A comparison of 7 Bitcoin Payment Processors and their bitcoin conversion rate

[1PFYcabWEwZFm2Ez5LGTx3ftz]

I use Bitcoin to pay for a lot of things, and I often noticed that it seems that some Bitcoin payment processors calculate the amount of bitcoins required to pay by a different rate than my Bitcoin wallet. For example, if paying for something which costs 100 EUR, when I scan the QR code with my smartphone, my Bitcoin wallet shows the amount in euros as 102 EUR. I have decided to test if this is just a fluke, or is this a deliberate behavior by some Bitcoin payment processors (aka a hidden fee).

To test it, I have generated invoices on 7 different Bitcoin payment gateways for 100 EUR and 100 USD twice a day for 2 weeks, compared it to the bitcoin conversion rate on bitcoinaverage.com, and compiled the results. I have missed several measurements when I was unable to make them on time, but in the end I made a total of 30 measurements of invoices from each Bitcoin payment processor.

Bitcoin payment processors I tested:

https://bitcoinpay.com
https://bitpay.com
https://coinbase.com
https://coingate.com
https://coinify.com
https://coinsbank.com
https://paymium.com (only EUR measured)

The results in chart form:





Interactive charts:

https://docs.google.com/spreadsheets/d/1DtCPYCh8CDv6Oh6lhJCfjBAbxK1IhcO1gDHt5u39DwM/pubchart?oid=1812289472&format=interactive

https://docs.google.com/spreadsheets/d/1DtCPYCh8CDv6Oh6lhJCfjBAbxK1IhcO1gDHt5u39DwM/pubchart?oid=1003355989&format=interactive

Raw data (the data used to generate the charts is in CHARTS tab; more detailed data is in DATA tab):

https://docs.google.com/spreadsheets/d/1DtCPYCh8CDv6Oh6lhJCfjBAbxK1IhcO1gDHt5u39DwM

Screenshots of invoices:

https://jdoett5.imgur.com

Please let me know if this information is interesting to you and if there is anything I could have done better. I might do the same type of research again in the future, with feedback from the community.

What is your opinion about this? Are we often paying more than we should because Bitcoin payment gateways add fees that the customers are not informed of? Or do you think this is how things should be and such practices are acceptable?

[shinratensei_]

I guess this so interesting for me, about for making a research about the hidden fees, but I need for know more about that, seems like you need for put the final result of your research. if this made for the public the result will be transparency, right?
Totally very useful for me and I guess this can be more.

I mean this will make the short and easiest explanation about your research and every people with the different skill can understand about it.

[Hazir]

I mean the topic is interesting, and I have to thank you that you wasted your time to check on something so petty as differences between bitcoin payment processing services.
But either you didn't conclude your research or I missed something. So you compared these services (I saw the graphs) but what is the conclusion?
There are worse and better payment processors? We might want to avoid some companies and support others instead? I don't quite get it.

[Dassi]

I think OP just wants people to be aware of the cheaper payment processors available out there. Personally I prefer Coinbase.com

[terrate]

I think OP just wants people to be aware of the cheaper payment processors available out there. Personally I prefer Coinbase.com

i more prefer the wallet that no need id verification when buy/sell btc.

[mobnepal]

Good graphical representation and this analysis could be helpful for others to just compare different payment processor to decide which payment processor to use and to find out who have largest hidden fee. But i think different payment processor are located in different location as well as they may use different trading platform to perform remote exchange process so comparing price with only bitcoinaverage may not give 100% right result but good to have overall look.