BitPay is one of the best-known crypto payment processors, and it is often the default choice when a finance team says "we can accept crypto, as long as we receive dollars." Payfim is built for the opposite preference: merchants who want to receive the crypto itself, directly, without a processor. Both are legitimate choices. This page compares them on the things that decide it.
BitPay vs Payfim at a glance
| BitPay | Payfim | |
|---|---|---|
| Model | Hosted payment processor | Self-hosted gateway + platform module |
| Transaction fee | 2% + $0.25 (under $500k/month); 1.5% + $0.25 ($500k-$999k); 1% + $0.25 ($1M+) | None |
| Software cost | No license fee | One-time license per module ($10-$29) or $99 bundle |
| Settlement | Daily fiat to your bank (USD, EUR, GBP, CAD, AUD, NZD, MXN), crypto, or a mix | Crypto only, directly to your wallet as each payment confirms |
| Price volatility | Handled for you if you choose fiat settlement | You hold the coin; use stablecoins to avoid swings |
| Onboarding | Business verification: legal name, address, website, beneficial owner, documents by volume tier | None |
| Coins | 100+ cryptocurrencies accepted | 16 coin/network options |
| Lightning | Yes | No |
| Plugins | WooCommerce, Magento 2, Shopify, WHMCS, Wix, BigCommerce; API | 19 platform modules plus a PHP/Laravel SDK |
| Hosting | Nothing to host | PHP 7.4-8.4 + MySQL/MariaDB, shared hosting is fine |
How much does BitPay cost?
BitPay publishes volume-based pricing. As of September 2026, merchants processing under $500,000 a month pay 2% plus 25 cents per transaction. Between $500,000 and $999,999 the rate is 1.5% plus 25 cents, and at $1 million or more it is 1% plus 25 cents. BitPay notes that higher fees apply to high-risk industries.
The fixed 25 cents matters most for small orders. On a $20 order, 2% + $0.25 is $0.65, or 3.25% of the sale. On a $500 order, it is $10.25, or about 2.05%. With Payfim there is no per-transaction fee at all; you pay a one-time license, and the customer pays the normal blockchain network fee. For more on fee maths across payment methods, see crypto vs card payment fees.
What BitPay's fee looks like at different order sizes
Because of the fixed 25 cents, BitPay's effective rate depends heavily on your average order. The table below uses the under-$500,000 tier as published in September 2026. It ignores network fees, which the customer pays in both cases.
| Order value | BitPay fee (2% + $0.25) | Effective rate | Payfim fee |
|---|---|---|---|
| $10 | $0.45 | 4.5% | $0 |
| $25 | $0.75 | 3.0% | $0 |
| $50 | $1.25 | 2.5% | $0 |
| $100 | $2.25 | 2.25% | $0 |
| $1,000 | $20.25 | 2.03% | $0 |
Payfim's cost is the one-time license for your platform module - $10 to $29 depending on the platform, or $99 for all of them - plus optional update renewals after the first year. Whether BitPay's fee is worth it comes down to how much the fiat settlement and compliance work are worth to your business.
The real difference: fiat settlement vs self-custody
What you pay BitPay for is mostly conversion and compliance. BitPay receives the customer's crypto and settles to your bank account daily in one of seven fiat currencies - or in crypto, or a combination of the two. You never hold a volatile asset unless you choose to. For a business with accountants, auditors and payroll in dollars or euros, that can be worth the fee on its own.
Payfim does not touch money. The customer pays your wallet address directly, and your self-hosted gateway confirms the payment on the blockchain and updates the order. That removes the fee and the intermediary, but it also means volatility, conversion and accounting are your job. Many Payfim merchants handle this by enabling stablecoins such as USDT on TRON or USDC, so the amount received keeps its dollar value. Tax treatment of crypto income varies by country; ask a qualified professional.
Onboarding and account risk
To open a BitPay merchant account you provide your business's legal name, industry, address, phone and website, the full legal name and date of birth of the ultimate beneficial owner, and settlement details. You are then asked for business documents, which depend on the processing volume tier you need. That process is what allows BitPay to settle to banks, and it is expected of a regulated processor.
With Payfim there is no application and nothing to approve. The checkout works as soon as your gateway is installed and your wallets are added. There is also no processor account that could be limited later, which matters to merchants in industries that processors classify as higher risk.
Refunds and final payments
Crypto payments cannot be charged back by the customer, whichever option you use. That protects you from card-style chargeback fraud, but it also means a refund is always a new, outgoing payment. With a processor, refunds are handled through the processor's own tools and rules. With Payfim, you send the refund from your own wallet and note it on the order. Our guide to handling underpayments and refunds suggests a simple policy that works for either approach.
When BitPay is the better choice
- You need fiat in your bank account and do not want to hold or convert crypto yourself.
- Your finance or compliance team requires a regulated counterparty and standard settlement reports.
- You want Lightning or a very wide choice of coins for customers.
- You sell on Shopify, Wix or BigCommerce, which BitPay integrates with and Payfim does not.
- You process high volumes and qualify for the lower 1% + $0.25 tier.
When Payfim is the better choice
- You want to keep crypto, or you are happy receiving stablecoins.
- Your average order is small, where a fixed per-transaction fee eats a larger share.
- You cannot or do not want to complete business verification with a processor.
- You want Monero, Solana, TRON or Cardano alongside Bitcoin and stablecoins.
- You run hosting billing software such as Blesta, FOSSBilling, HostBill or ClientExec, where Payfim has dedicated modules. Our post on crypto payments for web hosting companies goes deeper.
The bottom line
BitPay and Payfim solve different problems. BitPay turns crypto into a familiar card-like flow: the customer pays in crypto, you are paid in your currency, and a regulated company sits in the middle doing the conversion and the paperwork. You pay for that with a percentage and a fixed fee on every order, and with an onboarding process.
Payfim removes the middle entirely. It is closer to publishing your wallet address on your checkout, but with the automation a store needs: unique invoice amounts, confirmation tracking, signed notifications to your store and automatic order updates. You keep every cent apart from the network fee, and you take on the job of managing wallets and deciding when, or whether, to convert. If you are unsure which model fits, our overview of self-hosted vs hosted gateways walks through the decision.
A note for WHMCS users
WHMCS documents a BitPay payment gateway module in its own documentation, so BitPay is a familiar option for hosting companies. Payfim's WHMCS module is an alternative for providers who would rather receive coins directly: it adds a "Pay with Crypto" button to invoices and records each payment with the blockchain transaction ID. The two can run side by side if you want to offer both.
Moving from BitPay to Payfim
- Let your last BitPay settlement complete and download your transaction history for your records.
- Set up wallets for the coins you plan to accept - a hardware wallet or a reputable non-custodial wallet is a good start.
- Install the Payfim gateway (guide), add your addresses, and install the module for your platform.
- Decide how you will handle refunds. Blockchain payments are final, so refunds are new payments you send yourself; plan a simple policy.
- Keep the BitPay plugin available until any open invoices have expired, then remove it.
Sources
Third-party facts were checked on the date shown above. Prices and features of other services change - always confirm on their official pages.