How to make Bitcoin Payment Processor like BitPay?

Have you ever thought about the Bitcoin Payment Processors like BitPay?

Or on things like making one for your business?

Well, if yes, then we will be dealing with the same in this blog! Hope it will give some insight into the topic.

Almost everyone nowadays know the basics about Bitcoins, and Bitcoin Payment Processors etc. Anyways, let us see how to accept payments in Bitcoin next.

How To Accept Bitcoin Payments For Your Business?

The first step to be done inorder to accept the payments in Bitcoin for your business is to setup a BTC Wallet. Then create an awareness among your site users or the clients about the possibility of paying the amount by means of BTC. The clients will be happy to get a completely new mode of payment.

To get the payments, both sides, namely the client and yourself have to get on terms on the value of Bitcoin that the goods are worth. Next you will be required to send the address of your Bitcoin wallet to your client. The client can then send the money to the Bitcoin wallet address you have already sent. Once the amount gets credited to your account, you will be receiving a notification regarding the same.

But this process is not fully automated, and hence it may take a really long time to process. So if you are looking for a fully automated system that supports things like invoicing, POS support as well as an Integrated API, then using BitPay is highly recommended.

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What is Bitpay?

BitPay is basically an online platform through which you can both send and receive payments in Bitcoins. At present, they are considered as one of the World’s largest Bitcoin Payment Processor and operates in 6 continents. BitPay is the most efficient platform that we have in the present times and accepts the payments in both USD and bitcoins on their platform.

The major factor that makes BitPay really interesting is that, whenever you either receive any payment in the form of Bitcoin Cash, the BitPay calculates and converts the currency received based on the currency exchange rate and will credit to your bank account with the equivalent amount quickly.

BitPay also provides you the facility to link your bank account with the Bitcoin wallet and thus it allows to receive payments of POS (Point of Sales), API or emailed invoices.

It also allows the keep the Bitcoin Cash as such and can be converted to US Dollars if needed! BTC wallet can be stored in your smartphone as an application, can be used whenever required to pay for the items with your card.

How To Set up a BitPay Account?

Setting up a Bitpay account is not such a complex procedure! Just follow down the procedures given below:

Log onto the BitPay website and signup for a business account.

Fill in the required details carefully and create an account.

Next, you will be required to verify the various information provided like phone number, email etc. Then you will be asked to add the necessary bank details.

Then you will be asked to add a Bitcoin wallet and asked to choose a settlement plan.

This is done by navigating to the settlements page and you will be asked to specify the percentage of US Dollars or BTC you like to have.

Your account is now ready for the basic processing!

They charges an amount of $100 as daily processing limit for the basic payment processing account and a yearly limit of $500. No worries! There are also other categories of accounts which offer higher limits on daily and yearly basis.

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Let us begin with the plans that you will get with higher daily and yearly limits. Let us take into consideration the case of getting limits of $1,000 and $10,000 on daily and yearly limits.

Go onto the settings page, go and select the option of Increase Processing Volume.

Then select the option of Tier 1 Upgrade.

Next, you will be asked to provide some Government issued Tax ID cards. You will also be required to provide a link to your website.

Next, you will be required to verify your business by providing the necessary documents like bank statements etc.

Then you will be asked to give out your EIN and verify the same.

Provide all the required documents they ask and submit.

After a minimum of two working days you will be getting a verification notification that your account is now upgraded to Tier 1 account and also that your daily and yearly limit has increased to $1,000 and $10,000 respectively.

Most of the businesses out there will be doing transactions worth a lot more than even $10,000 in a year and for those people, there are some special plans. And they are discussed in detail below: They are the Starter Plan and the Business Plan.

Starter Plan

In the starter plan they do not charge any service fee since its mainly for the small or medium sized businesses. But they will be having a limitation to perform only 30 transactions per month and also it should be within the limits of $1000 a day and $10,000 a year. Another limitation of the plan is that they do not support multiple user access and also the bank settlements will be done only once a week.

Business Plan

In Business Plan they charges a service fee of 1% and which is much cheaper than its competitors who usually charges a service fee of 2.9 % as card processing fee by almost everyone other than the BitPay. In this plan there will be no limitations or restrictions on the number of transactions that you can make per day or per year! Here, you can also make use of multiple users as well as the facilities of an International Bank. Moving to a business plan is also not so tough. Just visit the settings page and click on change your account.

Once you change your account, you will be required to move to the approved volume settings incase if you wish to apply for even higher tiers.

For instance, incase of Tier 2, you will be required to provide the following documents, say, business registration details, photo IDs of the owner, Government issued ID cards and a live running website.

And if all the documents are found valid, your request for Tier 2 will be approved and you will be given permission to conduct transactions worth $10,000 and $50,000 on a daily or yearly basis respectively.

You do not have to worry about these above mentioned documents. It will all be there with you if you are already operating a business.

There is also a Tier 3 which provides you the facilities of a daily transaction limit of $100,000 and a yearly transaction limit of $5,000,000. For being eligible for this service you will be required to provide certain other things apart from the ones mentioned for Tier 2. The additional things include: a link to your website’s returns policy page. Also your website needs to have an SSL (Secure Socket Layer) certificate.

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How To Start Accepting Payments With BitPay

Accepting payments through BitPay can be done through the given below methods:

Email billing system

Point of Sale systems

Website Integration

And incase if you wish to customize more, navigate to the payment tools section of Bitpay and you will get access to a lot of catalogues, payment buttons, and other hands-on-options etc. It’s really simple to set up, because all the instructions are attached to each and every option. Now it's all done! Your business can start receiving payments in Bitcoin.

There are also certain crypto software development companies that you can contact in case of developing Bitcoin Payment processors like BitPay.