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But the evil banks...
We offer bitpay and I've had requests to offer a different gateway as a result of these changes.
However personally as a merchant I'm waiting to see what happens with the rest of the gateways before making any shift. Will other gateways also adopt stricter KYC? Will the US crack down / seize other payment gateways not doing enough to know their customers?
As someone who has had money seized from a non conforming payment service provider I'm a bit skeptical of alot of the other gateways performing less verification that the industry norm.
At-least Bitpay is trying to be compliant in what is a fairly wild and vaugley regulated industry. And for this reason at-least in the short term it's likely that many merchants will keep using them. The main shift will likely be from merchants who do the majority of their sales via Bitpay (which is not us, and likely not that many). Bigger companies using Bitpay will likely see the increase verification as a benifit.
For those considering handling their own coins (i.e btcpayserver) please do speak to your accountant. Our accountant was very clear as to the costs (hours) of directly handling coins. Not worth the increased accounting bills in our case (at low bitcoin volume) as it quickly eats into smaller transactions.
That being said I've pushed up the priority on direct credit card support (Square). So that people who dislike / can't use Paypal have another alternative.
Arent they the guys known for freezing accounts and doing nothing/little to resolve cases?
I can't remember the specific case well and a quick google reveals too many instances of this to dig through.
That happened to us, and they do not answer emails or anything. We have made the switch to Coingate because of this and we're happy with them. Will look into BTCPayserver actually..
In case you have WHMCS - which payment gateway are you using with Coingate? Looks like the one on their github is last updated in 2019. Anything else to share in regards to your experience with CoinGate?
I just deployed a BTCPay server. Super painless and took less than 10 minutes to set up + around 30 minutes for the syncing.
There does seem to be some issue with BTCPay server getting flagged as phishing site by both Trend Micro and Google Safe Browsing (I got notified by these 2 within hours of setting my server up. Not sure why it happens or if any other services are affected too)
I got finally a word back from Bitpay and only thing that they stated is this: "The directive we are following is AMLD5" which indicates to EU Anti Money Laundering Directive no.5 and it is in full effect actually all over the EU since 10.January 2020 already. Dunno why it took so long for them to apply it
Somewhy i have strong feeling that all the rest crypto gateways/handlers will be forced to follow the same sh*t soon. but, you neva know.
If that is the case BTCPayServer is next
Seems to be a pretty good solution. We have no problem cashing out ourselves through an exchange.
Not using WHMCS unfortunately
We have our own custom portal.
You can sign up on someone else's BTCPay Server instance, like https://btcpayjungle.com/ and since that also kind of defeats the purpose of rolling your own, you can just rent a full node instead. https://chainstack.com/ and https://getblock.io/ both have free tiers.
Can you please share source of this information? Their support page (which was updated 5 days ago as I see) still shows that payments of over 3,000 would require KYC.
Received an email 30/12/2020.
BitPay is the worst cryptopayments processor for all time in the world!
We just moved away from BitPay, the information they require from each individual user is absurd for a single little transaction.
This defeats the purpose of money's free flow so that eventually the world will get rid of banks. Well, the new question is whether getting rid of banks will benefit the majorities.
I contacted BitPay's support and this was their response which is in accordance with their recently updated FAQ:
When making a purchase over 3000 USD or receiving a refund over 1000 USD (or equivalent in other currencies), buyers must complete the BitPay ID verification process through Onfido. However for certain merchants, verifying for BitPay ID it will be required regardless of purchase amount.
Well now we know. I am curious how people in this thread ran into one of those limits
I was already planning to ditch them but this topic made me speed up that process and as of today I'm bitpay free.
I wish I could drop Paypal as well but the issue is that it's the most used payment method.
We have been using CoinGate. A really exhaustive KYC, but all of a sudden after 1 year they want the whole process again, even more info than any of my local Gateways would ask for.
We are now using CoinPayments and CoinBase.
One notable mention is SpectroCoin.
Plus, there are some other options like: blockonomics, nowpayments etc ( which deposit BTC directly in your own wallet and charge far less 0.1% - 1 % ). Im not sure, if you can trust these.
If I may ask, for how much time have you been using CoinBase Commerce? How is your overall experience with them?
I'm using blockonomics. There's nothing not to trust because payments go straight to your own wallet. They don't store funds they only provide the tools. Plus it's really easy to implement and there is no fee except for the usual network fee of course.
Only downside is they only support bitcoin and bitcoin cash, no altcoins.
One day...hopefully.
I see this sort of policy becoming more widely adopted. This executive action seems to be similar for US companies: https://trumpwhitehouse.archives.gov/presidential-actions/executive-order-taking-additional-steps-address-national-emergency-respect-significant-malicious-cyber-enabled-activities/