As of now, over 15,000 businesses accept Bitcoin payments. This number shows that businesses are realizing the potential of cryptocurrency payments. So, they have started adopting crypto as a payment method. However, a business owner must have complete knowledge of cryptocurrency payment gateways to accept crypto payments.
Here, we’ll understand this term in detail and discuss how to choose a crypto gateway for your business.
What is a Cryptocurrency Payment Gateway?
It is a platform that enables businesses to accept payment in crypto. Businesses can use professional tools from any of these service providers to enable their websites to accept cryptocurrency payments.
How It Works
Crypto payment processors work on blockchain technology. They use digital wallets instead of credit cards. So, business owners can accept payments in the wallet instead of requiring a bank account.
- A customer places an order and chooses to pay in crypto.
- If the website has crypto payments integrated, payment details will be shown to the customer.
- Once the customer makes a successful payment, the amount will be sent from the buyer’s wallet to the business owner’s wallet.
Things to Consider for Choosing a Crypto Payment Gateway
Ease of Integration
Slow and complex integration can take too much time and effort. So, you should look for a platform that provides easy crypto payment integration. For example, CoinRemitter provides widgets. Here, you have to set your design preferences in the configuration panel. Then, the platform will automatically generate code/URL.
You can use the same code to integrate crypto payments into your platform. As the system automatically generates the widget code, you don’t have to write it manually. This can reduce the technical barrier and help you get started quickly. There are some other user-friendly solutions, such as plugins or the Crypto API, for custom requirements.
In short, an easy crypto payment integration is important to save time, resources, and effort.
Multi-Crypto Support
Not all customers will pay in the same cryptocurrency. So, always prefer a crypto payment gateway that supports multiple cryptocurrencies. Such gateways let you support multiple currencies. So, customers can pay in their preferred cryptocurrency. This way, you can serve more customers and reach a wider audience.
Processing Fees
The processing fee can be the greatest deciding factor for any business. It can directly affect your profits and prices. So, consider a crypto gateway with the lowest processing fee. So, you can maintain good prices and earn higher profits.
The average crypto processing fee is 0.5% is 1%. Anything between this range is considered good. But you can find lower fees than 0.5%. For example, CoinRemitter charges only 0.23%, which is the lowest fee as of now.
Security
This is the most important yet the most ignored consideration when accepting cryptocurrency payments. As a business owner, you must not compromise security. Before choosing a crypto payment processor, check for essential security features, such as 2FA. Not having dedicated security features can be a red flag. So, don’t choose a platform with additional security features. This may result in unauthorized activity on your account and potential fund losses.
Privacy
Most crypto payment gateways require KYC during registration. You have to submit your ID proof to verify yourself on such platforms. This is not entirely wrong unless your data is being misused. Consider reading the service provider’s privacy policy before submitting any sensitive information. Don’t submit your documents if you find any hint of any information being misused.
If you want a safer option, use a No-KYC crypto payment processor like CoinRemitter.
Technical Support
This is another ignored yet important consideration. Your preferred crypto gateway must be able to resolve your platform-related query quickly. You can judge a gateway’s support system from online reviews. Avoid choosing a platform without reliable support.
Conclusion
A brief understanding of crypto payment gateways is important, as this payment method is increasing rapidly. Businesses must understand crypto payments properly before getting started. Also, a deep understanding of cryptocurrency payment gateways is required. A gateway will be a key channel for a business to accept payment in crypto. After understanding the term, you can proceed to choose a platform. You can review a few considerations as shown above. CoinRemitter can be a better choice if you prioritize low fees, privacy, security, and easy integration. After choosing a platform, you can get started with cryptocurrency payments.