CoinPayments is a company launched in 2013 in Canada which processes payments with cryptocurrencies.
By implementing a number of plugins, APIs and POS interfaces, they enable merchants to accept Bitcoin and over 600 altcoins as payment for their products and services. Its network of vendors consists of 2,000,000 retailers which are spread across 182 countries around the world, making it the most inclusive multi-cryptocurrency platform on the market.
They also integrate several shopping cart plugins used by eCommerce stores, including Woo Commerce, PrestaShop, Opencart, and Magento.
In addition to this, they also feature PoS (point of sale) terminals to accept in-person payments at physical stores.
The platform has reached popularity among store owners, both online and offline, which want to accept cryptos as payment in their business but prefer to simplify the process of accepting each crypto individually.
CoinPayments has a myriad of features for processing payments:
- Multi-Coin Wallet CoinPayments’ online wallet lets users store and manage over 600 types of coins.
- Fiat Settlements: Merchants from the US or Europe can have their fiat holdings settled directly to their linked bank accounts.
- Point of Sale (PoS): CoinPayments features an easy to use interface which can be incorporated in your store or business to accept in-person payments.
- Shopping Cart Plugins: CoinPayments has plugins for all the popular existing web carts.
- GAP600 Instant Confirmations: GAP600 instant confirmations are supported which makes Bitcoin payments faster.
- Auto Coin Conversions: CoinPayments supports a feature which converts some coins between them, thus sparing you of fees and the hassle of exchanging on your own.
- $PayByName: this feature lets merchants create their own unique name which they can use to accept coins and fiat.
- Vault: users have the option to secure their coins by storing them in a cold wallet and setting a time period required before they can be accessed for spending.
- Mobile Apps: there are CoinPayments apps which are available for iOS and Android devices that offer convenience and ease of use on the go.
- CoinPayments ICO Marketplace: An ICO hosting platform offering payment solutions is available, which also includes an escrow system.
- AirDrops: CoinPayments helps new projects that are looking to airdrop their new coins and tokens to new users.
CoinPayments claims to have the most competitive prices on the market. Their fee structure is the following:
- Incoming Payments incur a fee of 0.50%
- Incoming Payments – ASAP/Nightly (funds are sent to external address) have a fee of 0.50% + coin TX fee
- Commercial Deposits (Callback Addresses created with their API) charge a fee of 0.50%
- Withdrawals: Coin transaction fee (Tx).
- Personal Deposits (Addresses made on your wallet’s page or Deposit Addresses on their API) are free for the first 30,000 USD monthly equivalent, after which 0.50% is charged.
- Conversions: coin TX fee + conversion partner’s fees
CoinPayments Controversy Over Hacked Ripple
CoinPayments experienced in June 2017 a technical issue which conducted to the loss of a great amount of Ripple‘s users.
The company stated that this happened due to a bug in their hot wallet which other users of CoinPayments exploited to withdraw XRPs form other accounts on the platform. Huge amounts of Ripple were taken from unsuspecting user’s wallets. Only those that kept their XRP coins in vaults were spared from the attack.
“We would like to remind everyone that any coin stored for extended period should always be Vaulted.”– added CoinPaymentsto one of their memos.
The company acknowledged the issue and started working on fixing the matter and refund all the users that lost their XRP.
“We have done a full review of our systems and added additional checks and protections to make sure similar issues don’t occur in the future.”
Additional statements were made, and after 6 months since the hack, in December 2017, the company managed to refund all the affected users.
How to Use CoinPayments
After entering the CoinPayments website, register for an account by using your email ID and name. You will receive an email which will require to be confirmed, after which you must log in with your 2-FA authentication code.
In your account, you can explore the wallet section, create your $PayByName or use other features available in the ‘Merchant tool’ section.
CoinPayments Review Conclusion
CoinPayments is a payment processor for cryptos which offers many features that are useful for merchants looking to expand their payment options.
Its only fault would be the security breach it suffered in 2017 which have caused many to mistrust the service and its security implementations.
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