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BitPay vs PayPal: What are the differences?
Integration: BitPay is specifically designed for businesses that want to accept Bitcoin payments, offering seamless integration for online and in-store transactions. On the other hand, PayPal is a more general payment platform that caters to a wider audience and offers a variety of payment options beyond just cryptocurrencies.
Cryptocurrency Support: BitPay solely focuses on cryptocurrencies, primarily Bitcoin, for transactions, while PayPal supports a variety of traditional currencies along with limited cryptocurrency options.
Transaction Fees: BitPay typically charges lower transaction fees compared to PayPal, making it a cost-effective option for businesses dealing with high transaction volumes in cryptocurrencies.
Settlement Options: BitPay allows merchants to choose between receiving settlements in Bitcoin or converting them to local currency, offering more flexibility in managing their finances. In contrast, PayPal settles transactions in the local currency by default, with limited options for cryptocurrency settlements.
Regulatory Compliance: BitPay adheres to strict regulatory compliance standards for handling cryptocurrencies and ensuring secure transactions, while PayPal complies with standard financial regulations for traditional payments, making it more suitable for users seeking a familiar and regulated platform.
Customer Base: BitPay mainly caters to businesses and merchants looking to accept cryptocurrencies as payment, while PayPal has a diverse customer base ranging from individuals to small businesses and large corporations, offering a wider range of payment services tailored to different needs.
In Summary, BitPay is a cryptocurrency-focused payment platform offering integration, lower fees, and flexibility in settlements, while PayPal is a widely-used payment platform supporting a variety of currencies and catering to a diverse customer base.
We use GoCardless to simplify the way clients and partners pay for our services. What intrigued us is the quick and easy ACH feature that gives our clients the option to log in with their bank account and shoot the funds directly to our account. The fee, compared to Stripe is less. Stripe and PayPal charge 2.9% + 30c and Stripe also forces the client to enter in all of their payment details manually and then if the payment doesn't work, the client has to try all over again. GoCardless charges 1% + 25c which is much more reasonable dealing with the large projects that we are currently working on.
We integrate GoCardless with Xero to easily send out quick invoices, receive the funds and track all revenue in one place.
Pros of BitPay
Pros of PayPal
- Most known service196
- Consumers know it135
- It's available for many countries113
- Easy70
- Best way to get paid outside US54
- Most widely used payment processor35
- Express Checkout25
- Consumers trust it16
- Flexible and secure15
- Digital Goods for Express Checkout6
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Cons of BitPay
Cons of PayPal
- Not well written recurring payment api1
- Less countries supported1
- Harder to get started with1
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What is BitPay?
What is PayPal?
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