Coinsnap is a Lightning Payment Provider and offers Bitcoin and Lightning payment processing for retail stores and online stores.
Coinsnap in the history
In 2015, Coinsnap began processing bitcoin payments for online merchants and was one of the first bitcoin payment providers in the world with this bitcoin merchant service.
They were very far ahead with the idea, and as it turned out, unfortunately, too far ahead, because the market was not yet ready.
Bitcoin was still an investment and speculative asset at that point and was just beginning to evolve into a store of value.
The time was not yet ripe for payment transactions and thus as a means of payment.
With the advent of bitcoin payment via the Lightning Network (Lightning for short), bitcoin regained prominence as a means of payment and the idea matured to reactivate Coinsnap.
In September 2023, the new Coinsnap was released. Now focusing on processing bitcoin payments over the Lightning network and thus as a Lightning payment provider.
Coinsnap in the present
Coinsnap – Snap Your Bitcoin
Coinsnap is a payment provider that offers online merchants the opportunity to accept Bitcoin and Lightning payments from their customers.
More and more people own and save Bitcoin and are also interested in Bitcoin as a means of payment. Bitcoin payment via the Lightning network, or Lightning for short, is particularly suitable for this.
Lightning payment processing is characterized by the fact that a Lightning payment is transmitted at lightning speed, incurs hardly any costs, is immediately available to the payee and there can be no chargebacks.
If an online retailer wanted to take advantage of these benefits and enable its customers to pay with Bitcoin and Lightning, it had to operate its own Lightning Node.
Coinsnap is a solution that enables merchants to accept Bitcoin and Lightning payments without having to operate their own Lightning Node or other technical infrastructure.
As a merchant, you need a Lightning Wallet with a Lightning address.
You will find a large selection of Lightning Wallets in your smartphone’s App Store, such as the Satoshi Wallet, the Blink Wallet or the Zeus Wallet.
In addition to a Lightning Wallet, an account with Coinsnap is required. There is no lengthy application and registration process and no other data is required apart from an e-mail address.
Coinsnap handles payment processing for Bitcoin and Lightning, which requires the online store to be linked to Coinsnap. This connection is made via payment modules provided by Coinsnap.
In addition to the most common store systems such as WooCommerce, Shopware and Shopify, there are other payment modules for store systems and eCommerce modules for forms, webinars, membership sites and digital goods.
If the store system is connected to Coinsnap with the corresponding payment module, you can offer your customers payment via Bitcoin and Lightning. If a customer pays with Bitcoin or Lightning, the incoming payments are credited directly to the deposited wallet.
Merchants who prefer a payout to their own bank account instead of a payout in Bitcoin can do so via external Lightning Brokers. Lightning payments are forwarded to the Lightning Broker chosen by the merchant. The forwarded Lightning balance is then converted into euros, for example, and transferred by the broker to the specified bank account.
Coinsnap works with licensed Lightning Brokers who are permitted to offer exchange services in the respective region and enable payouts in the desired currency and to the local bank account in the various countries and regions.
Coinsnap charges a fee of 1% for payment processing and crediting to its own Lightning Wallet when using a discount code.
Such a discount code can be obtained from merchants who already use Coinsnap, from implementation partners who help to implement Bitcoin and Lightning payments in the merchant’s online store, and from YouTubers and podcasters who introduce Coinsnap to their listeners.
In order to promote Bitcoin and Lightning as a payment method, Coinsnap has set itself the goal of offering a simple solution that enables every online store to offer Bitcoin and Lightning payments to its customers.
Thanks to the quick and easy registration and the payment modules provided for the most common store systems, any online merchant can accept Bitcoin and Lightning payments with a Snap.
Coinsnap is a payment service provider that has neither a banking license nor a custody license for Bitcoin.
Custody and swapping services are offered by licensed companies with whom we work.
