Crypto payments today are becoming more and more popular among individuals and companies. This is due to their unprecedented convenience, speed of transactions, moderate commissions, anonymity, and security. Compared to transfers from traditional bank cards, such payments have many significant advantages. Let’s look at why users choose cryptocurrency for payments and how it is most convenient to make such payments and accept crypto payments.
Why Customers Want To Pay With Crypto
In 2021, the main cryptocurrencies, primarily Ethereum and Bitcoin, showed impressive growth in market rates. They were able to renew their highs, rising to nearly $70K and $4.7K, respectively.
Such a rise in quotes undoubtedly attracted the closest attention to digital assets from both investors and ordinary users. They appreciated their advantages, including as a means of crypto payment.
Now, many financial market participants are looking at cryptocurrencies in this capacity.
The tone on the market was set by the Latin American state of El Salvador, which was the first of all countries in the world to recognize bitcoin as an official means of crypto payment along with US dollars. This has become a real revolution in finance, and many other countries, along with large corporations, have begun to look at digital currencies in this capacity.
Among them are Tesla, the largest manufacturer of electric cars, as well as international payment systems such as Visa and Mastercard and the PayPal service. Retailers are also interested in cryptocurrencies, as they want to use all the advantages of digital assets in their settlements with customers.
This is especially true for those companies that operate on the Internet. They began to massively place payment buttons for goods and services in cryptocurrency on their websites.
At the same time, they are in a hurry to do this, despite the fact that most of the countries of the world have not yet officially recognized cryptocurrency as a means of payment. So, for example, now in the USA there are active discussions on the status of digital assets. The country’s authorities want to regulate their circulation within the state financial system.
Today, cryptocurrencies create unprecedented opportunities for companies that want to enter the international arena and attract new customers worldwide, including those where it is impossible to pay with bank cards.
The 5 Best Cryptocurrency Payment Gateways For Businesses
Those companies and individuals who want to make crypto payments are interested in finding the most convenient and fastest way to make such transactions. The best option is to use cryptocurrency payment gateways.
What should those businesses do, following the example of countries and payment giants that decided to start accepting crypto payments? The first thing to start accepting online payments is to choose the right crypto payment processor.
This is not as simple as it might seem at first glance – there are many such gateways. However, there are a few very important things to keep in mind deciding to accept crypto payments:
– Legitimacy
Such a gateway must be officially registered in a reputable country and have a license for its activities.
– High speed of transactions
It must guarantee its customers that it will carry out all transactions quickly. Indeed, with the volatility of cryptocurrency rates, this is one of the most important aspects.
– Affordable commissions
When paying in cryptocurrency, it is fundamentally important not to overcharge. Commissions need to be transparent and reasonable.
– Comfortable interface
When starting to accept cryptocurrency, the first thing to ask is, “How do you pay with cryptocurrency?”. The answer should be “With ease”. A user-friendly interface is one of the main criteria to choose a cryptocurrency payment gateway. It should be convenient and pleasant for them to work with such a payment system.
– High security
All transactions through the gateway must meet the highest security standards. Users must be certain that they will not lose their money.
One of the choices is CoinsPaid – the best cryptocurrency payment gateway. This is one of the leading projects in the crypto payment market, which also has its own token.
The benefits of working with CoinsPaid include:
– Low and understandable commissions (at the same time, a big plus is the absence of any hidden commissions. You immediately understand how much you have to pay).
– The payment system supports more than 30 different digital currencies and more than 20 fiat currencies.
– Instant conversion of cryptocurrency to fiat and vice versa. In addition, direct settlements in 6 cryptocurrencies are also provided.
– The only cryptocurrency payment gateway that has passed the system security check by Kaspersky Labs and 10Guard.
The top crypto payment processors
There are many such projects on the market, but, as usual, only a few of them occupy leading positions. It is these crypto payment gateways that provide their customers with the highest quality services.
Here is the list of the top crypto payment gateways:
- CoinsPaid
- Coinbase
- BitPay
- CoinGate
- Coinpayments
Let’s go through them one by one to learn how to accept payments.
CoinsPaid – Best crypto payment processor
Crypto payment gateway CoinsPaid enables online companies to make simple, fast and convenient payments with customers and to accept crypto payments.
In addition to bitcoin, the service supports more than 20 other cryptocurrencies, including the most popular digital assets. It also has more than 30 fiat currencies in its arsenal, including the US dollar, euro, and British pound. CoinsPaid allows you to quickly integrate these assets into each other and back.
The service also has its own token, which, in general, is not so common among payment systems and distinguishes CoinsPaid from its competitors.
At the same time, the commissions for all transactions are not at all high and are significantly lower than those you have to pay when using a bank card. They do not exceed 1%. An additional advantage is that the service does not have any hidden fees, as is often found in other payment systems. You can be completely sure that you will not pay more than you expected.
To date, CoinsPaid, the best crypto payment gateway of 2022, processes over 7% of all on-chain transactions in the Bitcoin market. The service already has more than 800 customers who recommend the company to other users worldwide.
CoinsPaid is best suited for companies that work online and accept electronic payments from customers.
It can be used by those companies interested in the fastest possible crypto payments. CoinsPaid’s low commissions will be an indisputable advantage for customers. After all, this will allow you to accept payments and attract new customers to your business, who will appreciate all the advantages of crypto payments.
The service supports more than 20 of the most popular currencies and more than 30 fiat currencies. Thus, the company will be able to serve customers from almost any country globally, thereby significantly increasing the reach of the audience.
The company’s customers will soon realize that paying with CoinsPaid is much more convenient than with a traditional bank card. After all, payments, in this case, take much longer, commissions can reach 3%, and the transfer risks being blocked by the bank if the operation seems suspicious.
In addition, companies can be confident in the reliability and security of CoinsPaid. After all, it is an officially registered company with an EU license. It passed the security audit of Kaspersky, and as a result, not a single technical vulnerability was identified in the system.
Another advantage is a friendly, comfortable interface, ease of access to all functions, and a clear and simple mechanism for the functioning of the entire system. The company can be sure that its customers will not get confused and can enjoy the payment process.
In addition, a business can be sure that funds from suspicious sources will not be credited to its account. All of them are checked carefully, and if the payment source may be fraudulent or break the law, such a payment will not initially go through, thus avoiding serious problems with the law.
Coinbase Commerce
This service was launched by the Coinbase cryptocurrency exchange, one of the largest digital marketplaces in the world. It provides cryptocurrency trading services, and, of course, such a site also needs its own cryptocurrency payment project.
This service accepts many cryptocurrencies and allows you to convert them to fiat and vice versa quickly. Various competent technical solutions make such a service very easy and enjoyable. Through it, you can make large payments and pay people a salary or make other large-scale payments.
BitPay
This rather user-friendly platform supports more than 30 major cryptocurrencies. It allows users to install many technical features – such as buttons, direct redirects, and invoices.
The entire crypto payment processor is programmed as simply as possible to provide the maximum number of the most useful functions to each user.
CoinGate
This is another crypto payment gateway designed to make it as easy as possible for users to transfer digital payments by directly converting digital currency to fiat and vice versa in just a minute.
It is also good because it allows you to make payments at once for large amounts, which allows you to transfer a large amount of money from the client to the seller and pay commissions, salaries to employees, and finance many other areas.
Coinpayments
This crypto payment gateway tries to make all transactions with payments in digital currencies as easy as possible. It serves a significant number of sellers, which has already exceeded 70 thousand companies. At the same time, this service conducts all operations as much as possible in real-time to avoid the risks associated with the volatility of digital assets. It is well suited for people in business who are focused on eCommerce. It is favorably distinguished by low commissions, which are about 0.5% for the processing of each transaction.
This crypto payment processor supports a large number of coins and fiat, as well as all major world languages.
6 things to be aware of when integrating crypto payments
When you have decided to install a crypto payment processor, to enjoy all the benefits of this type of payment, remember that it is worth considering a few important points that can become unpleasant surprises later. It is better to know about them in advance to be prepared for potential troubles and not get upset in the future.
High volatility
Cryptocurrencies are still a very volatile asset, the market price of which can change literally in seconds. Here it is worth remembering, for example, Dogecoin, which, after the tweets of the American billionaire Elon Musk, jumped or fell in price by thousands of percent at once. Even the more stable cryptocurrencies, such as bitcoin, are by no means without this drawback. Bitcoin is now worth just over 40 thousand, but back in 2021, its value was almost 70 thousand – such a dramatic drop.
The rate volatility factor can be critical when making cryptocurrency transfers. By sending the bottom amount, you can get completely different money in just a few minutes. That is why it is important to make all payments and their processing as soon as possible.
Difficulties with taxes
The state bodies of most countries have not yet officially recognized cryptocurrencies, except for El Salvador. That is, such financial assets operate essentially outside the legal field.
In this regard, there are many questions about how to levy taxes on such payments. So far, clear tax legislation and rules for such assets have not been established. But the authorities may still develop some kind of solution soon – which is not a pleasant thought for those involved in crypto payments.
Blockchain technology
Blockchain technology undoubtedly has many advantages, including making crypto payments. Its decentralization allows you to store information from scammers and hackers securely. But there are also some problems. The main one is that if you lose the key to your crypto wallet, you will not be able to restore access to your funds and, most likely, you will simply lose them.
And since cryptocurrencies are not a generally recognized official asset, your funds are not insured, and no one will compensate you for your losses. You need to be very careful in this aspect and take care of your digital key.
Impossibility to pay back
Cryptocurrency transactions are irreversible. If you send a payment via the bitcoin payment system and suddenly change your mind, you will not be able to get your money back. You need to be very careful when you send a payment, double-check the address, and decide if you are ready to send your money to this recipient.
Not always predictable fees
Although the commissions for crypto payments are almost always significantly lower than for bank card transfers, they can still vary significantly depending on which service you use and what cryptocurrency you will transfer. This is not a critical factor, but it is worth remembering that the size of the commission may not always fully meet your expectations.
Security issue
Since the emergence of blockchain technology on the market, its security has been constantly discussed. This issue is also constantly in the spotlight when it comes to crypto payments.
The issue is especially acute for small projects and medium-sized networks. They can be subject to an attack.
In general, hacker attacks on a cryptocurrency network are always a very painful topic. There are already many cases in the world when hackers attack networks and crypto exchanges, stealing large amounts of user money.
In Conclusion: Which Crypto Payment Gateway Is Right For My Business?
Today, crypto payments are becoming one of the most effective ways to organize settlements between the seller and the buyer if the seller is an eCommerce representative. It is very fast, convenient, safe, and profitable. Commissions will be much lower than those offered with traditional bank cards, and the quality of carrying out transactions is no worse. However, these types of payments have their own nuances: the volatility of cryptocurrency rates, susceptibility to hacker attacks, sometimes unpredictable commissions, and taxation problems.
When you choose a crypto payment gateway or just a bitcoin payment gateway for making crypto payments, you need to be very careful. It is worth choosing only the most reliable crypto payment processors with official registration and licensing. In addition, such a gateway must pass a security audit and be free of technical vulnerabilities.
In addition, this cryptocurrency payment system should have transparent fees and no hidden fees, fast transaction processing to avoid volatility problems, and a clear and convenient interface.
Make the right choice, and then your work with crypto payments will become simple and enjoyable.
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