Coinsnap
| Industry | Payment Processor |
| Founded | 2015 |
| Headquarters | Nijmegen, Netherland |
| Founder(s) | Stephan Wetzmueller |
| Employees | 8+ |
| Website | http://coinsnap.eu/ |
Coinsnap is a Bitcoin payment provider specialised in the European market. Besides traditional e-commerce, Coinsnap also supplies Bitcoin payment solutions for digital and content services. The management team delivers over 20 years of experience in system-wide payment processing for multiple online payment methods to online providers worldwide. Coinsnap belongs to a group of companies whose subsidiaries have been granted European finance institute licenses.
Merchant Tools API and 30+ shop modules:
The integration of Coinsnap is possible via API into existing systems as well as connections to more than 30 leading shop systems.
Overview of Coinsnap Bitcoin shop modules: AceShop, commerce:SEO, CRE loaded, CS-Cart, Drupal Commerce, Gambio, JTL 3, LemonStand, Magento, Mijoshop, modified-shop, OpenCart, osCommerce 2.x, OXID eSales, PrestaShop, SEO:Mercari, Shopware, ShopPro, Ubercart 2.x, Ubercart 3.x, WordPress E-Commerce, WordPress Event Espresso, WordPress JigoShop, WordPress WooCommerce, X-Cart, XoniC, xt:Commerce v 3.x, xt:Commerce 4, Zen Cart.
The integration (API or shop module) is supported by the technic team of Coinsnap.
Fees for integration and service:
The integration via API or corresponding shop module is free of charge.
The Coinsnap service fee contains a merchant discount rate of 1% and a transaction fee of 0.10 EUR.
Functionality:
General payment functions:
On the website and in the payment process the price is displayed – in the demanded currency and in Bitcoin. After purchases Coinsnap transfers the sales price to the merchant's bank account without any currency conversion losses, and Bitcoin transactions direct to an internal or private merchant wallet are also possible. For administration and analysis, all processes can be viewed in detail on the Dashboard and evaluated statistically.
Additional functions for customer credit accounts:
Online services which are working with credits for billing can use additional functions. Instead of a price a credit value is displayed on the website and in the payment process – in the desired currency and in Bitcoin. After the purchase Coinsnap transfers the amount without foreign exchange losses to the internal currency wallet or internal Bitcoin wallet of the merchant account. Coinsnap dispenses with any billing cycle – thus, merchants can initiate payouts to their bank accounts themselves (in FIAT currency) or to their Bitcoin wallets (in Bitcoin) at any time via the Coinsnap dashboard.
- Fluid payment:Fluid payment: If a payment enters the system that is higher or lower than the required amount, without a separate query the amount will be accepted and displayed directly in the user’s account as a result. Example: If only 98 EUR instead of 100 are posted, 98 EUR appear for immediate use.
- Overpayment: If a payment higher than the requested amount enters the system, the overpaid amount will be credited automatically in Bitcoin to the internal merchant wallet. The originally requested amount will be credited to the according FIAT currency wallet. Simultaneously the process is listed on the Coinsnap dashboard for further administration. The merchant itself decides whether the overpayment should be refunded to the customer in Bitcoin.
- Underpayment: If a payment lower than the requested amount enters the system, the payment can be accepted or rejected according to the situation.
- Payouts: Payouts: The Coinsnap set-up also provides the option of Bitcoin payouts as affiliate commissions, as single and batch transactions. Corresponding payments can be initiated over the API as well as over the Coinsnap dashboard. Thereby, merchants can meet the demand of 'Bitcoin only' as payout option.
- Transfer: This feature allows the transfer of EUR/USD balances within the internal FIAT currency wallets to the internal Bitcoin wallet.
- Withdrawal: This feature allows merchants to trigger payouts of FIAT Bitcoin balances themselves at any time – hourly or daily, without any predetermined billing cycle or holding period.