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Our company uses a standard invoicing model where we bill our clients the service charge and require payment within X days. We'd like to be able to add a "Pay with Bitcoin" option on the invoices. We are thinking we'd use a service like Bitpay to facilitate the payment and then have Bitpay send the BTC to our business wallet which uses Electrum.

What are some important considerations? Although Electrum generates several wallet addresses, Bitpay only allows entering a single address. Is this okay? I've seen recommendations to always use different addresses, but I can't figure out how to do this with Bitpay.

Perhaps another service instead of Bitpay would be a better option...

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BitPay is literally the worst choice you can make for Bitcoin payment processing.

BitPay routinely requires your paying users to provide sensitive document scans even for the smallest amounts like $10 - killing payment conversion, is very outdated technology wise (always has been), and was Bitcoin explicit enemy in the past (now kind of neutral).

If you really need to outsource, there is plenty of modern and less invasive payment processors with Lightning Network support like coinpayments.net, globee.com, opennode.com, cryptonator.com.

But then again, please consider high-quality, open source, self-hosted solutions - it's really easy these days. The open source payment processors tend to be the most modern and up-to-date with everything happening in Bitcoin.

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  • I much appreciate this feedback!
    – karns
    Commented Jun 29, 2021 at 20:28
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Bitpay is easy to use but certainly has many limitations at least on the merchant side.
In my country it has even suspended the bitcoin settlement service altogether. enter image description here

If your company is interested in investing a bit on the cryptopayment side, maybe can be a more wise approach building your own infrastructure, maintaining a BTCPay server and a Bitcoin full node.

This is the BTCPay description you find on bitcoin wiki:

BTCPay Server is an open source payment processor. It enables online merchants to accept bitcoins as a form of payment.

The invoice API conforms to that of the centralized payment processor BitPay. This allows easy migration of a merchant's code base to their own self-hosted payment processor. This enables all the benefits of using a full node wallet; such as censorship-resistance, control over your own funds, trustless validation, uptime and privacy.

BTCPay is used both by small and large companies, it is widely supported by the Bitcoin community, supports lightning network which enables micropayments and seems a perfect fit for your needs.

This is the homepage: https://btcpayserver.org/
and here there is a live demo: https://mainnet.demo.btcpayserver.org/login?

If you don't want run your own BTCpay server, you find here some merchants that sell the service: https://directory.btcpayserver.org/filter/hosts
(although i suggest you reading this first)

If you want to explore other service beyond BTCpay i found this "curated list of awesome Bitcoin payment processors enabling merchants, businesses and nonprofits to accept Bitcoin payments": https://github.com/alexk111/awesome-bitcoin-payment-processors

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  • You could mention that BTCPayServer additionally supports receiving Lightning payments out of the box.
    – Murch ♦
    Commented Apr 19, 2021 at 16:35
  • Appreciate this information, I'm typically a DIY'r type, but for business I would feel more comfortable if a 3rd party would handle these things. I do like the thought of participating and censorship resistance, but I'm not sharp on my DEVOPS skills for maintaining a server... thoughts?
    – karns
    Commented Apr 19, 2021 at 16:46
  • @karns I have updated my answer with more info
    – leevancleef
    Commented Apr 19, 2021 at 21:14

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