Bitcoin and Lightning Payment Processing with BTCPay Server and opennode
The BTCPayWall is designed for payment processing via Bitcoin and Lightning. These payment methods allow the implementation of business models that are difficult or impossible to implement with other payment methods.
We present the specifics of Bitcoin and Lightning payment processing here, and then we present the Bitcoin payment providers to which BTCPayWall has implemented direct connections.
Advantages of Bitcoin and Lightning payments
Bitcoin and Lightning payment is predestined for small amounts, the so-called micro and nano payments.
When payments are made by credit card, PayPal or any other payment method, the payment service provider charges a percentage fee and a fee per transaction. For payments of small amounts, the payment costs add up to 30% of the purchase amount.
Bitcoin and Lightning payments cost the provider only a few cents. When using their own BTCPay server, it is the operating costs of that server. When sharing a BTCPay server (for example from BTCPayWall), these costs are even waived.
Those who use opennode’s payment services pay a maximum of 1% of the purchase amount for Bitcoin and Lightning payment processing and receive the equivalent value in Euros or USD credited to their bank account.
Bitcoin and Lightning payments are final payments and cannot be reversed. Once the payment has been executed by the customer, it can no longer be stopped or objected to. The provider is guaranteed to receive the payment credited and does not have to fear any chargebacks.
This makes it possible to dispense with any risk tools or customer verification in order to start a collection process in the event of a possible chargeback.
This eliminates the cost of risk analysis and collection costs or loss of revenue due to chargebacks.
In addition, that the Bitcoin payments are final and risk-free, the crediting of the turnover (settlement) takes place immediately and without delay directly with the provider.
The advantages of Bitcoin and Lightning payments:
For the site operator
- Payment costs of a few cents, even for micro and nano amounts.
- No chargeback risk. Bitcoin payments are final and cannot be reversed by the customer.
- Direct settlement – the credit is made directly to the provider.
Advantages for the user
- No login or registration required
- No transmission of personal data (data protection) required
- No lengthy subscription if you only want to read a single article
- Fast and easy payment via Bitcoin and Lightning
BTCPayWall has implemented connections to the following Bitcoin & Lightning payment processor: BTCPay Server, Sharing of the BTCPay Server from BTCPayWall and Opennode
BTCPay Server is a free open-source software that allows you to be your own Bitcoin payment provider.
You can run your own BTCPay Server on your own server or have a specialized hoster (like LunaNode) set up your own BTCPay Server for you.
On our partner site Coincharge.io you will find a lot of information about the BTCpay server and instructions on how to set up and run your own BTCPay server. If you wish, you can also have Coincharge set up your own BTCPay server at Lunanode.
for more information check: https://coincharge.io/en/btcpay-server/
Besides the advantage of being your own Bitcoin payment processor with the BTCpay Server, there are no costs for payment processing.
The only costs are the operating costs for your own server of about €10,- per month.
Sharing the BTCPay Server with BTCPayWall
If you are afraid of the expense of operating your own BTCPay server, you can share an existing BTCPay server.
BTCPayWall operates its own BTCPay server, which can be shared free of charge.
On the BTCPayWall server you set up your own BTCPay store and store the corresponding data in the BTCPayWall backend. You can find detailed instructions at:
Opennode is a Bitcoin & Lightning payment provider with a technical connection. Register with opennode and create an account.
You will receive an API key, which you can add to the BTCPayWall backend.
All payments made through BTCPayWall will be credited to your opennode account.
With opennode you can choose whether you want to receive the payments in Bitcoin to your wallet or directly to your bank account.
If you choose to have the payment paid to your bank account, opennode will transfer the Bitcoin to your bank account.
If you choose to have the payment paid to your bank account, opennode will convert the bitcoin into your currency.
Opennode charges a fee of 1% on the transacted turnover, whereas the first $10,000 turnover is free.
As a specialized payment provider for Bitcoin and Lightning payment, opennode is a recommendable solution if you prefer to receive credit for your sales in your bank account instead of a Bitcoin wallet.