Top Cryptocurrency Payment Gateways for Your Online Store

 In FinTech

First, you need to be sure that your service provider can be trusted. In contrast, crypto payment gateways are centralized entities, meaning that a level of trust is required. This means ensuring that the payment processor is not only legitimate, but also capable of providing quality service and secure enough to resist potential cyber attacks. A cryptocurrency payment gateway is a payment processor for digital currencies, similar to the payment processors, gateways, and acquiring bank credit cards use. Cryptocurrency gateways enable you to accept digital payments and recieve fiat currency immediately in exchange. Cryptocurrency payment gateways are becoming a necessary element for businesses in the digital age, and merchants from around the world are just starting to come around.

For users, this also means the convenience of being able to transfer funds directly from their cryptocurrency wallet to another wallet through it. Furthermore, these cryptocurrency payment gateways secure the transfer of sensitive data from the payer’s wallet to the merchant’s software. Business organisations of all sizes are increasingly adopting this payment network because it is at the same time profitable, secure, and instant. A crypto payment gateway is a dynamic payment processing platform that allows merchants or vendors to accept payments in multiple cryptocurrencies without risking security. For users, it facilitates direct payment from their cryptocurrency wallet to another.

Cryptocurrencies are proliferating and becoming popular across the global. A decade since their dawn with the invention of Bitcoin, the value of all cryptocurrencies reached USD 0.25 trillion. To put that in perspective, crypto payments api there are 1.7 trillion USD and USD 1.4 trillion Euros in circulation today (European Central Bank 2019; U.S. Federal Reserve Board 2019). In November 2019, bitcoin is the world’s sixth-largest currency in circulation.

What is a Crypto to Fiat Payment Gateway?

In addition to its core functioning, these payment gateways also bear the responsibility to safely transfer the payer’s sensitive wallet-related data to the merchant’s software. With more businesses looking for the most gainful, secure, and instant payment modes, this payment network is increasingly adopted in all-sized organizations. Such gateways are built on top of the blockchain ecosystem, and come with a range of benefits, including record immutability and transaction transparency. Moreover, the blockchain’s decentralisation will eliminate intermediaries like banks, thereby speeding up transaction processing and shortening payment processing time. Therefore, the system promotes the use of digital currencies and helps popularise decentralised gateways. Compared with more traditional systems, cryptocurrency payment gateway has more distinctive advantages.

And, According to Brandessence estimates that as much as 20 percent of the worldwide bitcoin network remains in China. That’s the reason, growing adoption of cryptocurrencies is driving the crypto payment gateway market. BitPay’s blockchain payment rail integrates seamlessly with Wix’s ecommerce platform, allowing Wix merchants to offer their customers Bitcoin and other cryptocurrency payment options. In short, cryptocurrency payment gateways are payment processors for crypto.

The Best API Solution

Cryptocurrency payment gateways are easy to integrate into an existing application. Merchant can integrate the crypto plugin to their desired application and start accepting payment in cryptocurrency. Once the cryptocurrency payment is processed through the payment gateway, it doesn’t allow chargeback or refund. Blockchain has revolutionized major industries like healthcare, retail, entertainment, supply chain, etc., and it is rapidly making its way into the payment industry. The modes of payment are evolving fast, from physical currencies to digital money to cryptocurrency, and with that the payment systems also keep evolving with time. Moreover, they also look for a better payment system to improve certain areas like the supply chain and retail, where it’s crucial to maintain a balance between the flow of goods and money.

What is a Crypto Payment Gateway

Its user-side crypto-to-fiat conversion facilities also enable it to provide fiat currency payments to sellers. These include faster payments, lower transaction costs, no risk of chargebacks, a broader spectrum of customers, and more. Learn all the reasons why getting paid in crypto is worth considering.

cryptos to accept

Thus, the number of such developments among the major players drives the growth of the market. In addition, the Central Bank of the Philippines approved 16 cryptocurrency exchanges. This kind of market movement has created a great impetus for the market. Crypto payment gateways like BitPay, PayPal and Coinbase Commerce handle and facilitate the processing and receipt of cryptocurrency payments for merchants. In return, businesses receive fiat currencies in their bank accounts. Therefore, companies can offer alternative payment options to customers, removing uncertainties concerning cryptocurrencies.

Noncustodial crypto payment gateways, on the other hand, do nothing more than process the payment and promptly transfer the profit to the merchant’s wallet. Cryptocurrency payment gateways are digital currency payment processors that allow merchants to offer cryptocurrencies as a payment method. Most of these crypto payment gateway providers will be equipped with their own cryptocurrency wallet, their own blockchain, their own KYC/AML system, and their own virtual currency exchange. Over the past year, Covid-19 has dramatically accelerated the wave of online fraud. Most businesses are now operating Crypto Payment, at least partly online, providing a perfect landscape for attackers seeking to harvest and exploit valuable data. It is not surprising to learn that identity fraud has had the greatest impact on financial services, followed by professional services.

What is a Crypto Payment Gateway

One of the key factors propelling the crypto payment gateway market growth is the introduction of crypto payment alternatives by traditional payment gateway providers. For instance, in December 2021, PayCEC, a payment gateway provider based in the U.S., announced the launch of a crypto payment gateway. The company has upgraded the payment gateway to accept cryptocurrencies allowing the users to transact in various cryptocurrencies. A multi-crypto payment gateway enables buyers to pay in various cryptos and businesses to accept several cryptos as payment. For retailers engaged in international trade who want to receive payments from customers globally without paying network fees, multi-crypto payment gateway integration can prove beneficial. A multi-crypto payment gateway also does away with the necessity for any middlemen, such as other blockchain-based wallets and payment gateways.

Crypto Payment Gateway Market

You have to rely on the provider’s ability to maintain uninterrupted services because you might be receiving payments from around the world and in different time zones. The money is added to your account with the provider; it is deposited to your designated bank account in intervals decided on in your service contract. Your customer opts to make payment in cryptocurrency at checkout (in-store, on the web, or in-app). The payments from your customers go straight into your own HD wallet such as Electrum, Trezor, Ledger Nano, or any other wallet with HD support. As the price of Bitcoin, Ripple, and many other cryptocurrencies touched the skies, you can expect more people to be investing in them. Cryptocurrencies have gained significant growth in the online business.

  • Also, if the service provider’s business is uninterrupted, merchants may be affected, such as delayed payments, until issues with crypto payment processors are fixed.
  • In return, they charge a service fee from the customers to stay operational in the long run.
  • In this way, your business is able to receive and hold number of different cryptocurrencies.
  • Choose the platform from the list you will find on your Shopify dashboard, and the system will guide you through linking your cryptocurrency account with your Shopify account.
  • We also make sure this crypto wallet is integrated well into your crypto payment gateway to allow your users to send and receive multiple cryptocurrencies quickly.
  • Over the years our plugin has been improved to also offer Zeroconf support enabling customers to instantly receive their products without risk to the merchant.
  • Below are the steps that explain how the cryptocurrency payment gateway operates in the real world.

Hedge / Investment funds can generate hundreds of millions of dollars in management and performance fees. Attract new clients by offering them a way to top up their accounts with many different cryptocurrencies. A highly secure, scalable and convenient wallets solution that will provide you with peace of mind. You can store your Bitcoin and many other cryptocurrencies in your B2BinPay wallet. Second, and most significantly, it allows for the quick exchange of cash.

What Is a Cryptocurrrency Payment?

Alternatively, you can use a 3rd party payment gateway to collect crypto payments for you and take advantage of multiple other tools. Learn how to accept crypto payments with a crypto payment processor CoinGate. ALFAcoins allows you to accept cryptocurrency payments through invoicing, payment buttons, and shopping cart plugins. You can create and send invoices to your customer’s email or direct them to your website where the payment/donate buttons are located.

What is a Crypto Payment Gateway

The final step – the fiat money is then automatically deposited into the merchant’s account, ready for withdrawal. In contrast, cryptocurrencies are decentralised, meaning there are no governmental institutions in place to regulate them. Instead, cryptos depend on thousands of computers worldwide to keep their networks, known as ‘blockchains’, operating. Anna’s experience in business and finance led her to work for a US risk mitigation company in Singapore. She has contributed to POS and payments topics in the Retail section across Fit Small Business. Cryptocurrency transactions occur instantly, compared to the delays of credit card and bank transfers.

MoonPay enables crypto access via the most widely-used mobile payment methods such as Apple Pay, Google Pay, and Samsung Pay, as well as the biggest global card services such as Visa and Mastercard. While still much lower than traditional online fiat processors, transaction fees can still fluctuate between crypto gateways. The important thing is to find the one with the lowest fees for your business.

Secure and Safe

Based on the demand, the digital wallet is customized to support either single currency or multi-currency. A perfect crypto payment gateway should provide customers with many options to make crypto payments using QR code, NFC, and URL for their convenience. Also, it should complete transactions in mere seconds to simplify the payment operations with the real-time settlement. At present, two types of crypto gateways are relevant among businesses which are explained below. Many renowned non-profit organizations such as UNICEF and the American red cross have started accepting cryptocurrencies as donations due to the growing prevalence of digital currencies among people.

Moreover, some even go as far as to predict that fiat currencies will become obsolete in 5 to 10 years. Send, Receive, Store, Exchange and Accept cryptocurrencies in minutes with an industry-leading, regulated payments provider. The market presently trades over 5,300 different types of cryptocurrencies, with a total market value of more than $895 billion. A crypto exchange acts as the middleman between a seller and a buyer and you are provided with wallets to store your different cryptocurrencies.

The Checkout with Crypto option will automatically be displayed for customers with a sufficient PayPal cryptocurrency balance in their wallet. During payment, their cryptocurrency holdings will be converted into fiat currency equivalent to the outstanding transaction amount at no extra cost. Android, iOS, and Windows operating systems are fully compatible with decentralized payment gateways. The payment gateway integration is possible into an application or device without the merchants having to change any settings. Crypto payment gateways simplify the process for you, from conversions between fiat and crypto, to setting up wallets to receive the cryptocurrencies. The cryptocurrency payment solutions eliminate the role of third parties and mediators from the payment system.

transactions checking

Also, 25% of SMEs’ owners are actively considering accepting Bitcoin in exchange for their goods and services, but lack an execution plan to use or adopt a crypto payment gateway. Although the government does cash by consumers as well as fact, many developing countries still focus on using digital money. Acceptance of digital cash by consumers as well as retailers drives the growth of the market. And, rising popularity of cryptocurrency mining and the presence of the major players in this region area also fostering the market growth. PayPal, for example, is an American-based company operating in an online payment system. And announced that customers will be able to buy and sell cryptocurrency and other virtual currencies using their PayPal accounts.

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