Cryptocurrency has won the hearts of regular people and investors for the last decade. It has proved to be an excellent way to invest and a safe, quick, and easy payment method.
You can send digital assets to someone on the other side of the world within seconds and at a low fee. These benefits led to cryptocurrencies being slowly incorporated into our daily lives.
For example, many business owners started to accept cryptocurrency as a payment method for their goods and services. The same goes for charitable organizations: with digital assets, donations are easier to get and use. The number of crypto users worldwide is already more than 420 million and continues to grow. So it doesn’t come as a surprise that we may be able to pay with crypto anywhere in a few years. Maybe it would be wise to become one of the forerunners in this area. Let’s dig deeper!
Crypto payment gateways
The easiest way to start accepting digital assets as a payment method is to use the services of a company that acts as a middleman between your business and clients. There are a lot of service providers that offer crypto payment gateways, so you need to take into consideration many factors before choosing the one to work with.
Criteria for Evaluating Crypto Payment Services
As this industry is relatively new, many people don’t understand what they should or shouldn’t be looking for in such a service provider. Of course, the company’s values must align with yours, but what else? We have picked a few essential points you might want to review first.
Security and Compliance
When reviewing your options, please consider the companies' security measures. Are they reliable? Do they have licenses? Who are they partnering with? Do they have good reviews? These are the questions you should be asking.
Supported cryptocurrencies
Most crypto payment gateways offer a variety of cryptocurrencies to use. Even though Bitcoin is the most famous cryptocurrency in the world, another option may be more convenient for your business. For example, the Whitepay service supports over 140 cryptocurrencies, including market leaders and lesser-known assets.
The following digital assets are the most popular for cryptocurrency payments: Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Cardano (ADA), etc.
Tether (USDT) is considered one of the most optimal digital assets for cryptocurrency payments. This stablecoin is pegged to the US dollar at a 1:1 ratio. It protects against volatility, meaning you don’t have to worry about exchange rate fluctuations when accepting payments in USDT.
So, when choosing a service provider, could you ensure they offer the cryptocurrencies your business needs?
Integration and user experience
With a reliable service provider, implementing cryptocurrency acquisition will be easy. For example, Whitepay will help you integrate the system for accepting cryptocurrency payments into your business. The company even provides guidelines for your employees on how to use it and constant technical support.
In the case of Whitepay, the user experience is very similar to your usual online and offline payment methods. So paying for crypto goods and services will be as easy for your customers as paying with national currencies.
Transaction fees
Since there are fewer intermediaries between the business and the customer regarding cryptocurrency, fees are also often lower compared to what banks charge. Some services may charge a fixed price for each transaction, while others charge a percentage of the transaction amount.
Top crypto payment gateways for online merchants
There are already a lot of crypto payment service providers on the market. Of course, among them, some need to meet the safety and reliability criteria, and choosing a reliable provider is not easy. We offer to analyze several reliable options.
CryptoCloud
A crypto payment gateway that allows you to accept and process payments in different cryptocurrencies. The service enables connecting crypto-acquiring to any online service, store, school, Telegram bots, and other platforms.
Both individuals and legal entities can use the service. With this service, they can create payment links, accept payments on websites, and exchange crypto. CryptoCloud supports the following cryptocurrencies: BTC, ETH, LTC, and USDT.
Whitepay
It is a SaaS company that is part of the WhiteBIT ecosystem. Whitepay can work with customers worldwide and offers crypto-acquiring online payment pages and crypto PoS terminals for offline stores. Moreover, with Whitepay, you can even accept crypto payments in your app. When writing this article, the company offers its clients prices for more than 140 digital assets.
In addition to working with businesses, Whitepay works with charities. The service has helped Ukrainian volunteers and charitable organizations to accept donations in cryptocurrencies from residents of other countries.
By the way, Whitepay has a demo version, thanks to which you can find out exactly how everything works and decide whether you need to integrate cryptocurrency payments into your business.
B2BinPay
The platform offers fast transactions and supports many cryptocurrencies (BTC, ETH, LTC, XRP, etc.) and fiat currencies. Legal entities are required to register and go through an inspection.
Clients can access such functions as accepting website payments, converting crypto to fiat, issuing invoices, etc. Two solutions with different tools are available: for merchants and corporate.
Cryptoprocessing.com by Coinspaid
CoinsPaid's CryptoProcessing stands out as a premier cryptocurrency payment gateway, offering businesses a secure, legal, and economical avenue to accept crypto transactions. Boasting over 9 years in the sector and catering to 800+ merchants, it meets diverse business requirements through its array of payment options. CryptoProcessing.com accommodates 20 leading digital currencies, such as Bitcoin, Tether, Ethereum, and Litecoin. Additionally, it provides an immediate exchange to 40 conventional currencies, ensuring businesses can avoid holding cryptocurrencies. Withdrawals are streamlined, with funds directly transferred to merchants' bank accounts.
Choosing the right crypto payment gateway for your business
As with other services for your business, when selecting crypto acquiring, the factors that need to be considered depend on your needs. However, several general criteria should be taken into account:
- Supported cryptocurrencies. Different services support different cryptocurrencies. You should choose one depending on the required range of payment options.
- Fees. Both the amount of fees and the principle of collecting them may differ, which can affect the total cost of cryptocurrency payments.
- Automatic currency conversion. With this tool, you won’t need to convert currency manually.
- Security. As with everything related to finance, there is a risk of fraud, hacking, and theft regarding crypto acquisition. To prevent this, the service you decide to work with must have fraud detection systems, encryption, etc.
- User-friendliness. The service must be easy to use, both for you and your clients.
- Reputation. It is necessary to check confirmed reviews about the service and research past cases of hacking, evil behavior of the company, etc.
It would be best to be extremely careful when choosing a service for accepting cryptocurrency payments. The reputation of your business depends on this choice.
Assessing the needs and goals of your business
One of the most important aspects of integrating crypto payment gateways is properly assessing your business needs and goals.
At this stage, cryptocurrency payments may not be the best fit for grocery stores and those businesses that sell something cheap. However, for companies with household appliances, furniture, tech, clothes, and many more expensive things, payments in cryptocurrency can become a convenient and attractive option.
Conclusion
Adding the possibility to pay with cryptocurrency can put your business on the map. This decision requires a lot of research, but all its benefits are worth it. Get as much information as possible and choose the best crypto payment gateway to start working with millions of crypto users worldwide!
Frequently Asked Questions
What is a crypto payment gateway?
A crypto payment gateway is a service provider that acts as an intermediary to facilitate the acceptance of digital assets as a payment method for businesses.
Why should my business accept cryptocurrency payments?
By accepting cryptocurrency payments, businesses can attract a wider customer base, reduce transaction costs, and streamline the payment process, given the speed and low fees associated with cryptocurrency transactions.
Which cryptocurrencies are most commonly accepted by businesses?
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Cardano (ADA), and Tether (USDT) are among the most widely accepted cryptocurrencies by businesses.
How does a business decide on which cryptocurrency payment gateway to use?
The choice of a cryptocurrency payment gateway depends on a variety of factors, including the cryptocurrencies it supports, security measures, user experience, integration ease, transaction fees, and the company's reputation.
What security measures should I look for in a crypto payment service?
Important security features include encryption, fraud detection systems, compliance with regulations, and the reputation of the service provider in dealing with security issues.
What are the transaction fees associated with crypto payment gateways?
Transaction fees can vary significantly among providers. Some charge a fixed fee per transaction, while others may charge a percentage of the transaction amount.
What is the significance of Tether (USDT) in crypto payments?
Tether is considered one of the most optimal digital assets for cryptocurrency payments. As a stablecoin, it is pegged to the US dollar at a 1:1 ratio, which means it's not subject to the volatility often seen in other cryptocurrencies.
How can a business integrate a crypto payment gateway?
Most service providers assist businesses in integrating the crypto payment system. They may provide guidelines, tools, and continuous technical support to ensure seamless integration.
Can charities also accept cryptocurrency donations?
Yes, many charitable organizations are already accepting donations in cryptocurrencies. This often simplifies the donation process and broadens the donor base.
Is the acceptance of cryptocurrency payments limited to online businesses?
No, physical stores can also accept cryptocurrency payments. This is often facilitated by crypto Point of Sale (PoS) systems provided by crypto payment service providers.
