Accept all cryptocurrencies for the lowest fee of 0.5%
A cryptocurrency payment gateway is a way for merchants to accept crypto payments on their website. By integrating a crypto payment gateway into their online store or point of sale system, merchants can easily and securely process crypto transactions from their customers. Cryptocurrency payment service providers (PSPs) offer a range of services, including the ability to accept multiple cryptocurrencies, automatic conversion of crypto to fiat currency, and fraud protection. There are numerous crypto payment gateways available, each with its own unique features and supported currencies. Some gateways only accept a single cryptocurrency, while others support over a hundred different crypto options. Choosing the right crypto payment gateway for your business depends on your specific needs and the types of crypto payments you wish to accept.
Millions of users
There are over 300 million worldwide crypto users, accounting for almost 3 trillion in total value in 2021. Crypto payments are already accounting for over 6 billion dollars in daily transaction volume. It should be apparent that this is a large opportunity for merchants to generate extra income and new customers against better fees and conditions.
One major advantage of accepting cryptocurrency payments is the low fees. Cryptocurrency payment fees are typically much lower than traditional payment providers, such as PayPal, Visa, and Stripe. While traditional payment providers charge fees of 1.4% to 3.6%, crypto payment fees range from 0.5% to 1%. This can be a significant cost savings for merchants, especially for businesses with a high volume of transactions.
Real time payment processing
In addition to low fees, cryptocurrency payments offer convenient advantages for merchants. Many crypto payment gateways provide real-time payment processing, so merchants don’t have to wait for their revenue. Cryptocurrency payments are also not subject to chargebacks, providing an additional layer of security for merchants.
International transactions are also easier and more cost-effective with cryptocurrency. Cryptocurrencies are not subject to the same exchange rates and fees as traditional fiat currencies, making it easier and more cost-effective for merchants to do business with customers in other countries.
Attract new customers
Another key benefit of accepting cryptocurrency payments is the potential to attract a new customer base. As the use of cryptocurrencies becomes more widespread, there will be a growing number of consumers looking to pay with crypto. By adding it as a payment option, merchants can tap into this market and potentially attract new customers who prefer to pay with cryptocurrency.
Reduce risk of fraud
Accepting cryptocurrency payments can also help merchants reduce their risk of fraud. Cryptocurrencies are decentralized and use blockchain technology to provide secure and transparent transactions. This can help reduce the risk of fraudulent chargebacks and other types of payment fraud.
Finally, merchants who accept cryptocurrency payments can take advantage of the positive media attention and perceived innovation that comes with being an early adopter of this payment method. By embracing cryptocurrency payments, merchants can position themselves as forward-thinking and ahead of the curve.
Due to these positive aspects of accepting crypto, research of Deloitte has found that over 87% of top U.S. merchants think crypto payments will give them a competitive advantage. Moreover, 85% of merchants expect that crypto payments will soon be ever-present and integrated by most companies.
Most cryptocurrency payment gateways do no work much different than a normal bank transfer. During the checkout process, customers are presented with
• A selection menu to choose their preferred cryptocurrency
• The amount that has to be paid
• The wallet address to which the crypto has to be sent
• A QR code which contains the wallet address mentioned above and the amount that has to be paid for convenience
After the payment has been sent, the cryptocurrency payment service provider will confirm the payment and inform the merchant that the transaction is complete. This process is typically automated and occurs in real-time, allowing merchants to access their revenue immediately.
Some crypto payment gateway providers have implemented another solution in which the customer can connect their crypto wallet to their system on the checkout page. This allows the payment service provider to access the customer’s wallet and execute the transaction on their behalf, which can be convenient but may pose potential security risks, as you can read in our safety blog.
There are numerous cryptocurrency payment gateways available, each with its own unique features and supported currencies. Some crypto payment gateways only accept a single cryptocurrency, while others support a wide range of options. Gateways with almost no transaction fees and gateways that are rather expensive. We have thoroughly reviewed each cryptocurrency payment gateway, taking into account their most important pros and cons to help you make an informed decision. In our reviews, we evaluate each gateway, amongst others, based on the following criteria:
One potential drawback of using cryptocurrencies for payments is their volatility, as their value can fluctuate significantly over time. To mitigate this risk, some cryptocurrency payment gateways have implemented a feature that allows merchants to automatically convert volatile cryptocurrencies into fiat currency or stablecoins. This can help protect merchants from the volatility of the crypto market, as they are able to receive a stable value for their transactions.
This feature can be especially useful for merchants who are concerned about the short-term fluctuations in the value of cryptocurrencies. By converting crypto to fiat or stablecoins, merchants can ensure that they are receiving a stable value for their goods and services, regardless of the current market conditions. Therefore, providing merchants with a greater level of stability and predictability when accepting crypto payments.