What is a Crypto Payment Gateway, and Why Do You Need it?
Cryptocurrencies are getting more and more popular with the passing of each day. Seeing the popularity has made businesses introduce cryptocurrency payment options in their existing payment options. Crypto adoption is going at a rapid pace, thus, making it easier for consumers to pay in cryptocurrency for goods and services.
Accepting cryptocurrency is becoming the need of the hour, and if you don’t have a cryptocurrency accepting option, you are missing out on customers. Merchants accepting online payment can start accepting cryptocurrencies for goods and services through a crypto payment gateway.
The given post is about crypto payment gateways and why should business owners consider using them. Before we move further, it is important to know what a crypto payment gateway.
What is a crypto payment gateway?
A crypto payment gateway is nothing but an interactive online payment platform that enables retailers (including online retailers) and companies to receive payments in any cryptocurrency while maintaining the highest possible security.
Not only this, but it also allows users to send funds from one cryptocurrency wallet to another.
If you own an eCommerce business where money is exchanged for goods and services, you may accept all major debit and credit cards and bank transfers as payment methods for your customers. With a crypto payment gateway, you can accept payments in the form of cryptocurrencies on your website just as you do with other payment methods.
Doing this will grow your sales as your customers can pay for products using Bitcoin, Ethereum, and other cryptocurrencies.
What is the role of a crypto payment gateway?
Crypto payment gateways perform a variety of roles. However, the primary function of a crypto payment gateway is to allow customers to pay for goods and services using cryptocurrencies. For example, if you want your customers to pay you for goods and services in Bitcoin, you need a crypto payment gateway to start accepting Bitcoin.
You are provided with a wallet by crypto payment gateways, and you can store the cryptocurrency you receive in return for the sale of goods and services. Some payment gateways connect your payments to an existing cryptocurrency wallet. You may be allowed to convert between different fiat and cryptocurrencies.
This way, the crypto payment gateway helps businesses receive and hold different types of cryptocurrencies. For example, if you are located in Australia, you can use a crypto payment gateway to accept payments in Bitcoin. And when you need the money, you can convert the same to Australian dollars (AUD) that you can transfer directly to your company’s bank account.
Let’s talk about the benefits of using a crypto payment gateway:
- Attract new customers
Cryptocurrencies are gaining popularity, and people who prefer paying in cryptocurrencies constantly look for businesses that accept crypto payments. It indicates that implementing a crypto payment gateway can bring more customers to your business, which ultimately results in more sales.
- Safe and secure
Cryptocurrencies are safer when you compare them with other currencies as they are verified by blockchain technology. These are less susceptible to hacks and DDoS attacks than other payment modes. Blockchain technology allows storing transaction details on a digital ledger, which can’t be altered.
- Quick Transactions
Anybody can carry out crypto transactions by sitting in any part of the world. The good thing is that there will be no paperwork to conduct international transactions. You need a cryptocurrency wallet and the recipient’s cryptocurrency public key to send the amount of money.
Cryptocurrency transactions occur instantly compared to credit card and bank transfer transactions, so you can expect the transactions to be quick.
- Lower transaction fees
Crypto transaction fees are usually lower when you compare them with credit/debit card transactions. Even crypto transactions are low for international peer-to-peer purchases. What keeps the transaction charges low. No third parties are involved in crypto payments, so you can expect the transaction fees to be low.
- Crypto payments are irreversible
Transactions made through payment methods like credit cards, debit cards, or bank transfers are reversible, but it is not the case with crypto payments. Crypto payments are irreversible, and from a business owner’s point of view, it is beneficial.
Which is the best crypto payment gateway for your business?
The best crypto payment gateway for your business is the one that fulfills all your business requirements.
- Do they offer cryptocurrency that your customers use?
You must make sure the crypto payment gateway you choose supports all the major cryptocurrencies your clients prefer using. Also, it must offer conversion of cryptocurrency into all major currencies.
- Customer Experience
The customer experience is another factor you can’t ignore, and the experience needs to be seamless; otherwise, customers will not stay on your website. Make sure the crypto payment gateway you choose has a customer support team available round the clock to help you and your customers.
- Transaction Fees
The transaction fees are another factor to look at when choosing a crypto payment gateway. Make sure the crypto payment gateway you choose has the minimum transaction fees to grow your profits.
In this post, you will complete information about a crypto payment gateway, like what it is and the benefits of a crypto payment gateway. Also, there are a few important things that you need to have a look at when choosing a crypto payment gateway.