How to choose a safe crypto payment gateway?

Crypto payment gateway safety
Crypto in general has received a lot of criticism in the past due to security issues. Cryptocurrency worth millions of dollars has been stolen by criminals thanks to hacks, fraud, scams and other misdeeds. However, in actuality, a lot of cryptocurrency breaches were caused by lax user security measures or blatant scams rather than faulty blockchains. Similar to the almost 30 billion dollars being scammed in phone scams alone in America, according to CNBC. Therefore, it is of utmost importance to make sure you choose a safe crypto payment gateway that prevents hacks and minimizes scams.
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Manual checkout vs. wallet connection checkout

To ensure the safety of your customers, it is important to know that there are two main methods that payment gateways use in facilitating crypto payments:

  • Manual checkout
  • Wallet connection checkout

Manual checkout

Manual checkouts are a very safe method of accepting crypto payments. This method consists of the customer accessing the checkout page, copying a wallet address (or scanning a QR code), and manually sending a specified amount of crypto to that address through their wallet of choice. After the payment has been received, the order will be confirmed. Below, you find reviews of our highest rated payment gateways that use a manual checkout:

Wallet connection checkout

Wallet connection checkouts on the other hand require the customer to connect their wallet to the checkout system of the payment provider. This gives the payment provider (full) access to the customers’ wallet, and the power to debit the required amount of money. Connecting wallets is something that is well-used within the crypto industry. However, giving any entity full access to your personal wallet has some obvious and major risks. The first question you should ask yourself, can I trust this payment processor? We believe that the answer is yes for all of our reviewed crypto payment gateways. However, this does not solve the risk issue. Imagine a webshop being hacked and the checkout page being altered into a rogue look-a-like page with bad intentions. An unknowing customer connects his/her wallet and unwillingly gives the hacker full access to all of their funds, which will ultimately be stolen. Therefore, we highly advise to only integrate manual checkout payment gateways.


Reducing risks with fast payouts

Besides using different checkout options, there are more differences that relate to safety. One being the speed of payouts. The safest and most convenient gateways provide instant payouts. So if a customer orders a new television for $1.000, this money will instantly be received by the merchant to minimize risks. Most payment gateways reviewed by us either employ instant payouts or payouts within one day.

Find a safe solution

Safety is the #1 priority when processing payments. Luckily, we have reviewed all crypto payment gateways, so you can make a well-informed decision.

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