You’ve certainly heard about blockchain and cryptocurrencies, unless you’ve been living under a rock. The introduction of digital wallets is paving the way for more convenient and faster payment methods, which is changing the way we do business. Accepting bitcoin as payment may be straightforward because it is instantly translated into local currency for merchants when using a payment processor. Regardless, the vast majority of people have yet to join up.
By providing more options at the checkout, using bitcoin and other cryptocurrencies as a payment method in online stores can improve your consumers’ journeys and expand your consumer base.
What are Cryptocurrency Payment Gateways?
Crypto payment gateways function similarly to existing transaction gateway services provided by legacy banking institutions. Crypto payment gateways, in particular, serve as a bridge between consumers and commercial merchants.
Businesses of all sizes can accept cryptocurrencies as payment thanks to crypto payment gateways. The crypto gateway provider will then convert the consumer’s cryptocurrency payment into the merchant’s preferred currency in real time. As a result, crypto payment gateways enable firms that are unfamiliar with cryptocurrency to accept such payments while still receiving local fiat cash. As a result, crypto gateways are an ideal choice for growing firms involved in Web3 growth. Crypto payment gateways increase market availability while relieving enterprises of technical burdens.
What exactly is a cryptocurrency payment gateway? Spend cryptocurrency and receive local fiat money!
A common crypto payment gateway will employ the user path shown below. First, a customer chooses to pay in bitcoin at the checkout (online, in-app, or in-store). The transaction’s dollar value is then sent using digital assets.
The payment will be converted into the merchant’s preferred currency almost instantly by the gateway provider. Funds will be held in the gateway provider’s account until deposited into a business bank account, at intervals determined by the service contract. Because crypto payment gateways monitor blockchain transactions, all payment activity is entirely visible and immutable.
Why You Should Accept Cryptocurrency In Your Online Store?
Here are some particular advantages of adopting cryptocurrencies (Bitcoin and Ethereum, Ripple, Litecoin, and other popular cryptocurrencies) in your eCommerce store:
Accepting bitcoins as a means of payment gives businesses access to a whole new group of tech-savvy customers who have gathered in the cryptocurrency ecosystem. Giving clients the choice to pay with a credit card or a digital wallet enables you to reach out to wider markets and draw in customers from across the world.
Bitcoin is processed quickly, allowing you to access money far faster than credit card systems, which bulk out and process payments over the course of a few days. Your company’s cash flow can be improved through quick transactions.
The low transaction costs are another benefit of adopting bitcoin as a payment method. Depending on whether you accept cryptocurrencies into your personal wallet or through a third-party source like Coinbase, the costs will vary, but they are almost certainly going to be significantly less than what services like PayPal or credit card companies charge.
It is challenging to undo a consumer’s crypto transaction without the merchant’s consent. Since there is no middleman, like a bank, who could withdraw money from your account without your permission, this gives shops additional protection against eCommerce fraud.
What to consider when choosing the best cryptocurrency payment gateway?
With many organizations using blockchain technology as one of their payment gateways, there are several factors to consider while selecting the one that best suits your business.
Compatibility with websites, apps, and systems
Consider blockchain payment gateway services that are simple to integrate with your website, as well as the apps and systems you already use for your business. You will not have to worry about the challenging and time-consuming technical elements of implementation this way. Furthermore, this ensures that transactions are executed swiftly and smoothly, with no interruption to your operations.
The capacity to support multiple currencies globally.
Many blockchain payment gateways now accept both bitcoin and fiat currencies. If you select one that supports a larger number of currencies, particularly for conversion, you will have the convenience and flexibility to accept and receive payments from a broader range of consumers. This might assist you in entering new markets and expanding your consumer base in other nations.
Fees and Other Expenses
When using crypto payments gateways, transaction costs, network fees, merchant fees, and base fees can soon pile up. Due to this, it’s crucial to consider your customer’s budget as well as your own. While you don’t want to spend a lot of money on them, you also don’t want your consumers to have to pay what may be very hefty fees.
It is crucial to pick a platform that matches your budget and offers the best value for your money because platforms with lower transaction costs could make up for it in other fees.
Search for a provider with a solid reputation when selecting a payment gateway. A trustworthy blockchain software provider with an expanding active user base often demonstrates a strong track record, especially when it comes to adhering to all pertinent national and international laws. You could also look at the online reviews that are accessible. You can make a more informed decision about which platform is best for your company by reading the reviews and ratings of previous and current users.
Any firm must prioritize security. Because there is no single point of control, the network can be more secure thanks to blockchain technology’s decentralized structure. The top blockchain gateway software products are made to assist you in integrating blockchain technology into your business processes. To achieve this, a high level of security and secrecy is offered to both you as the business owner and your clients. When selecting one, check to see if it offers end-to-end encryption, which encrypts all data at the point of entry and restricts decryption to the user or device for which it was designed.
Protection Against Cryptocurrencies’ Volatile Nature
One of the main reasons many firms are hesitant to use cryptocurrencies is their volatility. Blockchain payment gateway software solutions exist, though, and they let you accept bitcoin payments while shielding you from its price volatility. Make sure the payment gateway you choose offers rapid transactions and payment protection. With these, you won’t have to be concerned about cryptocurrency price fluctuations when accepting payments.
Features Required for Your Company
When selecting a blockchain payment gateway solution for your organization, there are a few crucial qualities to look for across all possibilities. Invoicing is vital since it helps you to gather and track spending and billing information, which can aid in the management of your company’s finances. Furthermore, mass payouts and regular payments are useful tools that save you time when logging and monitoring transactions. Accounting features and reporting analytics can assist you in keeping track of your company’s financial data and income trends. These features not only make your life easier, but they can also help you generate more money.
Customer Support Reliability
Using dependable payment gateway software is not enough. When selecting one, consider their customer service and how well they can address your concerns. A trustworthy organization will have a customer support team that can answer your inquiries and fix any problems you may be experiencing.
The easiest approach to determining whether a gateway software is suited for your company is to request a demo and test it out. The demo will demonstrate how simple it is to use, what features are available, and whether it can manage the volume of transactions you anticipate.
Top 10 Best Cryptocurrency Payment Gateways for Small Businesses
This is a list of the best cryptocurrency payment gateways on the market that accept bitcoin and other cryptocurrencies, such as Ethereum, Ripple, Litecoin, and other outstanding ones.
BitPay, one of the earliest crypto payment gateways, has been processing crypto transactions for world-leading firms since its inception in 2011. Furthermore, BitPay offers multi-user capabilities in over forty languages, as well as multilingual support features. Its offerings include an open-source e-commerce plugin, BitPay debit cards, and a highly interactive API-based platform with a two-factor authentication method.
BitPay also provides a QR code invoicing solution for retail payments. Businesses can start receiving cryptocurrency payments online by installing the BitPay mobile app. Furthermore, BitPay’s fees start at 1% per transaction.
BitPay has been named one of the top crypto payment gateways in 2022, with backing from worldwide companies such as Mastercard, Amazon, and Delta. Furthermore, BitPay accepts a wide range of crypto assets and allows merchants to receive crypto or fiat payments. However, withdrawals must be done with a minimum account balance.
One of the largest cryptocurrency exchanges, Coinbase, also provides services for crypto payment gateways via Coinbase Commerce. This gateway enables retailers to accept payments securely and without the need for middlemen, while also being quick.
This platform is accessible from more than 100 different nations. It accepts a variety of payment options, including bank account, deposit, debit card, credit card, PayPal, and 3D Secure credit card, depending on the nation.
This gateway can integrate with the most popular eCommerce platforms like Shopify, WooCommerce, Magento, and OpenCart. It accepts a variety of cryptocurrencies, including USD Coin, Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and Bitcoin.
You have a choice between two Coinbase Commerce plans, and each will cost you 1% per transaction.
GoURL is an open-source cryptocurrency payment gateway that successfully safeguards its users’ privacy. Although direct bank transfers are not supported, it only takes a minute to process the payment.
Its Monetizer Online service allows you to receive cryptocurrency even if you don’t have a website. You will have to pay a transaction fee of 3.5%, but GoURL will only take a 1.5% commission when you pay for something on a website with Bitcoin or another cryptocurrency.
It is simple to integrate with WordPress sites using its Bitcoin Payments plugin. There are no fees associated with signing up for this platform, and payments made with Speedcoin are also free.
A widely used cryptocurrency payment gateway called CoinGate provides a customer-focused checkout setting for simple bitcoin payments. In addition to cryptocurrencies, it enables merchants to accept payments in conventional currencies like USD, EUR, and so forth.
More than 70 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple are supported by this platform. The majority of cryptocurrencies are kept by CoinGate in safe Cold Storage, and each transaction has a 1% transaction fee.
Through an application programming interface (API) and plugin for specific eCommerce platforms, such as WooCommerce and Magento, retailers can include it into their websites. They can use SEPA or Bitcoin to withdraw the money. With CoinGate, invoices generated can also be sent via email or link.
NOWPayments is the gateway to choose if you want to lower the transaction fees for your company. It will enable you to do that with one of the lowest fees, particularly if you’re ready for payment in the same cryptocurrency.
However, there are additional costs associated with using NOWPayments for settlement in other currencies. With the help of this platform’s convenient API and a range of plugins, you can combine it with well-known eCommerce platforms like Shopify, Magento, WooCommerce, and OpenCart.
Over 100 cryptocurrencies, namely Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin, etc., are supported by this non-custodial, user-friendly gateway solution, which also transforms cryptocurrencies into fiat money.
SpicePay is a cryptocurrency payment processor that accepts Bitcoin, Litecoin, Ethereum, and Bitcoin Cash for rapid and safe crypto payments. It empowers merchants by providing a variety of withdrawal methods such as debit cards, bank transfers, SEPA, and PayPal.
The platform also allows you to convert the cryptocurrencies to USD, EUR, GBP, or CAD. SpicePay’s usual flat fee is 1% of the transaction, but new merchants receive free transactions for a limited time.
If you wish to receive cryptocurrency donations online, you can use its digital tools.
AlfaCoins’ goal is to make bitcoin payments simple and secure for legal corporate enterprises. It rapidly translates incoming money, allowing you to take advantage of attractive bitcoin exchange rates.
You have the option of paying the 0.99% charge on each completed transaction or letting your consumer pay. Its auto-withdrawal option delivers cryptocurrency to your personal wallet without charging any further fees.
Besides Bitcoin, AlfaCoins payment gateway accepts Bitcoin Cash, Dash, Litecoin, Ethereum, Tether ERC-20, and XRP, among other cryptocurrencies. It accepts fiat currencies such as USD and EUR for withdrawal.
Except for Iran and North Korea, you can use AlfaCoins to make simple payments and fund transfers in any nation. API, instant payment notification (IPN), payment button, and plugins can be used to integrate it into your site.
Blockonomics is widely considered one of the most technologically advanced bitcoin payment processors. It is permissionless and does not require third-party authentication or additional API connectivity to support transactions.
The payment mechanism is both distinct and secure. Simply scan the QR code on the merchant’s website or use digital wallets to pay with bitcoin. Blockonomics supports a wide variety of cryptocurrencies due to its built-in interface with Shapeshift.
The platform charges a 1% fee. Blockonomics is used by businesses in major economies such as the United States, Germany, France, Canada, and the United Kingdom.
Veem, a payment processor founded in 2014, provides eCommerce networks meant to provide local and multinational businesses more control over their operations. They promise to support any size firm and financially empower them through negotiating power, while also providing security through speedy and cost-effective blockchain technology.
Veem’s fees are modest if you live in Canada or the United States and conduct local payments and transfers. International transfers in USD, on the other hand, will incur a set cost of $29 unless the transfers are made in the country’s local currency.
When it comes to taking cryptocurrency payments, Shopify Gateway is a worldwide trusted platform. It accepts crypto payments from anywhere in a totally secure manner, in addition to having a user-friendly interface.
This platform accepts Bitcoin, Bitcoin Cash, DAI, Ethereum, Litecoin, and Dogecoin as well as other important cryptocurrencies. Furthermore, it is not PCI compliant and is compatible with PCs, tablets, and smartphones.
To use the Shopify gateway, you must have a Shopify account. The transaction fee for this platform will vary depending on the payment processor you use.
Spectrocoin is a cost-free wallet. Most importantly, it enables the fast exchange of funds. Because of these two criteria, Spectrocoins are a popular gateway currency in developed nations such as Italy, Australia, and France.
Spectrocoin is compatible with almost every popular eCommerce CMS system, including Magento, OpenCart, PrestaShop, VirtueMart, WooCommerce, and others.
One can integrate SpectroCoin APIs into their website to make Bitcoin and other currency purchases and transactions. Another distinguishing feature of Spectrocoin is the availability of a bitcoin debit card. The fee structure of Spectrocoin is set at 1% transaction charge for many transactions. Its user-side crypto-to-fiat conversion capabilities also allow it to pay vendors in fiat money.
There are many cryptocurrency payment gateways available, each with a different selling point. Businesses can increase their market reach and reduce the accounting inefficiencies of conventional financing by using cryptocurrency payment channels.
Additionally, cryptocurrency payment gateways help retailers who are ignorant of or unfamiliar with cryptocurrencies stay current in a developing, cutting-edge sector. Incorporating a crypto gateway service will also probably be a successful replacement for existing gateway solutions.
If you have any questions or recommendations, let us know by leaving a comment below or contact us at email@example.com. Our experts with great experience on blockchain field will help you clarify them.