SpicePay's Bitcoin payment gateway allows merchants to accept Bitcoins and other cryptocurrencies at an online store, then easily convert their earnings to fiat currency. This allows businesses to cater to cryptocurrency enthusiasts without the added step of using an exchange service. SpicePay’s service doesn’t require the storage of any sensitive personal information, and it charges a much lower fee than most credit card companies.
SpicePay's website doesn't identify the company's executives or developers, but it states that the core team has been working with cryptocurrencies since 2009. In addition to its payment gateway, the company also offers a cryptocurrency brokerage and wallet.
SpicePay has a rather large following on social media, with about 10,000 followers between its Facebook and Twitter pages. However, the company appears to have received little coverage from online publications.
SpicePay's Bitcoin payment gateway is a plugin that can be easily added to almost any e-commerce website. The application gives buyers the option to pay using Bitcoin or several other cryptocurrencies at checkout, calculating the price based on the current exchange rate and providing an address where the payment can be sent. Merchants can then receive the funds immediately in their own wallet, or exchange it for fiat currency to be withdrawn after a short processing period.
SpicePay's open-source plugin is available for a wide variety of content management platforms, including WordPress, OpenCart, Magento, WooCommerce, and more, and can be installed in just a few clicks; the company provides thorough walk-throughs that make it easy even for users inexperienced with web design.
SpicePay charges a 1% fee for all transactions; the company's website notes that most credit card companies charge two to four times this. The fee is taken directly from the customer's payment, so merchants will never receive a bill from SpicePay. New merchants can use the service for free during their first 30 days.
SpicePay currently supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, and the company notes that they're working to add more in the near future. Merchants are given a web wallet through the company which is where their funds will be stored by default. Users can also provide their own wallet address to receive their earnings directly, but most opt to convert their funds to U.S. dollars or Euros and withdraw these instead.
These payments can be delivered via wire transfer, PayPal, SEPA, or a prepaid debit card; customers should note that there are minimum withdrawal balances, which vary depending on the method. Most withdrawal transactions are completed in less than 72 hours, though many customers – especially those in Europe – can receive their earnings in less than one day.
SpicePay offers an affiliate program that rewards users for advertising the service; users can post links and receive a 25% commission for every transaction that begins with a referral from their site.
In order to comply with know-your-customer regulations, SpicePay requires merchants using its payment gateway to provide the company with identification and some basic information about their business.
SpicePay is available for almost any business, but the company's website notes that there are a few industries it declines to serve. These include adult entertainment, media that violates copyright laws, narcotics, and firearms. The company reserves the right to cancel accounts at any time if they suspect any violation of this policy, even if their business is not explicitly illegal.
SpicePay is an excellent option for merchants who are interested in accepting cryptocurrency payments to their online stores. The application is easy to install, readily compatible with all of the most popular e-commerce platforms, and charges low fees.
Though merchants could post their wallet address and pay no commissions to SpicePay, they would still owe fees for using an exchange to convert their earnings to fiat currency, and customers would likely be confused by the lack of a traditional checkout page. Instead, businesses can use SpicePay to both save money on these transactions and maintain a clean user experience on their website.