To keep up with the fast growth of the cryptocurrency industry, many payment gateways have popped up. When choosing your business, it would be best to always use a payment gateway that is both safe and helpful. Because cryptocurrencies are becoming more and more popular, merchants may want to learn more about the different crypto exchanges and how to develop cryptocurrency exchange.
Because these providers are more of a stopgap, merchants can use them to accept cryptocurrency payments without having to deal with the technical parts of blockchain technology. Still, it is important to choose a trusted and reliable crypto payment gateway service provider.
There are a lot of great service providers to choose from, which is good news. Here are the five best ways to pay with cryptocurrency right now.
Why do people want to pay for crypto?
Even though the market is hard to predict, there are a lot of people who want to use cryptocurrency for payments, decentralised finance (DeFi), and non-fungible tokens (NFTs). Instead of using banks and credit card companies, these people see cryptocurrencies as an investment in the infrastructure that supports a decentralized crypto trading development in financial sector.
For some people who own cryptocurrency, the idea that they could use it to buy goods and services is a real possibility. Businesses that accept cryptocurrency could make a lot of money from these customers.
Top 5 Crypto Payment Gateways for Businesses
Payment gateways and related services make it easier for cryptocurrency transactions to be paid for and processed. It lets hashes be sent from one wallet to another using crypto apps or QR codes. The hashes can be copied, pasted, texted, or emailed. Here are some of the best online payment gateways that accept cryptocurrency right now.
Many of the biggest players in the cryptocurrency payments industry only deal with Bitcoin or a small number of other cryptocurrencies. Litecoin, Ethereum, and even Dogecoin are often supported, but it might be harder to find gateways that accept Chainlink, Cardano, or Polygon. At CoinGate, you can choose from different cryptocurrencies.
CoinGate can be added to your sales processes through a plugin or module for certain eCommerce systems and payment platforms, or through the CoinGate API. The
You can also send an invoice by email or through a link. You can keep your cryptocurrency in its original form or turn it into US dollars or Euros.
CoinGate charges a 1 percent fee for every transaction. A settlement fee of 0.2 percent USD is charged (1 percent for Euros). It is not possible to list all of the coins that CoinGate accepts here. It is not possible to list all of the coins that CoinGate accepts here.
Coinbase, which is based in San Francisco, California, is the biggest cryptocurrency exchange in the US right now. It is both a place where people new to the cryptocurrency market can start and a place where they can leave. As expected, merchants can process payments using Coinbase’s cryptocurrency gateway.
This Commerce has two options: Self Managed and Coinbase Managed. Basically, the only difference between the two is whether you or Coinbase control the cryptographic keys that are used to pay you. Most people who like cryptocurrency think that having your own private keys is the only way to make sure you own and control all of your money. As an added bonus, all you need to open a Self Managed account is an email address. Both types of accounts have 1 percent transaction fees.
Why exactly should you think about making a Coinbase Managed account? If you use a manual account, you’ll have to convert currencies on your own. The Self-Managed account, on the other hand, lets Coinbase customers convert fiat currencies for free. If your money in the Coinbase Managed plan is ever lost or stolen, you can be sure that Coinbase will pay you back.
Even though bitcoin is a fairly new technology, BitPay has been in the business of accepting crypto payments for almost a decade. Some of its well-known clients include the American Red Cross, Take-Two Interactive, and Shopify. It is a full-fledged crypto payment gateway because it can be used for payouts, invoices, and retail payments.
BitPay’s payment system uses a simple way to bill called QR codes. Then things start to get interesting. BitPay hopes to protect businesses from market changes by locking in the exchange rate at the point of sale. BitPay will add up all of your sales for the day and put your balance in your bank account or decentralised cryptocurrency wallet. If you want to be paid in cryptocurrency, you can accept payment in that form, but you will never hold any cryptocurrency yourself. Bitpay charges a 1 percent fee for each transaction.
NOWPayments is one of the easiest crypto gateways on our list. If you want to accept more than the usual handful of payment methods, this gateway can handle more than 50 different coins. The lower your transaction fees start, the less you sell every month. If you want to pay in a different currency than the one you got, you have to pay an extra 0.5 percent. If you choose a fixed rate, you’ll pay an extra 1% to protect yourself from changes.
You might think, “Why not just use peer-to-peer services instead?” The main benefit is that NOWPayments can work with many different e-commerce systems, such as Shopify, Magento, WooCommerce, and others. With NOWPayments, accepting payments online has never been easier or cheaper.
Most of AlfaCoins’ competitors have higher transaction fees than AlfaCoins (0.99 percent vs. 1 percent for customers). Still, that small difference probably won’t change your mind about using AlfaCoins as your crypto gateway. You are more likely to be interested in AlfaCoins because of how flexible it is.
Crypto payments can be a cheaper option when credit card transactions are getting more expensive. But they are still just starting out. Just make sure you choose a reputable service that fits your budget and gives you the level of crypto exposure you want.
Want to make your own platform for exchanging cryptocurrency?
If you’re thinking about accepting cryptocurrency as payment for goods or services, congrats on being an early adopter of what could be a big change in payments technology. You’ll need a lot of time, work, and money to build a platform for exchanging cryptocurrencies. Complete market and user research, feature definition, effective UI/UX design solutions, choosing the right technology stack, and a successful marketing strategy are all needed.
Looking for a professional cryptocurrency exchange software development company? Suffescom Solutions has the experience needed to build such high-quality online platforms. We have a team of top-notch experts who can help you create an exchange service for your business that is both unique and high-quality.