This can increase customer privacy and reduce the risk of identity theft. When the transaction is confirmed on the blockchain, the payment gateway will receive a notification about the status of the transactions. Following that, the payment gateway will notify the merchant that the payment has been received. A suitable gateway should charge low fees, offer multiple services, guarantee secure transactions for users and have exceptional customer service. Use this as a guide to select the crypto payment gateway that suits your unique needs. If you have an ecommerce business, there is a high chance you already accept bank and wire transfers as payment methods.
Many payment systems already accept digital currencies and allow you to open accounts (where crypto coins will be credited). Therefore, you should pay attention to some important factors that will help you choose the right payment gateway for crypto. Unlike PayPal, Shopify is not a cryptocurrency platform, but most online merchants recognize Shopify as the gold standard when it comes to building an ecommerce business. It comes with a native website builder and ecommerce automation tools along with best-in-class omnichannel features.
With a self-managed funds plan, you only need an email address to sign up for a merchant account. Once your email address is confirmed, you can start accepting payments. Ecommerce integration options can easily be added to a website with a few clicks. Developer-friendly APIs are also available for a more customized payment processing flow. A digital wallet stores and transfers cryptocurrency from one owner to another.
If you want to build a software product accepting crypto-based transactions or integrate a crypto payment gateway API into an existing app, contact our team. We will soon get back to you to collect project requirements and help address all issues. Cryptocurrencies, except for stablecoins, tend to be far more volatile than fiat currency. The price you’re quoting one minute could be out of date a minute later. Some payment gateways offer a price stabilization feature that guarantees you’ll receive the value you quoted at the time of sale. Not every business will want this feature, but it can make your life a little easier.
It is noteworthy that crypto-based payments contribute to increased financial inclusion by making financial services more accessible to the unbanked population. With cryptocurrency payments, the buyer is responsible for network fees, which vary by network and network congestion, so you won’t need to pay any fees to accept a wallet-to-wallet transaction. If you use a crypto currency gateway, which is recommended if you’re going to accept more than just an occasional crypto payment, you can expect around a 1% fee per transaction. Some crypto payment gateways do now offer limited refunding options, but they tend to be very time-limited. However, cryptocurrency’s price volatility can make it tricky to work into your accounting practices.
While crypto gateways generally offer merchants lower fees, NOWPayments are some of the lowest available, provided you don’t mind settlement in the same currency you were paid in. Many of the big players in crypto payments are focused on a relatively small number of cryptocurrencies or even just Bitcoin exclusively. While it’s not unusual to see support for Litecoin, Ethereum, or even Dogecoin, you may have a harder time finding gateways that process Cardano, Solana, or Polkadot.
Utilizing Blockonomics, companies can convert BTC to any fiat currency, this way shielding themselves from price fluctuations. The crypto payment platform supports a variety of Bitcoin wallets, for instance, Trezor, Exodus, Ledger, and MyCelium. By integrating Coinbase Commerce API, organizations let customers make purchases and money transfers using desktops and mobile devices. To accept crypto payments, a user has to register and create an API key. When thinking about how to integrate crypto payments, an organization has to choose a specialized gateway system.
The crypto community may be one of the most high-contrast sectors in existence, full of both starry-eyed idealists and ruthless scammers. There’s also not a whole lot of regulation protecting you if something goes wrong. This makes it doubly important to do your due diligence when selecting a crypto payment gateway. PayPal offers crypto merchant payments through its Checkout with Crypto feature. PayPal doesn’t charge a fee when you use the Checkout with Crypto feature, though it does charge a spread for buying and selling cryptocurrency through its Cryptocurrency hub.
Considering the pricing, merchants are charged a 1% transaction processing fee. Operated by the leading cryptocurrency exchange Coinbase, the gateway does not have access to the funds of merchants. However, if a 12-word seed phrase — utilized to secure transactions — is lost, it is impossible to recover it. A crypto currency gateway is a service that allows merchants to take crypto payment online or at point of sale.
This platform offers a convenient API and various plugins that you can use to integrate it with top names in the eCommerce industry, including Shopify, Magento, WooCommerce, and OpenCart. It also offers multiuser login access and email billing tools along with daily payment settlement, which is essential for small businesses to maintain cash flows. A vendor/ seller needs to open a merchant account for receiving payment. Generally, this is provided by the Crypto payment providers themselves. With the worldwide expansion of crypto usage around the globe, the need for a medium for the transaction of this currency is more than ever. Shopify gateway is an e-commerce payment gateway and is one of the most trusted ones in the crypto market today.
As more people embrace cryptocurrencies, the importance of these gateways continues to grow. Centralized and decentralized solutions each offer unique advantages that cater to varying needs. From ensuring swift international transactions to reducing volatility risk – the transformative potential of crypto payment gateways is immense.
But first let’s take a closer look at the market and specifically the merchants which these gateways would power. CoinsPaid is a large ecosystem that consists out of multiple financial solutions for businesses and individuals. Their products include a crypto payment gateway, personal and business cryptocurrency wallets with a built-in exchange, an OTC desk, SaaS crypto payment gateway. In addition to their existing services and solutions, CoinsPaid is planning to release a CPD token and DeFi solutions for their clients.
In addition, before delivering funds to merchant accounts, Coinbase charges a 1% transaction fee for receiving crypto payments. The demand for crypto payments amongst businesses has grown by 40% since 2021, so you’ve made the right move and started looking for a crypto payment gateway to connect to your business. Sellers can also change the crypto accepted to traditional currencies such as USD, AUD, and GBP.