What are crypto payment gateways and how do they work?

In this article, we’ll explore the compelling reasons why you should integrate crypto payment gateways into your business and how to identify the right one for you. You are, after all, using systems that have been designed specifically for peer-to-peer transactions. For cryptocurrency gateways to be worthwhile, they need to offer merchants something they can’t get by simply doing a wallet-to-wallet trade. NOWPayments is among the more simple and straightforward crypto gateways on our list, with no custodial features.

These gateways facilitate the transaction by converting the user’s fiat currency instantly into cryptocurrency, which can then be stored in a digital wallet. For those merchants who are looking to try to get the cheapest rate https://www.xcritical.com/crypto-payment-solution/ on transaction fees then BitcoinPay is definitely one of the best bitcoin payment gateways out there. It charges just 0.8% on all transactions making it the least expensive payment gateway on this list.

Coinbase Commerce + WooCommerce Integration Guide – And My Experience

Coinbase has a merchant app for businesses where you can accept payments in Bitcoin and instantly convert it into fiat to save yourself from price volatility. A variety of options are available for both offline and online businesses to start accepting Bitcoin via Coinbase merchant solutions. You can instantly convert these into fiat currencies and receive payouts in EUR, USD, or BTC. It is used by many global brands, such as NordVPN, Hostinger, and Alternative Airlines, to name a few.

• Aside from Bitcoin, these crypto payment processors may assist retailers in accepting Ethereum, Ripple, Litecoin, and other significant currencies.
• However, some merchants might not be comfortable accepting payment in digital currency; they might not understand how any of it works or be skeptical about the system.
• This partnership significantly expanded our reach and scope, offering a broader spectrum of services to our customers.
• The payment gateway allows merchants to send invoices quickly and manage crypto payments using a powerful dashboard.
• Only when all of these criteria are met can you have the confidence that you’re on the right path.

The fee varies based on the gateway provider and the cryptocurrency used, but is typically lower than fees charged by conventional payment processors. Some payment gateways also charge an installation fee, a monthly fee, or a currency conversion fee. Firstly, the platform doesn‘t offer direct bank transfers, which for some businesses will certainly be a frustration. https://www.xcritical.com/ Secondly, fees are high when compared to the other payment gateways on this list. GoURL charges a 1.5% fee on all payments made through a website and 3.5% for using Monetiser Online. Since these prices are comparable to the credit card fees that businesses must pay, it is unlikely that any merchant will choose GoURL on the grounds of trying to save money.

Shopify

Shopify allows you to accept cryptocurrency payment like any other additional payment method on the platform. This will take them to the crypto platform website to complete the payment and return to your store once the transaction is completed. Despite its impressive array of features, Bitpay keeps transaction fees at a minimum, charging only 1% for each transaction. This makes it an exceptionally cost-effective solution for both businesses and individuals.

GoURL is yet another top crypto and Bitcoin payment processor on the list we will discuss today. Among its many features, one that stands out is GoURL’s Bitcoin plugin which can be seamlessly integrated with WordPress websites, making it easier for website owners to receive cryptocurrencies. Its free sign-up process is a piece of cake that has made it a popular choice among users worldwide. Founded in 2014, Crypto.com  is one of the best and most popular crypto payment solutions for Shopify. It is the most accepted app to use to buy, sell and make payments with cryptocurrency.

More than just a Crypto Payment Processor

One can integrate SpectroCoin APIs on their website to make purchases and transactions in Bitcoins and other currencies. Another unique aspect of Spectrocoin is that it offers a bitcoin debit card. Spectrocoin’s fee structure is set at a rate of 1% transaction fee for many transactions. Its user-side crypto-to-fiat conversion facilities also enable it to provide fiat currency payments to sellers. CoinGate is a very popular cryptocurrency payment gateway that offers a customer-oriented payment environment for seamless cryptocurrency payment.

This platform supports more than 70 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. CoinGate stores most cryptocurrencies in secure Cold Storage and charges a 1% transaction fee on all transactions. This platform supports over 70 cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. CoinGate stores most cryptocurrencies in secure cold storage and charges a 1% transaction fee on all transactions. B2BinPay allows users to store, send, receive, and accept cryptocurrency quickly and safely inside a global, secure network.