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In this review of BitPay, we explore its role as a cryptocurrency payment processor and how it helps merchants accept Bitcoin and other digital currencies. We cover its main services, including merchant crypto payment processing, wallets, prepaid cards, e-commerce integrations, and mobile app features. The review also examines its fee structure, payout options, and the impact of past security incidents. In addition, we highlight customer feedback on issues such as transaction holds and support delays, while also considering regulatory concerns and overall performance. By the end, you will have a clear understanding of whether BitPay is a practical choice for businesses entering the crypto payments space.
Security Measures and Customer Service
We’ll also examine BitPay’s security measures, particularly in light of past security incidents. We'll evaluate the company’s customer service efficiency based on user feedback and online reviews to understand how well they respond to customer needs and issues.
Legal Challenges and Their Impact
In addition, we’ll discuss the legal challenges BitPay has faced and how these have affected the company's operations. Understanding these issues helps provide a fuller picture of the company's reliability and stability.
Fee Structure and Costs
Lastly, we’ll break down BitPay’s fee structure and overall costs, giving a clear view of the financial aspects of using their services. This will help potential users understand what to expect when using BitPay for cryptocurrency payment processing.
Company Background and Growth
BitPay is a virtual currency processor that specializes in helping merchant accounts accept Bitcoin and other cryptocurrency payments. The company also provides crypto wallets and prepaid cards. Founded in 2011 and headquartered in Atlanta, Georgia, BitPay has grown rapidly. In early 2013, the company secured $510,000 in funding from various investors. By the end of that year, it gained support from Horizon Ventures, an investment firm operated by China’s wealthiest man. BitPay partners with many other financial companies, including Banxa, Method Financial, ZenLedger, BlueSnap, MoonPay, Xeni, Gr4vy, BigCommerce, and Polygon Network.
2014 Phishing Scam
In late 2014, BitPay lost more than $1.8 million in Bitcoin when its chief financial officer fell victim to a phishing scam. These losses do not appear to have been a breach of BitPay's systems or a mass ripoff of BitPay users, but instead seem to represent an isolated incident for which the company has paid a steep price.
Mobile Wallet Hacking
In November 2018, BitPay warned its users about an infected code created to steal private wallet keys from people who use the Copay (its open-source wallet) app. A hacker was able to create a backdoor into the service by setting up malware in an open-source library that Copay was reliant on. Those using Android and iOS versions 5.0.2 through to 5.1.0 of its Copay app were most at risk and are advised to avoid opening the app again, to update their affected wallets, and to then transfer funds from compromised wallets to version 5.2.0 wallets. The company has stated that BitPay wallets were not affected by the malicious code.
About BitPay
BitPay Homepage
Founded in 2011 by Tony Gallippi and Stephen Pair, BitPay is a cryptocurrency payment service provider headquartered in Atlanta, Georgia. The company offers tools for merchants and individuals to accept and manage cryptocurrency payments, including Bitcoin and other digital currencies. BitPay’s services encompass payment processing, invoicing, and a digital wallet, facilitating transactions in over 100 currencies across multiple countries. The company has received funding from investors such as Index Ventures, Founders Fund, and Richard Branson, and operates as a licensed virtual currency business under the New York State Department of Financial Services. BitPay serves a diverse clientele, including businesses in retail, gaming, and travel sectors.
Products & Merchant Services
Payment Processing
BitPay allows clients the option to receive payments in traditional currency instead of Bitcoin or other cryptocurrencies. When this setting is chosen, BitPay accepts Bitcoin or other cryptocoins from online customers and converts the transaction into standard currency at a fixed exchange rate. This allows businesses to accept cryptocurrency payments while still receiving state-backed currency in their bank accounts. The service supports payouts in at least eight currencies and direct bank deposits in at least 38 countries, including two-day deposits via ACH in the United States. BitPay can be integrated with Shopify and also provides plugins and POS integrations for both online and retail merchants. Additionally, BitPay has introduced a mobile Bitcoin wallet and a reloadable Bitcoin Visa card for consumers.
E-Commerce Integration
BitPay offers e-commerce integration that enables online businesses to accept cryptocurrency payments on their websites. It supports popular e-commerce platforms and shopping carts to accept digital currencies.
Mobile App and Wallet
BitPay provides an application that allows users to buy, store, swap, and spend cryptocurrency. The app includes a feature to convert Bitcoin into dollars and offers a BitPay crypto debit card, which provides cashback on purchases. This service is designed to facilitate the management and spending of cryptocurrencies in a manner similar to traditional money.
Payment Settlement
BitPay offers a payment settlement service that allows businesses to settle payments in local currencies, cryptocurrencies, or a combination of both. This flexibility enables businesses to choose their preferred settlement method based on their needs and risk tolerance.
Email Billing and Crypto Payouts
BitPay provides a service for businesses to send billing invoices via email, which can be paid in cryptocurrency. Additionally, BitPay offers a solution for executing crypto payouts, facilitating a modern approach to disbursing payments to employees, contractors, or affiliates.
In-Store Payments
BitPay supports in-store cryptocurrency payments for brick-and-mortar businesses. This service integrates with existing point-of-sale systems, allowing customers to pay with cryptocurrencies in a physical retail environment.
Crypto Donations and NFTs
BitPay enables non-profits to accept donations in cryptocurrency. The platform also supports transactions related to Non-Fungible Tokens (NFTs), providing businesses with access to the growing NFT market.
Secure Crypto Storage and Transactions
The platform offers a non-custodial crypto app for secure fund storage, emphasizing security in cryptocurrency management. Users can manage multiple wallets and have instant access to their assets. The app also allows users to pay with crypto and buy gift cards directly from their wallet, facilitating the use of cryptocurrencies for everyday transactions.
BitPay Bill Pay
BitPay has introduced a Bill Pay service that allows users to pay their bills using cryptocurrencies. This service supports payments for a variety of bills, including credit card bills, mortgages, car payments, and personal loans.
Customer Reviews & Sentiment
Analysis of BitPay Reviews
Our examination reveals approximately 30 negative reviews of BitPay across various platforms, with allegations of the company engaging in ripoff or scam practices. Users have praised BitPay for its sleek interface and ease of configuration, yet criticisms primarily focus on issues related to fund holds and the complexity of its payment and refund processes. Over time, BitPay has notably adjusted its business model to be more selective about the types of businesses it supports. This shift, along with its integration of Bitcoin payments with fiat currency for conventional markets, has sparked debate within the cryptocurrency community regarding the scope of transactions BitPay can handle. We recommend business owners explore our compilation of the best merchant services providers. Your BitPay experiences and reviews are invited in the comments section below.
Assessing BitPay Customer Support
BitPay primarily offers email support to its clientele, with live support available to larger entities. It’s essential for users to consider the importance of having real-time support for their Bitcoin transactions. A significant portion of the complaints about BitPay points to unsatisfactory customer service, suggesting that the company’s support efforts do not meet the industry benchmarks set by leading payment processors known for exemplary customer service.
This revised content strives to provide a balanced overview of BitPay, highlighting user feedback, legal challenges, and the quality of customer support. By integrating SEO-optimized terms related to “reviews,” “complaints,” and “customer service,” the update aims to enhance visibility and offer valuable insights for individuals evaluating BitPay’s services.
Industry Scores & User Ratings
Online Ratings Summary
PaymentPop
1
BBB Rating
1
Trustpilot
1.3
Google Maps
2.8
Average Rating
1.7
PaymentPop Rating for BitPay
Negative Feedback
BitPay, while a great concept, is a dumpster fire when it comes to problems. Customer service and tech support are virtually nonexistent. I’ve been trying to add funds for a week now and have not been able to do so. They to imagine the fun when trying to get funds back from them! My considered advice is to avoid BitPay at all costs.
Positive Feedback
There are no positive reviews published about BitPay on the PaymentPop website.
BitPay BBB Rating
The Better Business Bureau currently gives BitPay an “A” rating and is not showing accreditation for the company. There have been 33 complaints filed against BitPay in the last 36 months. Only 11 of these complaints were resolved to the satisfaction of the complainant. BitPay has a 1 out of 5 star rating based on 5 user reviews on the Better Business Bureau website.
What Merchants Say
BitPay has also received 5 informal reviews to its BBB profile. The most recent review describes potentially missing money and a lack of customer service:
I created a account with bitpay and secured my 12 word recovery phrase. I made a bitcoin deposit and tried to send it to another wallet of mine and was denied because apparently I made a encrypted passcode for my transactions (which I did not). Their support and website keeps telling me to follow their steps for a account recovery to by-pass the encrypted passcode but when I import my 12 word phrase to import my wallet a balance of **** is reflecting. Not only a zero dollar balance but the wallet address is new. The website says to delete the wallet once old wallet is imported but I don’t want to take the risk of permanently deleting my wallet holding my funds. It has been days since their customer service has reached back out to me after giving such general responses as answers.
BitPay has also not received any informal reviews, although it is worth noting that these reviews are not subject to verification by the BBB. After weighing BitPay’s moderate overall complaint total against its increase in complaints and poor resolution efforts toward multiple complaints, we have slightly adjusted the BBB’s rating to a “B”.
Trustpilot Rating for BitPay
BitPay has a 5 out of 5 star rating based on 239 user reviews on Trustpilot.
Positive Feedback
one of the best Bitcoin wallet
Negative Feedback
Literally the worst crypto payment processor. Never works.
Google Maps Rating for BitPay
Bitpay has a 2.8 out of 5 star rating based on 21 user reviews on Google Maps.
Positive Feedback
I just paid my rent with bitcoin. Thank you bitpay. Would recommend this company to anyone!
Negative Feedback
Biggest thieves I have ever met, fake phone numbers, terrible customer service and garbage product to add to the message. Stay away from these guys for the love of god
Processing Rates & Fees
No Traditional Processing Fees
BitPay operates independently of Visa/MasterCard processing networks, bypassing interchange rates and typical payment processing fees such as PCI compliance fees, monthly minimum fees, statement fees, setup fees, and chargeback fees. This unique approach enables BitPay to waive transaction fees and provide ample transaction limits, making its rates competitive compared to some of the most affordable payment processing options.
Standard Risk Transaction Charges
For conventional-risk businesses, BitPay imposes a straightforward 1% fee per transaction without additional charges. Users gain access to multi-user support, email support, automatic payment exception handling, QuickBooks IIF downloads, and basic e-commerce and billing tools. High-risk industry operators may face higher per-transaction fees disclosed during account setup, while large-scale enterprises might qualify for reduced pricing or priority customer support.
No Termination Fee, But Possible Fund-Holds
BitPay’s terms outline a list of prohibited business types and details on the company’s reserve and termination policies. Businesses retain the freedom to cancel their service without incurring a termination fee, although BitPay reserves the right to place fund-holds at its discretion. While Bitcoin transactions are irreversible, refunds can be processed partially or fully through BitPay with customer consent.
How BitPay works
Lawsuits & Legal History
In February 2021, BitPay agreed to a $507,375 settlement with OFAC for processing payments from countries sanctioned by US law, including North Korea, Sudan, Syria, Ukraine, Cuba, and Iran. Additionally, BitPay was fined $1 million by New York’s Financial Services Department for alleged violations related to cybersecurity and anti-money laundering standards. Those seeking to address their grievances without litigation are advised to contact relevant oversight bodies.
Employee Reviews & Sales Practices
No Independent Sales Agents
BitPay appears to primarily rely on its website and traditional advertising methods to market its service. The company does not employ independent sales agents, and there are no BitPay reviews at this time that accuse the company’s sales team of unethical conduct. This compares favorably to our list of best credit card processors.
Public Contract Disclosure
BitPay’s website also does not appear to utilize any deceptive rate promotion at this time. The company’s contract terms are fully visible on its website, so we will award it an “A” in this category. If you suspect that BitPay is charging you undisclosed fees, however, we recommend seeking a third-party statement audit to find and eliminate hidden costs.
BitPay Competitors
Compare BitPay to competitors that earned top marks.
BitPay is recognized as a low-cost and reliable service for Bitcoin, other cryptocurrencies, and credit card processing, meeting or exceeding most established criteria for such platforms. As a relatively new player in the rapidly evolving fintech sector, BitPay is experiencing swift growth, which suggests that its services and offerings may continue to evolve. Businesses engaging with BitPay should be prepared for changes that could enhance or alter the service experience over time, as the company adapts to market demands and technological advancements.
Positioned at the forefront of cryptocurrency acceptance, BitPay represents a leading choice for clients who are looking to integrate virtual currency transactions into their operations without substantial risk. This makes it especially appealing for businesses or individuals with a casual interest in cryptocurrencies who seek to explore digital currencies alongside traditional payment methods. For those considering BitPay, it’s advantageous to stay informed about the latest developments and updates from the company as it navigates the complexities of crypto and credit card processing.
