Cryptocurrencies have gained widespread use in the market, and are rapidly gaining market share. The reason why they are becoming more popular is that they offer a way to exchange value without the interference of central banks and governments.
The technology behind cryptocurrencies is decentralized, public, and transparent. This is what makes them so attractive for businesses that want to stay competitive or expand their reach. Another reason why many people like cryptos are because you can transfer them anonymously, which means that transactions cannot be traced back to your identity.
There are many barriers to entry for companies who want to start accepting cryptocurrencies as payment. Here’s a list of the top crypto payment gateways that will help you accept digital currency today.
6 Best Crypto Payment Gateway for Business and Individual
Bitcoin, Ethereum, Litecoin and other cryptocurrencies have given the world a new way to pay for everything from groceries to medical services with one central currency.
Here are some of the best crypto payment gateways that you need to know about.
BitPay is one of the earliest and most popular cryptocurrency payment gateways. They have been around since 2011 and have been a pioneer in the industry from the start.
In addition to being one of the first, BitPay also has a large number of retailers who accept their payments. They are accepted by over 40,000 businesses including Tesla, Microsoft, and Target.
Their crypto payment gateway is available for all major platforms including iOS, Android, macOS, Windows 10 Mobile, Webstore, and Linux. The company currently holds about a third of the market share for crypto payment gateways.
The platform has three verification levels: basic verification which requires your name and email address; intermediate verification which requires your name and date of birth; and advanced verification which requires your personal identification number from your bank account or government-issued ID card.
One downside with BitPay is that their fees are not as competitive as some other options on this list.
2. Coinbase Commerce
Coinbase Commerce is a popular crypto payment gateway for merchants. It’s called “commerce” because they offer a full suite of tools for businesses, including a crypto-based checkout, order management system, and even a dashboard that helps you track orders and inventory.
The benefits of using Coinbase Commerce include free transactions, quick processing times, and the ability to integrate with any eCommerce platform. The drawbacks?
You can’t use this service in combination with other Coinbase products, like the GDAX Exchange or the Coinbase wallet app. So if you’re looking for a more holistic experience from your crypto payment provider, this might not be the one for you.
CoinGate is a buy and sell platform, as well as a payment gateway. In order to use CoinGate, you must have a digital wallet. You can choose from their list of supported wallets, or you can create your own.
When using CoinGate as a payment gateway, there are two types of transactions: credit card and SEPA transfers. SEPA is the cheapest way to make a transaction on CoinGate and typically takes three days to process, but it only supports Euro (EUR) and Polish zloty (PLN) transactions. Credit card transactions take up to five days to process, but they support more than 60 different currencies.
CoinGate also has its own token called “Tether.” Tether is pegged 1:1 with the US dollar which makes it easier for retailers who want to accept cryptocurrency as an option for payment at checkout.
Of all the cryptocurrency exchanges on the market, Gemini is one of the most prominent. It is a New York-based exchange that was founded by Cameron and Tyler Winklevoss in 2013.
Gemini is a unique exchange because it allows people to trade both Bitcoin and Ethereum at the same time. The company also provides investors with a fully regulated environment for trading digital assets.
One thing to note about Gemini is that it does not charge a transaction fee for deposits or withdrawals of any kind. This makes Gemini an attractive option for any business that wants to accept cryptocurrencies as a form of payment. However, Gemini does require users to go through an application process before they can use its services.
Coinify is a Danish company that allows you to buy or sell cryptocurrency and turn it into real-world currency. They provide exchanges for Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
As a cryptocurrency buyer, Coinify charges you a fee based on the amount and type of cryptocurrency and the country of your residence. As a seller, they charge you a fee based on the amount and type of cryptocurrency and your country of residence.
Coinify is not an online wallet service so you will need to have either your own digital wallet or another wallet service in order to purchase cryptocurrency through Coinify.
If you’re looking for a gateway that accepts Bitcoin, Litecoin, and Ethereum, Cryptopay is your best bet. You can use it to pay for all your online purchases in just 3 clicks.
One of the benefits of Cryptopay is its free bank account. This means that any other transactions made through the gateway come at no extra cost.
Another thing to love about Cryptopay is that it has a great 24/7 customer service team that’s ready to help with any questions or problems you might be having.
Why is This Service Useful for Merchants?
Cryptocurrencies are poised to make some serious strides in the future. The more retailers that accept cryptocurrency payments, the more people are likely to invest in it. That means you’ll have a better chance of finding customers who will want to buy your products with crypto.
There are numerous benefits for merchants when it comes to dealing with cryptocurrencies. First of all, cryptocurrencies are global which means you can reach a larger market. You also avoid having to deal with currency conversions and can save money on transaction fees.
Additionally, cryptocurrency transactions are secure because they don’t require personal information or sensitive data like bank details or credit card numbers, so there’s less of a chance of fraud.
Lastly, this service is useful for merchants because it’s quick – money deposited into cryptocurrency wallets usually arrives within minutes. This gives merchants peace of mind that they’ll be able to get paid quickly without worrying about chargebacks or waiting days for funds to show up in their bank account.
Important Features to Look for in a Crypto Payment Gateway
A cryptocurrency payment gateway is a service provided by a third party that you can use to accept digital currencies on your website. Many of these gateways offer different features, so it’s important to know the features and decide which one works for your business.
For example, you might want to take debit and credit cards, but not other types of cryptocurrencies. So if you don’t take any cryptocurrencies other than Bitcoin, for example, then BitPay Wallet API might not be the best fit for you.
When you’re looking at which crypto payment gateway to choose, make sure that it offers the following features:
- Accepts different cryptocurrencies
- Has low transaction fees
- Offers multiple ways to pay
- Includes customer service 24/7
There are a lot of different crypto payment gateways that you can use, and the list is growing.
You might want to use one that accepts crypto or fiat, or one that works with your country – there are plenty of options out there.
You might want to research your options before making your choice, but it’s usually not too complicated to find the right crypto payment gateway for your needs.