Crypto Payments, Educational, Getting Started, Tutorials
Finding the Best Crypto Payment Gateways for Online Business
Last updated: July 21, 2023 10 min read
Your online business needs to stay ahead of the curve if it wants to succeed. One way to achieve this is by embracing the revolution that is cryptocurrencies.
Don’t make a mistake thinking it’s just a trend, while it’s actually a seismic shift that’s reshaping the financial world.
Adopting cryptocurrency payments isn’t merely a modern choice—it’s a strategic move that keeps your business competitive and responsive to evolving consumer preferences.
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.
Compelling Reasons to Accept Cryptocurrency Payments
Embracing cryptocurrency as a payment method in your business can be very transformative in a positive way, and here’s why.
Cryptocurrencies Increase Market Access and Allows to Go Global
In the age of digital commerce, limiting your customer base to a specific geographic region is a thing of the past. By integrating a crypto payment gateway, your business can tap into a global market, transcending the borders and restrictions posed by traditional payment methods.
Imagine a customer in Tokyo purchasing your product as easily as a customer from Toronto, with no need to worry about foreign exchange rates or international banking fees. As a real-life example, consider Shopify, a major e-commerce platform.
After integrating a crypto payment gateway, they opened doors for their merchants to customers from all around the globe, providing a seamless shopping experience.
Streamlining Payments with Cryptocurrency Transactions is Faster and Cheaper
High transaction fees and slow processing times can put a significant dent in your profits and hinder your business’s cash flow. Cryptocurrencies, with their blockchain technology, offer a solution.
For instance, traditional wire transfers can take days to process and come with hefty fees. In contrast, Bitcoin transactions can be processed in about 10 minutes, irrespective of the amount or the distance.
Plus, transaction fees for cryptocurrencies are typically lower, which means your business can retain more from each sale.
Blockchain as a Solution for Security and Fraud Prevention
Every business operating in the digital space knows the perils of fraud and security breaches. It can take years to build customer trust, but only a moment to lose it all in the face of a security incident.
Cryptocurrencies, with their underlying blockchain technology, offer a secure platform for transactions, making them nearly immune to fraud. For example, Overstock, a giant retailer, started accepting Bitcoin in 2014.
They leveraged the security of the blockchain to minimize fraud, providing a secure shopping platform for their customers.
Attract Crypto-savvy Customers by Aligning Your Business with the Future
Adopting cryptocurrency payments sends a clear message to your customers — you’re a forward-thinking business that aligns with the future.
This is particularly appealing to younger, tech-savvy customers who prefer businesses that keep up with the times. An excellent example of this is McDonalds, which accepts Bitcoin and Tether payments in the city of Lugano in Switzerland.
This move was widely appreciated by their tech-savvy, forward-thinking customer base, reinforcing their image as a company at the cutting edge of technology.
These are just four benefits listed. If you are interested in finding out more about taking advantage of cryptocurrencies, read this article.
Why Accept Crypto Payments with Payment Gateways?
Embracing cryptocurrencies may appear challenging at first. However, with the right resources such as crypto payment gateways, it can be incredibly straightforward and beneficial.
Crypto payment gateways, often also called crypto payment processors, can serve as crucial intermediaries, simplifying the process of accepting cryptocurrency payments for businesses across different industries and sizes.
These payment gateways facilitate transactions between buyers and sellers, thus providing an essential payment infrastructure. They manage the entire payment process, taking the hassle off the businesses and allowing them to focus on their core operations.
A key service provided by these processors is the immediate conversion of cryptocurrencies into traditional fiat currencies. This ensures that businesses receive the precise amount they are due, notwithstanding any sudden or unexpected fluctuations in cryptocurrency market prices.
Crypto payment gateways significantly mitigate the challenges associated with the adoption of cryptocurrency payments. They provide a stable conversion rate at the point of sale, offering protection against the notorious volatility of cryptocurrencies. They also ensure regulatory compliance, further eliminating potential risks for businesses.
Moreover, these gateways offer simple integration methods with a variety of popular eCommerce platforms. Through the use of official plugin integrations, the entire process of accepting cryptocurrency is significantly simplified, mitigating potential technological challenges.
Beyond plugins, payment processors offer convenient payment acceptance tools such as email invoicing and payment buttons. They even provide powerful APIs that allow businesses to set up cryptocurrency checkouts on their websites.
These innovative solutions are designed to make the acceptance of cryptocurrency payments as easy and efficient as possible, allowing businesses to fully harness the advantages of digital currencies.
Choosing the Right Crypto Payment Gateways
By now, we have established that a payment processor plays a crucial role in mitigating the challenges of cryptocurrency payments adoption. It provides a stable conversion rate at the time of sale, protects against crypto volatility, and ensures regulatory compliance.
But identifying the right crypto payment gateway is like finding a trusted partner for your business. Here are some key factors to guide your choice:
- Security: Security should be a top priority when choosing a payment gateway. Look for features like two-factor authentication, encryption, and advanced fraud protection. Secure crypto payment gateways shield your business from potential cyber threats, leaving you free to focus on what matters—growing your business.
- Supported Cryptocurrencies: Different customers have different preferences when it comes to cryptocurrencies. Ensure your chosen payment gateway supports a wide range of cryptocurrencies. The more inclusive your payment options are, the more customers you can serve.
- Integration: The best payment gateway is the one that integrates smoothly with your existing e-commerce platform. Look for gateways that provide easy-to-use plugins or well documented APIs. Remember, a seamless integration means a smoother checkout process for your customers and fewer headaches for you.
- Transaction Fees: Just as you care about the transaction fees you pay, so do your customers. Lower transaction fees can make your business more attractive to customers and help improve your profit margins.
- Settlement Options: Cryptocurrency prices can be volatile. A crypto payment gateway that offers the option to instantly convert cryptocurrencies into fiat currency can protect your business from price swings.
Top Crypto Payment Gateway: CoinGate
As CoinGate, we’ve earned our stripes as a leading player in the world of crypto payment gateways. Over the years, we’ve played a crucial role in enabling businesses to embrace the digital currency revolution, providing them the capability to accept Bitcoin, as well as a wide array of other cryptocurrencies in return for their goods and services.
Since our inception in 2014, we’ve experienced substantial growth and expansion. Presently, we support more than 70 cryptocurrencies across diverse blockchain networks. Our comprehensive offerings and a well-designed suite of features are devised specifically to simplify the process of integrating and utilizing cryptocurrencies in businesses of all types and sizes.
One of our crowning achievements has been our alliance with Binance Pay. This partnership significantly expanded our reach and scope, offering a broader spectrum of services to our customers.
Always striving to remain at the forefront of the crypto wave, we’ve also added support for Layer 2 solutions such as Polygon and Arbitrum, aiming to lower transaction costs. We proudly facilitate payments through the Bitcoin Lightning Network, underscoring our commitment to progressive and innovative solutions in the field.
Our services are not confined to providing various transaction channels. We also offer a broad array of payout options. We give businesses the liberty to choose between receiving payouts in cryptocurrencies or traditional fiat currencies, including the Euro, British Pound, or U.S. Dollar.
Beyond transaction and payout facilitation, we offer a plethora of useful tools to our merchant users. Some of these include:
- Issuing different types of refunds in cryptocurrencies;
- Assigning roles and manage account permissions;
- Enjoying flexible payout settings and multiple settlement currency choices;
- Building your subscriber list and send periodic or one-time bills;
- Customizing your invoice page;
- Using in-house cryptocurrency trading services.
With CoinGate, you’re not just signing up for a service; you’re joining a forward-thinking community that’s shaping the future of commerce. So why wait? Click here to sign up for CoinGate now, and let’s transform the way you do business!
Ways of Implementing CoinGate Payment Solution
At CoinGate, we offer you five different methods to integrate Bitcoin and over 70 other cryptocurrency payments into your business operations. Each method provides the flexibility to withdraw collected funds through various means, including traditional fiat currency.
While some of our methods provide enhanced flexibility and customization, they may require specific skills for implementation. Others, on the other hand, are simpler and can be set up with minimal effort.
API Connection: Our payment API is our most customizable and advanced solution. It enables cryptocurrency payments processing from checkout to final settlement on virtually any website, allowing for a more customized approach. Although its implementation requires some technical knowledge, we provide a clear and detailed walkthrough for its usage.
Official E-commerce Module Integration: Our crypto payment plugins offer the simplest way to set up crypto payments, particularly through your preferred e-commerce platform. We provide official plugins for a range of platforms including WHMCS, PrestaShop, WooCommerce (WordPress), Opencart, Magento 2, Wix, and others. They can be downloaded either from the back offices of the e-commerce platforms or directly from their official websites.
Recurring or One-Time Email Billing Option: This feature enables the creation, scheduling, and regular sending of reusable cryptocurrency bills via email or a link with a QR code. It’s a favored choice for companies providing subscription-based products or services. Companies can also use this method to issue one-off invoices directly from the account dashboard. The solution can be used without any coding or through custom billing API integration.
Point of Sale (PoS): We offer an easy-to-use Point-of-Sale solution for accepting Bitcoin payments face-to-face. This app can be accessed on a regular web browser, and as long as the device has internet connectivity, payments can be accepted instantly.
Payment Buttons: Our payment buttons provide a simple yet customizable solution for accepting cryptocurrency payments. This method involves copying and pasting a line of code into your website. The button can be adjusted according to your needs, with features like fixed payment amounts or a slide for choosing payment amounts.
It’s Time for Your Online Business to Get a Competitive Edge
Incorporating cryptocurrency payments into your business strategy can open new avenues of growth and customer satisfaction. From expanding your market reach to reducing transaction fees and enhancing security, the benefits are hard to ignore. As a savvy business owner, choosing the right crypto payment gateway is a crucial step towards leveraging these benefits.
If you found this article helpful, feel free to share it with others. And if you’re ready to dive into the world of crypto payment gateways, we encourage you to explore CoinGate.
If you need more advice or information, don’t hesitate to reach out—we’re here to help. The future of payments is here, and it’s time for your business to embrace it. Together, let’s make your business ready for the future.