If you know crypto, you know BitPay: grandfather of the Bitcoin payment processors. While it may have been traditionally used by merchants looking to accept Bitcoin as a payment method, many will be leaving the service in the coming weeks as new changes to their terms and conditions will cut out thousands of businesses.
Merchants in several industries will be prohibited from using BitPay as a payment processor after April 25th. This includes businesses that operate in adult, gambling, cloud-mining, certain aspects of finance, and more.
As one of the largest payment processors moves to legitimize their business, many are left looking elsewhere if their type of business has been banned from their services.
Bitcoin still remains the top cryptocurrency for e-commerce. With lower payment processing fees than PayPal and other credit card companies (as much as 66% cheaper), the elimination of chargebacks, and reduction of fraud. Fortunately, Segwit compatibility has greatly reduced the cost per transaction, and the upcoming Lightning Network will certainly speed up transactions – making Bitcoin still the king of e-commerce.
For businesses looking to continue accepting Bitcoin as a payment processor, one great BitPay alternative is Blockonomics – one of the only Bitcoin processors that respects the purpose of Bitcoin.
Blockonomics transaction fees are 1% for unlimited transactions, with the first 10 transactions free of charge. As one of the first payment processors to go Segwit, Bitcoin is accepted natively as their payment option of choice, with extended options for Ethereum, Litecoin, Dash, Bitcoin Cash, and more using the built-in Shapeshift integration.
What makes Blockonomics special is their tag line, “Be Your Own Bank”. Online shops that accept Bitcoin can have their BTC sent directly to their own personal wallet. The majority of cryptocurrency payment processors hold your coins until you’re ready to pay out. Blockonomics’ decentralized payment processor keeps aligned with the purpose of Bitcoin by allowing merchants to “be their own bank”.
Blockonomics is also a leader in Segwit and Bech32 adoption in the Bitcoin ecosystem. Easy to install plugins are available for various e-commerce platforms such as WordPress, Prestashop, Magento and WHMCS.
While BitPay cleans up it’s act, many merchants will search elsewhere for a suitable alternative. Blockonomics, along with many other alternatives, can certainly fill the void that’s missing.