BitfinexPay payment processor?

[dkbit98]

Is anyone still using Bitfinex exchange?
They are now starting their own payment processor BitfinexPay that allows merchants to accept crypto payments for products or services.
Interesting thing is that there have zero processing fees, but only up to $1000 is allowed per 24 hours, and they accept Bitcoin, Lightning Network BTC, Ethereum and USDT token.
We obviously need to pass KYC to use this, and we don't have to be Bitfinex exchange users for purchasing, but if we are transactions will be faster and off-chain.

Bitfinex is obviously trying to compete with PayPal and I think this service is similar like Coinbase Commerce or Bitpay.

I heard many complains about Bitfinex and I would not trust them with using their payment processor but what are the best alternative options for merchants to accept Bitcoin?

[1714941918]

1714941918

[1714941918]

1714941918

[mk4]

Bitfinex has almost always been quite controversial(because Bitfinex hack and Tether) but meh, a payment processor with lightning support? I'll definitely take it!

I heard many complains about Bitfinex and I would not trust them with using their payment processor but what are the best alternative options for merchants to accept Bitcoin?

BTCPay[1]. I wouldn't say that it's the 'best' because I personally haven't tried it, but it's definitely the one with the most positive reputation in the crypto space.

[1] https://btcpayserver.org/

[OmegaStarScream]

I don't see any reason to use it. If you want LN you can use BTCPayServer as suggested above, otherwise, you've got Coinbase commerce and as strange as it sounds, Coinbase's payment processor doesn't require any identity verification (unless you want to deal with fiat) and you're in full control of the funds.

[dkbit98]

I don't see any reason to use it. If you want LN you can use BTCPayServer as suggested above, otherwise, you've got Coinbase commerce and as strange as it sounds, Coinbase's payment processor doesn't require any identity verification (unless you want to deal with fiat). You're in full control of the funds.

Yes I know and I actually used Coinbase commerce several times as a customer and it work great, and I think that you also don't need identity verification if you are customer for BitfnexPay, but transactions are off-chain if you are verified customer.
I am waiting to see first complains and feedback from their users.

https://btcpayserver.org/

I know about it, and I never used it myself, but it does look like a best option.
Looking to find some good comparison for all crypto payment processors.


 

[mk4]

Just who is their target? $1000 / day is only viable for small business who sell goods/service with price below $1000.

Correct me if I'm wrong but I assume this is $1000/day per order/device/IPaddress? $1000/day maximum entirely for a seller makes zero sense. Even a small business would have troubles with that limit.

and Mycelium Gear (https://gear.mycelium.com/)

Haven't checked out Mycelium for a while and damn they finally re-designed their website lol. Sadly their mobile app still looks like crap.

[SFR10]

~Snipped~
but what are the best alternative options for merchants to accept Bitcoin?

Apart from mk4's comment, I would personally vouch for "Blockonomics ^{[not as good as BTCPay, but it gets the job done]}".

Looking to find some good comparison for all crypto payment processors.

Here's a list containing the most known processors ^{[it might have a few outdated pieces but for the most part, it's accurate]}: Awesome Bitcoin Payment Processors

Correct me if I'm wrong but I assume this is $1000/day per order/device/IPaddress?

Yes, I believe that's the case:

(up to $ 1,000 equivalent per 24 hours per end customer)

Apart from the KYC part, I didn't like the following things as well:

If the payment is marked in your account as a normal deposit, this means that the customer paid an amount different from the required amount. It is entirely up to you as to how to arrange refunds to your customer.

~Snipped~

**Note that if your customers do not agree to the Bitfinex Pay End User Terms of Service, the funds will be deposited to your account as a normal deposit and the status of the invoice will stay as “Created” even though the funds have been deposited to you. In this case, you should arrange for a refund.

***According to Bitfinex Terms of Service, we will be unable to offer services if your customer is from a Prohibited Jurisdiction or is a Prohibited Person.

[BitMaxz]

Take note about Blockonomics they charge around 1% fees after your first 10 free transactions and the good thing with blockonomics it's easy to setup.
The bad side is they don't still support the lightning network.

If you want to find other options there is an updated list on GitHub you can check them from this link below.

- https://github.com/alexk111/awesome-bitcoin-payment-processors

[PrimeNumber7]

Apart from the KYC part, I didn't like the following things as well:

If the payment is marked in your account as a normal deposit, this means that the customer paid an amount different from the required amount. It is entirely up to you as to how to arrange refunds to your customer.

~Snipped~

**Note that if your customers do not agree to the Bitfinex Pay End User Terms of Service, the funds will be deposited to your account as a normal deposit and the status of the invoice will stay as “Created” even though the funds have been deposited to you. In this case, you should arrange for a refund.

***According to Bitfinex Terms of Service, we will be unable to offer services if your customer is from a Prohibited Jurisdiction or is a Prohibited Person.

It looks like this is basically a service that helps merchants keep track of which invoices were paid and which remain outstanding. If a customer pays too much or not enough, it will be up to the merchant to arrange to either refund the amount overpaid, or decide what to do with the amount paid that is less than what the merchant is due. If a merchant is due $500, but receives $497, they can decide to either accept the $497 as the full amount or refund the amount received if they don't receive the additional $3. It doesn't sound like bitfinex is interested in mediating customer disputes, and this is probably true for most crypto payment processors.

[dkbit98]

I looked at BitfinexPay and compared it with other payment processors like Coinbase and others from awesome-bitcoin-payment-processors Github page.
One website that is missing and it seems solid is nash.io that also have zero fees, it is non-custodial and users control the funds, but I don't think they accept Lightning Network.
Self-Hosted Payment Processors like BTCPay Server still looks like better option here.

[SFR10]

It looks like this is basically a service that helps merchants keep track of which invoices were paid and which remain outstanding. If a customer pays too much or not enough, it will be up to the merchant to arrange to either refund the amount overpaid, or decide what to do with the amount paid that is less than what the merchant is due.
~Snipped~

You've made a good point but if I was the merchant in question, I would prefer an automated system in place for dealing with such issues...
^{- It has to be one of the main reasons for using such things [if it stays in its current state, it defeats its purpose to an extent].}

[PrimeNumber7]

It looks like this is basically a service that helps merchants keep track of which invoices were paid and which remain outstanding. If a customer pays too much or not enough, it will be up to the merchant to arrange to either refund the amount overpaid, or decide what to do with the amount paid that is less than what the merchant is due.
~Snipped~

You've made a good point but if I was the merchant in question, I would prefer an automated system in place for dealing with such issues...
^{- It has to be one of the main reasons for using such things [if it stays in its current state, it defeats its purpose to an extent].}

Using an automated system to handle refunds means that you are increasing the 'temperature of any coin you receive via the payment processor. Automating refunds means a customer can potentially trick your payment processor into sending your coin to customers that maybe shouldn't receive it. It is also probably not uncommon for customers to pay too little, but will be willing to pay the balance later, and refunding customers in these cases would make little sense, the merchant should simply bill the customer the difference between what they paid and the total amount they owe the merchant.

[FinneysTrueVision]

BitPay used to have the biggest market share when it came to crypto payments but then they started requiring KYC and forcing people to use their payment protocol and people were turned off. Whichever payment processor makes it easy to pay while maintaining respect for our privacy will end up being the successor to BitPay but right now with these KYC requirements it is more convenient to just use fiat.