Coinify is a platform that lets merchants accept bitcoin payments online, then get paid in fiat currencies. Find out how it works today in our review.
What Is Coinify?
Coinify, found online at Coinify.com, is a cryptocurrency payment platform that supports 15 digital currencies – including bitcoin. The goal of the platform is to deliver cheaper rates and better convenience for merchants.
Merchants can accept cryptocurrencies, then get paid in fiat currencies like USD and EUR.
Coinify also lets users buy and sell bitcoin using Visa, MasterCard, or a bank account. You can purchase bitcoin using credit cards and your bank account, or you can sell bitcoin and get money deposited into your bank account.
Overall, Coinify claims customers experience a 3% increase in margins with fewer chargebacks. Coinify charges lower fees than traditional payment methods and banks while offering a similar level of convenience.
Coinify Products and Services
Coinify has two core products available online, including Coinify for Merchants and Coinify for Trade.
Coinify for Merchants
Coinify for Merchants is the company’s original bitcoin payment platform. Coinify for Merchants allows users to accept blockchain payments risk-free online or at a physical location, then receive payouts in local currency. Users can accept 15+ digital currencies, then receive local currencies like Euros, Dollars, Kroner, and more in exchange.
The platform is catered to anyone who owns an online store or sells services online. Coinify’s blockchain payments allow you to accept payment from anywhere in the world at a cheaper rate than methods like PayPal.
In addition, Coinify seamlessly integrates with shopping cart plugins, hosted shopping carts, and payment buttons. The goal is to seamlessly integrate with every level of your online store.
With Coinify for Merchants, anyone can accept blockchain payments from anyone. If you want to sell an item for $100 using the Coinify platform, then the customer will see that amount in bitcoin. The customer can pay that fee using any wallet of their choice. Coinify will lock in the exchange rate, then send $100 to your bank account or credit card the next day. Unlike most credit card payment services, you don’t need to wait until the end of the month to get paid.
Coinify also has a point of sale system that lets you physically accept bitcoin payments anywhere. You install the Coinify app for Android or iOS, then use it to accept blockchain payments. It’s designed for taxi drivers, in-person market vendors, anyone who offers service from an office or retail location, or even those who are just selling possessions on Craigslist.
Coinify For Trade
Coinify for Trade is the company’s new service. It allows you to buy and sell bitcoin in a secure and easy way. You can purchase bitcoin using your Visa or MasterCard. Coinify will process your payment, then deliver bitcoin to the wallet of your choice. If you don’t have a bitcoin wallet, then Coinify will walk you through the setup process.
Coinify lets you convert your bitcoin and receive cash in your bank account. You can instantly convert your bitcoin to Euros, Dollars, Kroner, and more. Coinify will deliver cash to your bank account on a daily basis.
Coinify doesn’t charge merchants any transaction fees or signup fees. There’s also unlimited processing and no chargebacks. If your product is priced at $100, then you’ll receive $100.
Coinify’s pricing page doesn’t explain how it calculates its exchange rates. However, it appears that the customer pays a higher price, while the merchant receives the same amount of money in the account. Coinify makes money on the exchange rate between bitcoin and fiat currencies – although this fee is not listed on the Coinify website.
Bitcoin buyers and sellers will also experience a spread on the Coinify website. You’ll pay more when buying bitcoin through the platform, and you’ll pay less when selling bitcoin. Again, the specific fees and exchange rate charges are not listed on Coinify’s pricing section.
Coinify was founded in 2014. The company is based in the greater Copenhagen, Denmark area.
Coinify is led by CEO and Co-Founder Mark Højgaard and CPO and Co-Founder Lasse Birk Olesen. Other key members include CFO Peter Nordgaard, CTO Jeppe Nejsum Madsen, and CCO Rikke Stær.
In addition to the merchant services mentioned above, Coinify has an “Innovation Lab” that provides research and development services to deliver blockchain-based proof of concepts. Some of the latest work by the lab includes a partnership with Nets, Europe’s largest digital payments company. Coinify also regularly partners with governmental organizations, NGOs, and other corporations.
Coinify is a cryptocurrency payment platform that allows merchants to accept 15 digital currencies – including bitcoin – with no fees. You receive money in your account at the exact price at which your product is listed. If you’re selling a product for $100, then you get $100 in your account – the customer just pays a small fee to pay in bitcoin.
Coinify also has a new bitcoin buying and selling service where you can buy and sell bitcoin. You can buy bitcoin using your credit card or bank account, or sell bitcoin and have the money on your account.
To learn more about Coinify, or to access the platform online today, visit Coinify.com.