Cryptocurrency Payment Gateway to Accept Crypto Payments
Written by: smm
A growing number of people are beginning to accept cryptocurrencies as a valid form of payment. In order for a company to join the current revolution and start accepting cryptocurrency payments, all that is required is an availability of cryptocurrency payment gateway.
Crypto payment gateway is specialized software that serves as a cryptocurrency transaction processor.
Here’s how goods and/or services can be paid for using this solution:
#1. You indicate the currency you intend to accept as a payment. It could be a fiat currency like the US dollar (USD), euro (EUR), hryvnia (UAH) or cryptocurrency like Bitcoin (BTC), Ethereum (ETH), etc.
#2. The current exchange rate is applied to crypto payments. You will never be surprised by the amount you receive, and the fluctuation of the value of digital currency will not affect you in any way.
#3. When the transaction is made using a cryptocurrency payment gateway, the funds are instantly converted to the currency you’ve indicated and credited to your digital wallet.
#4. You can withdraw money to a bank account whenever you want.
Companies that operate solely online, such as online retailers, educational facilities, sellers of multimedia content, and so on, stand to gain the most from accepting cryptocurrency payments.
On the other hand, this does not imply that offline retailers cannot take advantage of this lucrative solution.
Why does it make sense to accept cryptocurrency:
There are many benefits that come along with accepting digital currency as a form of payment.
First of all, it’s instant payment. Your bank account will be credited with the money in a matter of seconds. There are no set business days or business hours for banks.
Second of all, it opens up a whole new market of potential customers in far-flung corners of the globe. Due to the global nature of cryptocurrencies, national boundaries are losing significance. Without worrying about extra fees, checks, or rules, you may accept payments from consumers located anywhere in the world. Across-the-board crypto payments are projected to expand 25 times to $4.4 trillion by 2024, according to research institutions.
Third of all, there is no refunding involved. Since cryptocurrency payments cannot be refunded, you can forget about the hassle associated with this type of transactions.
Fourth of all, it’s a matter of prestige. When compared to competitors, a business that accepts cryptocurrency payments stands out among others and is seen in a more positive light.
Fifth of all, we are talking about loyalty and promotion. Giving clients more say in how they interact with your business increases loyalty and brings in new buyers from the cryptocurrency industry.
Sixth of all, there is independence. Saving on transaction fees to fiat processors like Visa and Mastercard is another major perk.
How do you use a crypto payment gateway:
In order to process cryptocurrency transactions, you may either build your own cryptocurrency payment gateway or integrate a ready-to-use one.
Coingate, CoinsBank, and CoinPayments are just some of the most well-known cryptocurrency gateways.
CoinsBank is a user-friendly software that has earned a solid reputation around the world. Fiat currencies including the US dollar, Euro, and British pound are supported.
One of the benefits is an immediate replenishment feature enabling you to make a replenishment or withdrawal from the business wallet effortlessly. The payment gateway also offers a high level of security.
CoinPayments is a global cryptocurrency gateway that supports over 2,000 different digital currencies.
It provides retailers with easy-to-use and secure integrations, including online shopping cart plugins, personal application programming interfaces (APIs), digital wallets, and other business tools.
The most significant shortcoming of the system is a high cost of doing transactions using CoinPayments.
Coingate is a tool that allows retailers to track customer purchases from the comfort of their own smartphones. Approximately 40 additional digital currencies are supported, enabling retailers to accept a far wider variety of payment methods.
The system has one major drawback in that the funds are not credited right away but rather within 60 minutes. The transaction fee is 1%.
Who can benefit from using their own cryptocurrency gateway:
When you integrate a third-party processing software in order to accept payments, you need to be aware that you are giving up full control of the customer’s cash flows to that third party. Plus, this service is not free. A monthly fee or a percentage of all system transactions will be charged to the operator.
This option is a good fit for smaller businesses. When compared to building your own crypto payment gateway, it is more cost-effective in the short and long term.
When it comes to matters of security and having complete control over financial trascactions, medium-size and large businesses have unique challenges. Spending money on a fee for each transaction is a wasteful practice. In this case, it can seem more appealing to set up your own crypto-processing infrastructure where no commissions are needed.
Benefits of having your own cryptocurrency payment gateway:
The first advantage is that it is adaptable. Custom software is developed from the ground up to serve a single company and its unique needs. Any type of integration can be built into the structure of such a project.
The second perk is that it will be simple to use. Unlike off-the-shelf alternatives, your own gateway doesn’t have to accommodate thousands of separate businesses, so it’s stripped down to just the features that are actually needed.
Scalability is the third advantage. The potential for the gateway to be improved in practically every way is virtually limitless. It expands along with the company and satisfies all of the necessary requirements.
The level of security will be the fourth benefit you can expect. You have complete control over all monetary transactions processed through your personal crypto payment gateway. They are not in any way impacted by any other organizations, and no information pertaining to them is ever shared with any other organizations or individuals.