These individuals see cryptocurrency not just as an asset but also as an investment in infrastructure that takes banks and credit card networks out of the equation. The customer’s card information is then sent through a payment gateway to the payment processor. The processor then formally initiates the transaction by sending the information to the bank network (for debit) or card network (credit), such as Mastercard, Visa, or American Express, for authorization. The bank or card network then informs the payment processor as to whether the payment has been authorized or declined.
Knowing how much effort in development is put into this technology, it’s unlikely to see the adoption rate slowing down anytime soon. To put this number into perspective, that’s one paid order processed by CoinGate every 34 seconds. That’s impressive, considering the depth of an ongoing bear market, which suggests that hemorrhaging markets do not necessarily discourage people from going on a shopping spree. By entering your email address you are giving us permission to send you news and offers. Match2Pay operates within the framework of established regulatory requirements and full compliance with legal regulations, supported by an EU-registered company. Our processor is already integrated with the most popular solutions in the industry, but we can also provide Rest API to integrate the client’s own software.
Many are free to use; however, if you want to accept cryptocurrency as payment but don’t have the time to put into learning about it, a cryptocurrency payment gateway can help you accept cryptocurrency payments. If you’re a business owner and understand how cryptocurrency works, you might not have any reservations about accepting it. But because more than 99% of the U.S economy consists of small businesses, it’s possible that not every business owner will understand or trust cryptocurrency. However, cryptocurrency’s price volatility can make it tricky to work into your accounting practices.
And for more traditional payment recommendations, see our picks for best credit card processing companies for small business. The crypto community may be one of the most high-contrast sectors in existence, full of both starry-eyed idealists and ruthless scammers. There’s also not a whole lot of regulation protecting you if something goes wrong. This makes it doubly important to do your due diligence when selecting a crypto payment gateway. It doesn’t really cost anything to accept more coins, so you may as well give your customers options. Crypto payments can be a cheap way to process non-cash payments at a time when credit card costs are ballooning, but they’re also extremely volatile.
What to consider when choosing a payment processor
While they’re still a bit rough around the edges, crypto payments can be a cheap way to process non-cash payments at a time when the costs of credit card transactions are ballooning. Just make sure you select a provider with a solid reputation and low costs that offer you the amount of exposure to crypto that you want. The payment gateways allow immediate conversion of bitcoins and other crypto coins into the native fiat currency.
CoinsPaid is a large ecosystem that consists out of multiple financial solutions for businesses and individuals. Their products include a crypto payment gateway, personal and business cryptocurrency wallets with a built-in exchange, an OTC desk, SaaS crypto payment gateway. In addition to their existing services and solutions, CoinsPaid is planning to release a CPD token and DeFi solutions for their clients. By using their token, you will receive up to 50% fee reduction for your business.
GoUrl has solutions for every type of business, online or offline, and is seen as a global leader in processing crypto payments. This service was launched by the Coinbase cryptocurrency exchange, one of the largest digital marketplaces in the world. It provides cryptocurrency trading services, and, of course, such a site also needs its own cryptocurrency payment project. It can be used by those companies interested in the fastest possible crypto payments. CoinsPaid’s low commissions will be an indisputable advantage for customers.
In 2022 alone, payments made through the Lightning Network grew by 97% and accounted for 6.29% of all orders paid in Bitcoin, compared to 4.53% in 2021. That means, on average, last year, every 16th order at CoinGate was paid using the Lightning Network layer. Depending on the industry and jurisdiction of the client, we can offer settling in fiat currencies. The list of currencies may vary, so please contact us to check which are available for you. For the clients to whom we can’t offer settlements in fiat currencies, we can offer settlements in stable coins 24/7 and free of charge.
Coingate: A User-Friendly App with Wide Crypto Payment Support
The mass payout feature allows you to pool and automate up to 1000 transactions, which will cut your fee costs by 80% and save you more time than you can spend on your business growth. Since the number of users of virtual currencies crypto payments is increasing day by day, many countries are in the process of drafting a regulatory framework for the use of cryptocurrencies. BitPay shields you from the price volatility of Bitcoin and other cryptocurrencies.
Using CoinPayments, you have a holistic solution for accepting 1400+ crypto coins with buy now buttons, shopping carts, auto conversion features, etc. In general, hacker attacks on a cryptocurrency network are always a very painful topic. There are already many cases in the world when hackers attack networks and crypto exchanges, stealing large amounts of user money. And since cryptocurrencies are not a generally recognized official asset, your funds are not insured, and no one will compensate you for your losses. You need to be very careful in this aspect and take care of your digital key. Cryptocurrencies are still a very volatile asset, the market price of which can change literally in seconds.
Solid business relations
Additionally, the platform offers the first US$1 million worth of transactions for free, making it one of the most cost-effective payment processors available. Crypto payment processors act as a bridge between the traditional financial system and the world of cryptocurrencies. Elevate your gambling, betting or gaming business with Match2Pay’s crypto payment gateway, enabling frictionless payments, and eliminating payment delays. Seize the advantage of our crypto payment gateway to facilitate secure transactions, expanding your reach, fostering greater transparency, and attracting global clientele. CoinGate another bitcoin payment gateway for your business allows you to use bitcoins and altcoins and accept payment in USD, EUR, and BTC. If you’re considering taking cryptocurrency payments in return for products or services, consider yourself an early adopter of what might be a big shift in payment technology.
- This is especially true for those companies that operate on the Internet.
- It’s perfectly acceptable to use your personal wallet to accept cryptocurrency payments; however, gateways take the extra work of exchanging cryptocurrency and managing a wallet out of your hands.
- The company can be sure that its customers will not get confused and can enjoy the payment
- Despite these higher transaction costs, GoURL remains a top choice for users who value anonymity.
- The company also provides merchants with the opportunity for cash advances, access to customer insights, and a handy QuickBooks integration.
- Most crypto transactions are final and irreversible, with no system in place for chargebacks or disputes.
- The CoinSplit feature allows you to designate a portion of an invoice to a particular crypto, allowing the rest to be paid in a different currency (including fiat).