As the cryptocurrency industry grows quickly, many payment gateways have popped up, including those that specialize in crypto market making. Always use a safe and helpful payment gateway for your business. Since cryptocurrencies are becoming more and more popular, merchants may want to learn more about the different crypto exchanges and how to make their own.
Since 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’s important to choose a crypto payment gateway service provider that you can trust.
The good news is that there are a lot of great service providers to choose from. The majority of cryptocurrency exchanges offer cryptocurrency exchange offerings. Here are the top five ways to pay right now with cryptocurrency.
Why Do People Pay For Cryptocurrency?
Even though the market is hard to predict, a lot of people want to use cryptocurrency for payments, decentralised finance (DeFi), and non-fungible tokens (NFTs). Instead of using banks and credit card companies, these people want to invest in the infrastructure of a decentralised financial sector by buying cryptocurrencies.
Some people who own cryptocurrency think that they might be able to use it to buy goods and services. Customers who use cryptocurrency could spend a lot of money at stores that accept it.
Top 5 Business Crypto Payment Gateways
Payment gateways and other services that work with them make it easier to pay for and process cryptocurrency transactions. It lets crypto apps or QR codes be used to send hashes from one wallet to another. You can copy, paste, text, or email the hashes. Here are some of the best ways to pay online with cryptocurrency right now.
Many of the biggest companies in the cryptocurrency payments industry only deal with Bitcoin or a small number of other cryptocurrencies. Litecoin, Ethereum, and even Dogecoin are often accepted, but Chainlink, Cardano, and Polygon might be harder to find. You can choose from different cryptocurrencies at CoinGate.
You can add CoinGate to your sales process by using a plugin or module for some eCommerce and payment platforms, or by using the CoinGate API. The
You can also send a bill through email or a link. You can keep your cryptocurrency the way it is or exchange it for US dollars or Euros.
CoinGate takes 1% of each transaction as a fee. There is a settlement fee of 0.2 percent USD (1 percent for Euros). There are too many coins that CoinGate will accept to list them all here. There are too many coins that CoinGate will accept to list them all here.
Coinbase is the largest cryptocurrency exchange in the US right now. It is based in San Francisco, California. Coinbase is a place where people who are new to the cryptocurrency market can both start and leave. As expected, Coinbase’s cryptocurrency gateway can be used by merchants to take payments.
There are two ways to use Coinbase Commerce: “Self Managed” and “Coinbase Managed.” The only real difference between the two is who controls the cryptographic keys that are used to pay you: you or Coinbase. Most people who like cryptocurrencies think that you can only own and control all of your money if you have your own private keys. As an added bonus, you only need an email address to open a Self Managed account. The transaction fees for both types of accounts are 1%.
Why should you consider setting up a Coinbase Managed account? If you have a manual account, you’ll have to convert currencies on your own. Coinbase will handle this for you, though. On the other hand, the Self-Managed account lets Coinbase users convert fiat currencies for free. If your money is lost or stolen from the Coinbase Managed plan, you can be sure that Coinbase will pay you back.
BitPay has been in the business of accepting cryptocurrency payments for almost a decade, even though bitcoin is a fairly new technology. The American Red Cross, Take-Two Interactive, and Shopify are just a few of its well-known clients. It is a full-fledged cryptocurrency payment gateway because it can be used for payouts, invoices, and retail payments.
The QR code is a simple way to bill that is used by BitPay’s payment system. Then it gets more interesting. By locking in the exchange rate at the point of sale, BitPay hopes to protect businesses from changes in the market. BitPay will add up all of your sales for the day and put the total in your bank account or cryptocurrency exchange wallet. You can accept payment in cryptocurrency if that’s how you want to be paid, but you will never hold any cryptocurrency yourself. Bitpay takes 1% of each transaction as a fee.
NOWPayments is one of the crypto gateways on our list that is the easiest to use. This gateway can handle more than 50 different coins if you want to accept more than the usual few payment methods. The less you sell each month, the lower your transaction fees start. You have to pay an extra 0.5 percent if you want to pay in a different currency than the one you got. If you choose a fixed rate, you’ll pay an extra 1% to protect yourself from changes.
“Why not just use peer-to-peer services instead?” you might ask. The main benefit is that NOWPayments works with many different e-commerce systems, such as Shopify, Magento, WooCommerce, and others. With NOWPayments, it has never been easier or cheaper to accept payments online.
Most of AlfaCoins’s competitors have transaction fees that are higher than AlfaCoins’s (0.99 percent vs. 1 percent for customers). Still, that small difference probably won’t stop you from using AlfaCoins as your crypto gateway. Because AlfaCoins can be used in many different ways, you are more likely to be interested in it.
When you use AlfaCoins, you have a lot of say over how transactions work. Whoa, the price is only 0.99%! You can pay it yourself or have the customer pay it. After an invoice is sent, the exchange rate is locked for 15 minutes to protect you from big changes. As part of CoinSplit, you can pay part of an invoice with one cryptocurrency and the rest with another (including fiat). Merchants can choose how much cryptocurrency they want to be exposed to when making a sale.
When credit card payments are getting more expensive, crypto payments can be a cheaper alternative. But they are just getting started. Just make sure you choose a reputable service that fits your budget and gives you the amount of crypto exposure you want.
Want To Make Your Own Place Where Cryptocurrency Can Be Traded?
If you’re thinking about taking cryptocurrency as payment for goods or services, congrats on being an early adopter of what could be a big change in payments technology. Building a platform for exchanging cryptocurrencies will take a lot of time, work, and money. Complete market and user research, feature definition, effective UI/UX design solutions, picking the right technology stack, and a successful marketing strategy are all needed.
Looking for a professional cryptocurrency exchange platform development that builds exchanges for cryptocurrency? Suffescom Solutions has the experience to build such high-quality online platforms. We have a team of top-notch experts who can help you make a unique and high-quality exchange service for your business.