How to accept Lightning payments and a list of Lightning payment providers

the best lightning payment processors

The Best Lightning Payment Processors

When you decided to accept Lightning payments for your business you can use a Lightning payment provider to handle all the transactions. Lightning payment providers will manage the payment for you. You can even receive the fiat currency of choice directly on your bank account after a payment is made depending on your provider. A Lightning payment provider makes it easy to accept Lightning and eliminates the risk.

 

 

 

 

 

 


Why to accept Lightning payments?
Other advantages of accepting Lightning payments
Centralised or decentralised Lightning payment processors
List of Lightning payment processors
Hardware for the Lighting Network
A specialised device to host a Lightning node
Use the Lighting Network securely
General information about the Lightning Network

Why to accept Lightning payments?

accept lightning payments

Accept Lightning Payments

The Lightning Network is a very new technology and extremely promising. It is a global and instant payment system that is scalable and secure. It will be user friendly once the user interface for the wallets is improved. The programmable nature in combination with the extremely low fees and good scalability are making it very likely that Lightning will be implemented in browsers and online platforms by tech giants in the years to come. At the moment it is the only viable option.

This will greatly push the network effect and make accepting Lightning for your business an obvious choice. It will be extremely easy for your customer to pay with Lightning. It can be done with only a few mouse clicks or by scanning the QR code and confirm. This will be even easier when Lightning wallets are integrated in every browser. The payment can be done without the need to fill out any private details thus greatly enhances privacy and ease of use.

Lightning payments are final and trust-less. This means that you don’t have to worry about charge backs and you don’t have to securely store your customers payment details. Combine this with the extremely low network fees and you will see that you can receive payments nearly without any cost and effort. Compare to credit card payments you will save a few percent on every sale!

Other advantages of accepting Lightning payments

  • Instant: Payments is confirmed within a second
  • Extremely cheap: The fee per transaction is a few Satoshi’s, this is a fraction of a cent
  • Secure: Final settlement of Lightning is done on the Bitcoin blockchain, the worlds most secure network
  • Direct: Done Lightning payments are really done, they can’t be reversed, of course you can send funds back if you wish
  • Decentralised: You will not be dependent on any 3rd party, payments can’t be censored or blocked
  • Private: You don’t need any personal details to use Lightning Network and because onion routing is used it is not possible for nodes to leak details about the payment
  • Global: Lightning is global and can be send everywhere in the world with the same low fees, enables you to serve customers all over the globe.
  • Extra income: When your Lightning node is busy you will become well connected and earn money on routing external payments on top of the income from your core business.
  • Free promotion: The Bitcoin community will be thankful when you start to accept Lightning payments, bitcoiners will switch to your business to be able to pay with Lightning and links to your website will be all over the Bitcoin forums and news sites.

Centralised or decentralised Lightning payment processors

When you want to accept Lightning payments for your business you have to consider whether you want to use a centralised or decentralised payments processor. A centralised payment processor will do all the work for you. Therefore you don’t need any technical expertise in your company. It also enables you to convert the received BTC into fiat instantly to pay your suppliers and/or avoid volatility.

However, using a decentralised payment processor to receive Lightning payments will come with some advantages too. Although you need some technical expertise to set up your own node and synchronise the needed software and it will cost some more effort to exchange to fiat. You will be independent of any 3rd party, a decentralised payment processor will never deny you service because you are in the wrong branch or you receive money from the wrong person, because it is just software that you run yourself. 

Not being dependent on a 3rd party is an important part of the Bitcoin mindset and it will make the network overall more useful and resilient. Below we will show a list of Lightning Payment processors. We will list the decentralised payment processors on top since this is how we should handle Bitcoin!

List of Lightning payment processors

Decentralised payment processors

Accept Lightning payments with BTCPayServer

accept lightning with btcpayThe by us recommended way to accept Bitcoin and Lightning payments is through BTCPayServer. By setting up a full node and installing the open source software you will be able to cut out the middleman. The payment will take place only between you and your customer.

The software is compatible with the Bitpay invoice API, thus for your customers the process to finalise the payment looks familiar while the fee will be much lower (Bitpay estimates network fee way too high), all wallets are compatible (Bitpay doesn’t support non BIP70 compliant wallets) and Lightning and Segwit are supported.

Using BTCPayServer you will be your own host and not depending on anyone to receive Bitcoin and Lightning payments and thus not have to pay fees to 3rd parties (your node will EARN fees). BTCPayServer is always working with the latest technology. You can expect to be always equipped with the best software to enable cheap and fast transactions. The only downside is that you need some technical expertise in your company and that it is more complicated to convert received payments to fiat.

Accept Lightning Network payments on your WordPress site

accept lightning with opennodeWith the OpenNode plugin for Woocommerce you can easily accept Bitcoin and Lightning payments on your WordPress website. The software is open source and is using the latest tech like Segwit and Lightning to enable fast and cheap transactions.

Centralised payment processors

Accept Lightning for your business with CoinGate

lightning payment processor coingateThe biggest centralised payment processor that support Lightning is CoinGate. With CoinGate you can accept Lightning payment easily without the need for technical expertise to set it up. Coingate will convert your incoming payments (partly) into fiat if you want. If you like the comfort of outsourcing the work and risk of accepting Lightning payments CoinGate is a good option.

Accept Lightning payments with GloBee

lightning payment processor globeeWhen you use GLOBEE as a payment processor you can easily accept Lightning payments. GloBee is a smaller cryptocurrency payment processor that enables their services through plugins. Register at GloBee, download the plugin and start to accept Lightning payments!