A crypto payment processor enables retailers to accept cryptocurrency transactions. Most payment processors now allow you to buy and sell a variety of cryptocurrencies, including Bitcoin, Ethereum, Waves, Dogecoin, Bitcoin Cash, and others.
Payment processors make it possible to convert cryptocurrency into fiat cash right away. They enable merchants to automate these payments as well as providing a variety of additional tools and reports to make the entire process as simple as possible.
Transactions are processed quickly and securely using cryptocurrency payment channels. More businesses are being motivated by the growing crypto craze and are aiming to include a viable crypto gateway instead of concentrating on the problems of starting to take crypto payments.
While utilising a Crypto payment processor, there are no definitive regulations to follow. It functions similarly to standard payment gateways. The only significant distinction is that cryptocurrency payment gateways only accept digital wallets and do not accept credit cards.
Single-currency or multi-currency crypto wallets are available. Payments made using cryptocurrency may be completed quickly, which is an advantage. Overall, the crypto payment gateway’s job is to handle the essential information from merchants and customers that make crypto payments on the system.
Here are some gateways for cryptocurrency:
1. CoinGate, which was founded in 2014, is a well-known and well-respected crypto processing gateway. The firm was one of the first crypto infrastructure providers to implement the Lightning Network, a solution to the crypto connectivity growth challenge, in 2018. It aided in the growth of transaction volume.
Merchants can set up and manage payments from their cell phones using Coingate’s user-friendly app. It also supports over 40 cryptocurrencies, including Bitcoin, Bitcoin Cash, Dash, Ripple, Ethereum, and others.
Coingate also offers a variety of extensions and now even allows you to create cryptocurrency payment buttons for any website. Coingate imposes a 1% fee on all operations, which take about an hour on average.
2. Because of its large list of supported cryptocurrencies, including Bitcoin, Ripple, Litecoin, and others, CoinPayments is one of the most popular crypto payment gateways. This is primarily a payment gateway for retailers. One of CoinPayments’ competitive advantages is that it charges one of the lowest charges for crypto processing.
A transaction fee of only 0.50 percent is levied to merchants that use the gateway. CoinPayments’ airdrop of their CPS crypto token is an intriguing feature. It provides a significant discount to all customers on certain criteria such as hosting costs, service charges, and rebates on online withdrawal expenses.
It also includes a mobile version of the software for both Android & apple that allows users to collect transactions from anywhere at any time.
3. Shopify is among the most well-known and reliable cryptocurrency payment gateways in the world. In today’s crypto market, we have a slightly elevated and secure payment processor. The consumer platform not only ensures a safe transaction, but also allows crypto payments to be made from any location at any time.
Shopify has a variety of useful features, such as APIs that enable for Coinbase and other payment gateway integrations, making payment processing as clear and flexible as possible. The sole disadvantage of Shopify is that retailers must first create a profile with Shopify before being able to utilise the payment processor. Depending on whatever credit provider a merchant employs, transaction costs vary.
4. Coinbase is one of the biggest and most well-known cryptocurrency payment processors in the United States. Coinbase has the capacity to develop several unique features to make life easier for its users, thanks to its large user base. Coinbase acts as both a crypto exchange and a crypto payment channel, thanks to its advanced security features.
The Coinbase payment gateway is only available in a few places across the world. It allows for quick currency conversion from cryptocurrency to fiat money without the merchant having to request a withdrawal. The exchange provides this service for free for the first $1 million in operations, after which it charges 1% of all operations.
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