BTCPay Server:
https://github.com/btcpayserver/Could this spell the end (or be the beginning of the end) for payment processors such these:
Gateway Acc Fee $2,500 $5,000 $10,000 $25,000
Bitpay YES 1% $25.00 $50.00 $100.00 $250.00
Bitcoinpay YES 0.8% $20.00 $40.00 $80.00 $200.00
Coingate YES 1% $25.00 $50.00 $100.00 $250.00
Coinpayments YES 0.5% $12.50 $25.00 $50.00 $125.00
SetGetGo NO $1.66 $1.66 $1.66 $1.66 $1.66
So the most appealing to an ecommerce merchant from the above list would be SetGetGo simply because they charge a fixed fee of $1.66 regardless of the amount of transaction (final fee the customer pays at checkout). The problem with SetGetGo is that their pricing structure fails when merchants offer micro-payments. For example if a merchant sells an item for $1 then how can they pay $1.66 to SetGetGo as they would make a loss.
So while it might suit any ecommerce platform that have minimum amounts to checkout to use SetGetGo the margin between using Coinpayments (the lowest fixed fee from the list above at 0.5%) and SetGetGo (fixed $1.66 fee) is the breakeven point: A rate of 0.5% of $334 a customer will pay using Bitcoin at checkout is = $1.67 therefore anything above $334 makes sense to use SetGetGo. Anything below a $334 final checkout amount for customers using Bitcoin will be better to use whichever plugin works for your cart (Coinpayments at 0.5% is the lowest)
I have not carried out any research on reviews about the level of customer services and withdrawal fees for any Bitcoin merchant providers, I have only taken transaction fees in to consideration only so for further information you will have to do your own research.
Which now brings us to BTCPay Server. Is it a real game changer? First of all this is how BTCPay Server works:
(taken from a Reddit post)
Think of BTCPay as a server which allows you to accept bitcoin without intermediates. The payment processors act as a server as well, but your customer's data, IP addresses go through them. Furthermore, most of the payment processors hold your crypto payments, and you’d have to withdraw it or convert it, similar to what exchanges do.
Benefits
You are running a full node and helping the network
You are protecting the privacy of your customers
You’re using Bitcoin the way it’s supposed to be used, p2p, directly
You’re avoiding fees that all payment processors have (monthly subscription/fees per transaction usually 1-2%)
You can accept payments directly to your hardware wallet (currently integrated with Ledger very well) and you’re the immediate owner of those assets
You can be a host and help other smaller shops accept payments through their stores
You can accept other cryptocurrencies through BTCPay directly (Litecoin) and over 40 currencies if you enable shapeshift integration
You will be able to accept Lightning Network payments
Multiple merchants can have the same server and host their stores there, though this raises the issue of trust
Disadvantages
It currently costs around 50-70$ per month (the cost varies depending on the server you’re using, it can be as low as 30$ )
It takes a bit more time to setup and configures to fit your store needs, (took 3-4 hours for myself, I’m not particularly tech-savvy).
You can not convert to fiat currency right away like with some payment processors, though in my personal opinion, the immediate conversion ruins the whole point of accepting bitcoin and does not increase the adoption.
How BTCPay works?
Currently, there are three basic elements of the puzzle:
The server
The plugin
The wallet
You’re running your own server which has the full node running; the server is called BTCPay. Once installed it will be connected to your website subdomain. The plugin connects your server to your Woocommerce Store. In the plugin settings, you can set most of the stuff. A bit more advanced setting can be configured on the server. Your receive payments to your wallet (it’s possible to configure Ledger Nano S right out of the box).
This means that the buyer, pays directly to you in cryptocurrency and that the payment does not go anywhere else, the IP address is not leaked, the buyer data is not shared with a third party in any way. You will see the payment in your ledger wallet.
BTCPay is not the only solution to accept cryptocurrency directly, but after months of trying out, I found it the safest and the easiest to configure.
List of merchants using BTCPay
9bravos.com
bitcoinshirt.co
Coincards.ca
CryptoAsylum.com
halongmining.com
ludvigart.com
ynotek.com
Useful Links
BTCPay Website
BTCPay Server Test page - feel free to connect your store and test it out
BTCPay Slack
BTCPay Github
BTCPay on Twitter
BTCPay on YouTube (end of Reddit post)
On their Github is shows the following coins as being accepted alongside Bitcoin:
BGold
Dogecoin
Feathercoin
Groestlcoin
Litecoin
Monacoin
Polis
UFO
The coins are optional, QR codes are generated instantly by clicking the coin icon. I have not looked at how the ShapeShift integration works. According to the Reddit post it might seems optional but it does not seem to have an affiliate link on rollover or URL when opening ShapeShift. Personally I read so many negative reviews about ShapeShift I decided to use Changelly the few times I needed to. When clicking ShapeShift it opens a new pop up and allows customers to swap their coin to the method of payment with ease. Maybe will not look so smooth when using a mobile/cellphone with limited screen size. I am using a PC so have a larger screen to view.
BTCpay has a great looking UI and had lots going for it. According to their Github they have plugins for:
WooCommerce
Drupal
Prestashop
WHMCS
If they release plugins for Opencart, Zencart, osCommerce and Magento then basically they have the main players. With the majority of ecommerce websites running on Wordpress/Woocommerce they already have taken a huge step forward to offer a massive percentage of ecommerce traders with their already released plugin.
Have your own personal transaction fee free Bitcoin payment system by paying for an MS Azure running your node
versus Using a third party payment plugin and not paying any MS Azure server fees to run your own node but instead paying transaction fees and/or withdrawal fees from your merchant. Either way you will spend money as merchants, if not in advance for the server/node then later after transactions take place.
So what are your views of innovations such as BTCPay compared with older crypto payment processors?