Since cryptocurrency has become more mainstream, there are more online storefronts that give the option to make payments using it as an alternate method. Assets like Bitcoin, Ethereum, Polkadot and Litecoin, have grown in size and become popular. This is the reason you can now accept payments in the form of cryptocurrency!
Crypto payments offer lesser transaction fees, only up to 1%. This makes it convenient because it is costing less than most credit cards!
How does this work?
Crypto payments are not like credit cards. The concept of cryptocurrency is more like digital cash. It has built-in wallet systems and people can directly send payment to your wallet in exchange for goods and services. These systems have high security and accept payments from any country.
When a customer makes a purchase and sends crypto payments, the transaction goes through a payment gateway that has a fixed exchange rate. That payment gets automatically converted to traditionally recognized fiat currency, so the volatility of the cryptocurrency markets can be avoided. But not all cryptocurrency payment gateways automatically transfer the cryptocurrency to fiat currency, which allows the merchant to hold the digital coins as long as they would like, inside their crypto wallet. A crypto payment gateway is a technology that is used to process payments. Merchants have the option to choose either to receive fiat money on bank accounts or get digital assets to their crypto wallets. A crypto gateway generates addresses, provides security to the customers, and other mediatory processes.
Cryptocurrency payment gateways have lower fees than credit card payment systems. This makes it more convenient for businesses and merchants. Some crypto payment gateways also provide highly customizable tools and a dashboard that will help track all payments.
Crypto payments gateway can integrate with e-commerce platforms, point-of-sale systems, shopping-cart software, billing and accounting solutions, etc.
Why do businesses need crypto processing?
The increased demand in crypto processing is a clear depiction of how businesses require services like these because of the numerous advantages that crypto processing offers in comparison to traditional banking services. the transaction speed of cryptocurrency is faster. Processing time is cut down to several minutes from hours, and it is more reliable and convenient.
Here is a list of some of the top cryptocurrency payment apps:
B2B in Pay:
B2B in Pay is a global cryptocurrency payment provider for merchants and enterprise clients all over the world. It allows merchants and businesses to send, receive, store, exchange crypto payments online. It has high security and is very cost-effective. The services of B2B in Pay enable cryptocurrency payments via a blockchain-based gateway.
They have a highly secure wallet and are blockchain-based a very reliable crypto payment gateway. B2B in Pay offer Bitcoin, Ether, Ripple`s XRP, Bitcoin Cash, Litecoin, and many more as a payment option.
BitPay
The Atlanta-based company, BitPay, is one of the largest companies in the world to accept crypto payments. BitPay has a variety of tools that makes accepting the crypto payment very simple. These tools are hosted checkout, payment buttons, Quickbooks, Shopify integrations, and invoicing. BitPay is very reliable and it protects businesses from crypto price fluctuations. The transaction fees charged is 1% on all the transactions made.
CoinBase Commerce
The Silicon-Valley based CoinBase is a well-known marketplace to purchase and sell cryptocurrencies like Bitcoin. CoinBase also has an option to accept crypto payments. It has all the tools a company requires to accept digital payments; like hosted checkout pages, payment buttons, e-commerce integrations such as Shopify and WooCommerce, invoicing, etc.
CoinPayments
CoinPayments is another crypto payment company that assists several businesses worldwide since the year 2013. CoinPayment is a payment processor for many online platforms and supports a large variety of cryptocurrencies. The plugins of CoinPayment work with numerous e-commerce services like Magento, Shopify, WooCommerce, and OpenCart. Their processing fee is 0.5%.
GoCoin
GoCoin is a cryptoprocessor that was found in the year 2013. GoCoin accepts Bitcoin, Ethereum, Dash and Litecoin, and Bitcoin Cash, and many more forms of cryptocurrencies. GoCoin has a 1% transaction fee. It works with most of the e-commerce services like Magento, WooCommerce, Prestashop, ZenCart, Shopify, OSCommerce, and UberCart.
PayPal
Paypal is the most popular and one of the largest online payment companies. They have recently upgraded to pay merchants and businesses in crypto payment! More than 29 million merchants use PayPal to make payments, and their upgrade to accept cryptocurrency will be a big advantage. People with PayPal wallets can convert Bitcoin, Ether, Bitcoin Cash, and Litecoin into fiat currencies i.e Dollars and Euros. This means that as a merchant you won’t actually accept crypto directly but it does create the opportunity for more people to buy your products and use your services using Bitcoin or other cryptocurrencies.
TripleA
TripleA is one of the latest crypto gateways for cryptocurrencies. Founded in 2018, Singapore, TripleA integrates Shopify, WooCommerce, and OpenCart. It has a developer-focused approach to accepting crypto payments.
It has a simple dashboard that helps to track orders and payments, perform refunds and reconcile accounts all in the same place.
