as counter to decentralization principles.
- Custodial model — BitPay holds and converts the cryptocurrency, meaning merchants must trust BitPay as an intermediary rather than receiving crypto directly.
- Limited altcoin support — while 16+ coins is broad, competitors like NOWPayments support 300+ cryptocurrencies, potentially missing niche crypto communities.
- US-centric — while available globally, BitPay's strongest presence and support is in the United States, with some features (like the BitPay Card) limited to US users.
- No recurring billing — BitPay does not natively support subscription-based recurring crypto payments, requiring merchants to generate new invoices for each payment cycle.
Use Cases
- E-commerce crypto checkout — online merchants add BitPay as a payment option alongside credit cards, enabling customers to pay with any of 16+ supported cryptocurrencies.
- B2B invoicing — businesses send crypto-payable invoices to clients and suppliers through BitPay's billing system, receiving settlement in fiat currency.
- Nonprofit donations — charities use BitPay to accept cryptocurrency donations with automatic conversion to fiat, tapping into the crypto community's philanthropy.
- Enterprise crypto payments — large companies like Microsoft and AT&T use BitPay to accept crypto at scale with enterprise-grade compliance, reporting, and support.
- Cross-border payments — businesses use BitPay to accept international crypto payments without the fees and delays of traditional cross-border payment methods.
BitPay is the pioneer and market leader in cryptocurrency payment processing, founded in 2011 by Stephen Pair and Tony Gallippi in Atlanta, Georgia. As the longest-operating crypto payment company, BitPay has processed billions of dollars in cryptocurrency payments for merchants worldwide and has become the de facto standard for businesses wanting to accept Bitcoin and other cryptocurrencies without the complexity of managing crypto wallets, volatility, and blockchain infrastructure.
## How BitPay Works
BitPay's core value proposition is simple: it lets merchants accept cryptocurrency payments and receive fiat currency. When a customer pays with crypto, BitPay handles the entire flow — generating a payment invoice, monitoring the blockchain for the incoming transaction, converting the cryptocurrency to the merchant's chosen fiat currency (USD, EUR, GBP, etc.) at the current exchange rate, and depositing the fiat into the merchant's bank account. The merchant never touches cryptocurrency and bears no volatility risk.
The settlement process is rapid. BitPay typically initiates bank deposits the next business day after a payment is confirmed on the blockchain. For merchants who prefer to receive cryptocurrency, BitPay can also settle in BTC, ETH, or stablecoins.
## Supported Cryptocurrencies
BitPay supports a broad range of cryptocurrencies for merchant payments, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Ripple (XRP), Shiba Inu (SHIB), and stablecoins USDC, USDT, DAI, BUSD, GUSD, and PAX. The platform also supports payments via the Lightning Network for Bitcoin and various Layer 2 solutions, enabling faster and cheaper transactions.
This multi-currency support means merchants can reach the broadest possible crypto-paying audience through a single integration, rather than building separate support for each cryptocurrency.
## Pricing
BitPay charges a flat 1% processing fee on all transactions — significantly lower than credit card processing fees (typically 2.9% + $0.30) and competitive with other crypto payment processors. There are no setup fees, no monthly fees for the standard plan, and no hidden charges. For high-volume merchants, BitPay offers enterprise pricing with potentially lower rates.
The 1% fee covers everything: payment processing, fiat conversion, and bank settlement. Customers pay the blockchain network fee for their transaction, which varies by cryptocurrency and network congestion.
## Integrations and E-commerce Plugins
BitPay offers plugins and integrations for all major e-commerce platforms: Shopify, WooCommerce, Magento, PrestaShop, OpenCart, WHMCS, and more. For custom integrations, BitPay provides a well-documented REST API that supports payment creation, webhooks for payment status notifications, refund processing, and multi-currency invoicing.
BitPay also offers a point-of-sale (POS) application for in-person crypto payments, a billing and invoicing system for B2B payments, and a payroll solution for paying employees and contractors in cryptocurrency.
## The BitPay Card
Beyond merchant services, BitPay issues a prepaid Mastercard (the BitPay Card) that allows users to spend their cryptocurrency anywhere Mastercard is accepted. The card instantly converts crypto to fiat at the point of sale. While not directly a merchant service, the BitPay Card increases the number of consumers who can easily spend crypto, indirectly benefiting merchants in the ecosystem.
## BitPay vs Other Crypto Processors
Compared to Coinbase Commerce, BitPay offers more supported cryptocurrencies, established enterprise relationships, and fiat settlement by default. Coinbase Commerce takes a self-custody approach where merchants receive crypto directly. Compared to NOWPayments, BitPay has a longer track record and stronger regulatory standing but supports fewer altcoins (16+ vs 300+). Compared to building a custom solution with BTCPay Server, BitPay is fully managed and requires no technical infrastructure, but charges a 1% fee whereas BTCPay Server is free and open source.
## Who Uses BitPay?
BitPay's merchant roster includes major brands like Microsoft, Newegg, AT&T, Dish Network, and thousands of small and medium businesses. It is also widely used by nonprofits and charities for accepting crypto donations. BitPay is the go-to choice for merchants who want a reliable, enterprise-grade crypto payment solution with minimal technical complexity.