Today, Coinigy is happy to announce that we have reworked our payment processor integrations to provide a better checkout experience for our users. This change includes ending support for BitPay in exchange for a fresh integration of Coinbase Commerce, as well as providing new support for Chargebee on top of our existing Stripe integration. Coinigy users will now be able to use a wider range of methods to pay for subscriptions.
Why did we decide to make this change?
Conducting business as a company that operates in the cryptoasset industry and accepts cryptoassets for payments has always been tough. The economic and regulatory landscapes are continually changing, which can cause our team to have to make big decisions. As an example, earlier this year, both Citi and American Express began blocking payments for Coinigy subscriptions. As such, our team decided to open ourselves up to new providers, in order to safeguard our continued operations as this industry matures.
We have been with both Stripe and BitPay for years. While they have been great for the majority of that time, recent developments have us rethinking these partnerships. Regarding Stripe, we want to open Coinigy up to support more possibilities (more promotions, etc.). We will still be using Stripe; Chargebee sits on top of it and allows for more functionality for us.
On the other side of things, BitPay has made several platform changes that have had a negative impact on Coinigy’s ability to accept cryptoassets as payments for subscriptions. These issues range from a lack of options (supporting just Bitcoin and Bitcoin Cash), misrepresentation about network fees, and other issues. By far the biggest point of contention is BitPay’s decision to force customers to work with BIP-70 (Payment Protocol), which has made it extremely inconvenient for our users to make payments.
For the reasons above, we have decided to switch providers. Coinigy has always prided itself on making it as easy as possible for customers to use our platform and get access to our wide range of features.
So, what does this mean?
This means a lot for subscribers: primarily, more payment options! Through Chargebee, beyond card payments, users will also be able to use PayPal to make payments. With Coinbase Commerce, Coinigy will be able to directly accept cryptoassets beyond Bitcoin (BTC) and Bitcoin Cash (BCH); we will also now accept Litecoin (LTC) and Ethereum (ETH) payments.
Another added benefit is that we will be able to do more promotions for subscriptions, as well as offer more options for special deals with our industry and community partners.
Why not use an open-source alternative for accepting cryptoassets, such as BTCPay Server?
We looked at a wide range of options for accepting cryptoassets for payments, including BTCPay Server, a solution that many people suggested. Our primary reason for choosing Coinbase Commerce as opposed to another option is three-fold:
- No Middleman: Payments are directly between Coinigy and our customers.
- No Extra Fees: Coinbase Commerce includes no fees to accept cryptoassets (which translates to savings for our customers too).
- Support for Popular Coins: Payment processors like BTCPay lack support for popular coins that are highly requested by our customers, such as Litecoin (LTC) and Ethereum (ETH).
All of the payment providers we looked at had their benefits and drawbacks. In the end, we decided that Coinbase Commerce would be the best fit for our and our customers’ needs.
As a Coinigy subscriber, what changes do I have to make?
As an existing subscriber, you will not have to do anything immediately. This change only applies to new subscribers or existing ones who want to switch their plans.
Should you have any questions or concerns about purchasing a new subscription or changing an existing one, please do not hesitate to let us know by sending an email to email@example.com or finding us on Twitter at @Coinigy.
Subscribe to Coinigy Insights
Get the latest posts delivered right to your inbox