There is no denying that an increasing number of companies and people throughout the world are accepting cryptocurrency payments, and it can be difficult for some people, even large companies, to locate proper cryptocurrency payment gateways. I'll provide you some of the top bitcoin payment gateways in this article.
Bitcoin payments made up up to 3% of all preferred payment methods worldwide in 2017, according to Statistica. Although this may seem like a small percentage, the mere fact that bitcoin has entered the conversation speaks volumes.
So you will often see that industries like gaming, gambling, dating and many others, prefer to offer bitcoin to their clients among other payment methods. More to that numerous retailers also feature this currency on their checkout page.
What Are Crypto Payment Gateways?
Crypto payment gateways are third-party payment processors that deal with digital currencies like Bitcoin and Ether. These types of service providers perform an important function in today’s crypto and blockchain landscape – they help speed up the adoption of cryptocurrencies by merchants.
Since the cryptocurrency industry is still in its infancy, it should come as no surprise that it hasn't yet built a solid reputation among businesses that normally rely on tried-and-true methods of doing business, particularly when it comes to handling payments. A financial system that has had decades, if not centuries, to develop is ultimately what supports even the more innovative online payment choices.
Another reason that deters shops from widely accepting cryptocurrency payments is the unpredictability of its price. Because even the largest cryptocurrency enthusiasts have few options when it comes to making payments in cryptocurrency, this substantially reduces the utility of cryptocurrencies for consumers.
Advantages of Crypto Payment Gateways
Am sure you might be asking yourself what causes people to rush to cryptocurrency gateways, well below I am going to show you some of the advantages that of tilting towards cryptocurrency gateways.
1. Lower fees
Many business individuals often tend to make use of cryptocurrency platforms due to their lower fees which is usually less than 1% as compared to other Payment gateways such as Skrill which charges it clients with 2.90% ( plus conversion fee) while credit card companied usually charge up to 3% of the transaction amount. Also you might see that in most cases there is no monthly registration or maintenance with crypto payment gateways.
2. Speed
With bitcoin platforms, your crypto transactions takes place almost instantly as compared to some other bank account or payments platforms where you have to wait for 3 to 5 days for your transaction to be completed.
3. New opportunities
They help merchants and businesses gain customers and also boost their revenue.
4. Irreversible
Crypto payments are irreversible and unchangeable, thereby leading to a reduction in charge back fraud.
5. Integration
With crypto payment gateways, you are able to conveniently integrate your store with leading accounting software and ecommerce platforms such as WooCommerce, Shopify, Magento and many others.
Best Bitcoin Payments Platforms
Platforms for accepting cryptocurrency payments from customers for goods or services are available. This means that you will accept bitcoin in the same way that you already accept other forms of payment, such as credit/debit card purchases or bank transfers.
If done correctly, you will notice that these cryptocurrency payment gateways are fast, free of costs, and enable money to be transferred directly into your wallet. You also have the option to convert the funds to fiat currency as needed. You can come across hosted Bitcoin payment processors, which might be self-hosted, non-custodial, or custodial.
So stay glued to your reading as I am about to disclose to you some of the best Bitcoin payment gateways that you can take into consideration.
1. BTCPAY Server
You may really receive payments in Bitcoin (on-chain and over the lightning network) and altcoins directly using our free non-custodial and open source cryptocurrency payment gateway, free of any fees, transaction costs, or third parties. Since there is no intermediary (third party), you are effectively acting as your own cryptocurrency payment gateway.
Numerous people or organizations, including e-commerce businesses, retailers with physical locations, nonprofit organizations, and content creators, can use the BTCPAY Server. Additionally, you have the opportunity to set up your own cryptocurrency payment gateway using the BTCPAY server, enabling you to process payments for your friends or nearby businesses.
The web-based Post app allows merchants with brick and mortar stores to readily accept cryptocurrencies whilst online stores have that possibility to easily embed HTML payment buttons to allow their customers to conveniently pay from online. When a site visitor clicks on the bottom, BTCPay displays am invoice.
2. Blockonomics
You can think of this cryptocurrency payment gateway as one of your options for permissionless cryptocurrency payments. Similar to BTCPay, this cryptocurrency platform enables you to accept payments straight into your personal bitcoin wallet. The first 20 payments are free with Blockonomics, which currently supports bitcoin and other altcoins. Clients pay a transaction fee of 1% per transaction.
Only your email address is needed to use this cryptocurrency platform, there are no KYC or documentation requirements. There is no cap on the amount of Bitcoin you may receive using this platform, and you can also send P2P crypto bills in an anonymous manner. Invoices are frequently encrypted in your browser and secured using secret keys when you send them.
An instant conversion is made to fiat once the customer pays in cryptocurrency and this is done with the help of blockonomics fiat partner, uphold wallet. This platform sends the BTC that you have received automatically to Uphold wallet which is then instantly exchanged to fiat. Uphold wallet supports a number of methods of bank transfers including ACH and SEPA.
3. BitPay
Another bitcoin payment gateway is now available. It is called BitPay and it is an enterprise-grade platform for accepting and using cryptocurrency payments. With BitPay, invoices may be sent at a fixed exchange rate, and cryptocurrency payments are also received straight into your wallet or the BitPay non-custodial wallet, giving you complete control over your earnings.
Other well-known and trustworthy companies BitPay collaborates with include Microsoft, Shopify, and Zynga. They support over 90 crypto wallets, 200 nations, and all significant crypto currencies, including Bitcoin.
At BitPay, you do not have any limit to your monthly transactions and you incur a fee of 1% per transaction. This BitPay platform allows you or your business to accept cryptocurrency in 3 main ways which are in person, by email, and on website.
When you will begin to receive payments, you are able to order BitPay card (Mastercard) which you are able to use to convert your earned cryptos into fiat with no conversion fees. BitPay can also settle funds via local bank transfer (ACH, SEPA, FPS, etc.) in 8 currencies (USD, EURO, GBP, AUD, ZAR, CAD, MXN, and NZD) and direct bank deposit in 38 countries.
4. CoinGate
Here comes one of the best cryptocurrency payments gateways for any websites or physical store that you have cause after successfully signed up for your account, you will have access to crypto features including payment buttons, Web PoS application, API integration and official plugins for the biggeste-commerce platforms.
Any cryptos that you will receive through CoinGate, can be sent to any crypto wallet of your choice and you are also able to withdraw USD and EUR from your CoinGate account to your bank account- Skrill or AdvCash account.
This crypto platform supports more than 100 countries all over the world, more than 10 native crypto currency and over 50 altcoins via crypto exchange.
5.CoinPayments
Here comes a cryptocurrency payment gateway that provides its clients with outstanding features such as eCommerce plugins ( WooCommerce, Shopify, OpenCart, Magento, etc) payments buttons, API, shopping carts, crypto invoice builder and fiat currency conversion to cryptocurrency and vice versa. This platform actually supports all major cryptocurrencies including Bitcoin.
With CoinPayments, you can set your payout address to go directly to a cryptocurrency exchange and this allows you to automatically sell your cryptos thereby reducing your risk of exchange rate fluctuation. Also with this cryptocurrency platform, you are able to send payout to go into your own crypto wallet and their fees are as from 0.5% per transaction which is also lesser as compared to some other cryptocurrency gateways.
6. Coinbase Commerce
Coinbase Commerce is among the cryptocurrency payment gateways that allows you to accept Bitcoin and some other altcoins. As the name implies, the service is offered by Coinbase which is a cryptocurrency exchange and wallet.
You are going to have the following features as a coinbase commerce client.
- Crypto invoicing
- Hosted checkout pages
- Web books for charges
- Customized payments buttons
- Multi currency
- No limits
You are going to incur any fee when transacting with coinbase commerce as they do not charge any fee but in order to be able to withdraw any crypto that you received, you will have to pay a network fee to cryptocurrency miners. Withdrawal fees are often set at $1 to $5 for Bitcoin and less than $1 for the other currencies.
Final Thoughts on Cryptocurrency Payments Gateways
Well I can say that there exist many ways through which you can decide to carry out your financial transactions and cryptocurrency are one of them. Crypto payments are a great way for you to create a new customer base and then boost revenue for your business.
So after having gone through this article, it is now left on to you to decide which cryptocurrency payments gateway best suits you depending on what you want and the features of the platform.