As businesses and individuals increasingly explore cryptocurrency payment solutions, many find themselves weighing the options between Bitpay and Coinbase Commerce. This article aims to provide a comprehensive overview of both platforms, comparing their prices and features to help you determine which is the best fit for your needs.
A quick overview on Bitpay and Coinbase Commerce
What is Bitpay?
BitPay is a cryptocurrency payment processor that allows businesses to accept digital currency payments. It converts cryptocurrency transactions into local currency, providing merchants with daily settlements in their preferred currency.
Unique features of BitPay include daily fiat settlements directly to bank accounts and the elimination of fraud chargebacks. Businesses use BitPay for e-commerce, retail payments, and donations, benefiting from access to a global customer base of crypto users and support for over 100 crypto wallets.
What is Coinbase Commerce?
Coinbase Commerce is a cryptocurrency payment gateway that enables businesses to accept various cryptocurrencies for goods and services. It supports payments across multiple blockchain networks, including Base, Ethereum, and Polygon, allowing customers to pay with their preferred wallets and currencies.
Unique features of Coinbase Commerce include easy onboarding, volatility-free conversions to USD Coin (USDC), and instant settlement. Businesses use this platform to expand their payment options, reduce operational costs, and avoid chargebacks, although the limited number of supported cryptocurrencies and occasional technical issues are noted limitations.
Pricing of Bitpay and Coinbase Commerce
BitPay operates on a tiered pricing model based on monthly transaction volumes. For transactions up to $500,000 USD per month, the fee is 2% plus $0.25 per transaction. For volumes between $500,000 and $999,999 USD, the fee drops to 1.5% plus $0.25 per transaction. For volumes of $1,000,000 USD or more, the fee is 1% plus $0.25 per transaction.
Coinbase Commerce charges a flat 1% fee for all cryptocurrency payments received, deducted in the settlement currency of the transaction. This straightforward pricing structure simplifies cost calculations for businesses, regardless of transaction volume. While BitPay's tiered model may benefit high-volume merchants, Coinbase Commerce offers a more predictable fee structure.
Overall, Coinbase Commerce has a simpler and potentially more cost-effective pricing model for businesses with lower transaction volumes.
Features of Bitpay and Coinbase Commerce
Bitpay features
BitPay offers several unique features that cater to both businesses and individual users, making it a versatile platform for cryptocurrency transactions:
- Daily Fiat Settlements: Converts cryptocurrency payments into local currency and deposits them into bank accounts daily.
- Unlimited Monthly Transactions: Allows businesses to process an unlimited number of transactions each month without additional fees.
- Fraud Chargeback Elimination: Protects merchants from fraudulent chargebacks, ensuring secure transactions.
- Email Billing and QuickBooks Integration: Provides tools for sending invoices via email and downloading transaction data for QuickBooks.
- Automatic Payment Exception Handling: Manages payment exceptions automatically, reducing manual intervention and errors.
Coinbase Commerce features
Coinbase Commerce offers several unique features that cater to businesses looking to accept cryptocurrency payments:
- Easy Onboarding: Merchants can start accepting crypto payments within minutes through integrations with platforms like WooCommerce, Primer, and Jumpseller.
- Volatility-Free Conversions: Automatically converts customers' chosen cryptocurrencies to USD Coin (USDC), ensuring stable value for merchants.
- Instant Settlement: Funds are received directly in the merchant's wallet, facilitating error-free and prompt transactions.
- Low Transaction Fee: Maintains a low 1% fee for all cryptocurrency payments, reducing operational costs.
- Open-Source Onchain Payment Protocol: Built on an open-source protocol, ensuring a consistent and secure payment experience across platforms and wallets.
Comparing Bitpay, Coinbase Commerce and OneSafe
Why choose one over the other?
- Why Choose BitPay Over Coinbase Commerce: BitPay offers daily fiat settlements directly to bank accounts, which can be a significant advantage for businesses needing quick access to funds in their local currency. Additionally, BitPay's robust fraud chargeback elimination provides an extra layer of security, making it a reliable choice for merchants concerned about fraudulent transactions.
- Why Choose Coinbase Commerce Over BitPay: Coinbase Commerce provides a simpler onboarding process, allowing businesses to start accepting cryptocurrency payments within minutes. Its volatility-free conversions to USD Coin (USDC) ensure that merchants receive a stable value, reducing the financial risks associated with cryptocurrency price fluctuations.
Considering OneSafe vs Bitpay and Coinbase Commerce
- Why Choose OneSafe Over BitPay and Coinbase Commerce: OneSafe offers seamless USD to USDC conversion on Polygon, making it ideal for global payroll and expense management. This feature, combined with end-to-end expense and payroll management tools, provides a comprehensive solution for Web3 companies needing reliable, adaptive banking solutions.
What are the customers saying?
Bitpay reviews
The general user sentiment about BitPay is overwhelmingly negative. Common issues mentioned by users include long and unsuccessful verification processes, poor customer support, and problems with payments being flagged as underpaid or not processed correctly. Check out more BitPay reviews here.
Coinbase Commerce reviews
User reviews of Coinbase Commerce present a mixed sentiment. Common criticisms involve limited customer support, with reports of slow response times and unresolved issues. Some users have also expressed concerns about the limited number of supported cryptocurrencies and occasional technical issues affecting payment processing. Check out more Coinbase Commerce reviews here.
OneSafe reviews
Users have consistently praised OneSafe for its exceptional customer support, ease of payroll processing, and the platform's ability to simplify complex banking tasks for Web3 companies. The seamless USD to USDC conversion on Polygon and the end-to-end expense and payroll management tools are particularly appreciated by businesses operating in the digital asset space.
Highlighted reviews include:
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to learn more? Check us out here.
Bitpay, Coinbase Commerce, or OneSafe: Which is the best platform for you?
In conclusion, while BitPay and Coinbase Commerce offer robust solutions for cryptocurrency payments, OneSafe stands out with its seamless USD to USDC conversion on Polygon and comprehensive expense and payroll management tools. Each platform has its strengths, but for businesses looking for a modern, crypto-friendly financial platform, OneSafe provides an exceptional blend of features and customer support. We recommend giving OneSafe a try to experience the future of neo-banking for global businesses.
