There’s a good chance you’ve thought about using cryptocurrencies at some point if you run a business and accept payments online. There are many reasons for this, but the main one is that they have several advantages, not the least of which is lower processing costs.
However, there are many risks, especially when deciding which cryptocurrency payment gateway provider to rely on. Many crypto payment gateways are available, but not all are worth the time and effort required to integrate them. This article will examine seven features the top cryptocurrency payment gateways must have to provide businesses with everything they need.
Right before you launch a business and accept Bitcoin payments or other cryptocurrencies, it’s important to consider all those things.
What Exactly is a Cryptocurrency Payment Gateway?
The cryptocurrency market allows customers to pay for products and services. Additionally, it allows businesses to accept cryptocurrency, exchange it for fiat money, and automatically deposit the funds into a specified bank account. An online service called a payment gateway facilitates the exchange of digital currency. When selecting the best cryptocurrency payment gateway, keep the following five factors in mind:
1. Low Exchange Rates
Accepting cryptocurrency is useless if you lose money converting it back to EUR or USD. Competitive exchange rates (i.e., low fees) on all transactions are, therefore, one of the critical characteristics to look for in a gateway; this will save merchants time and money by enticing customers to use their service more frequently!
2. Simple Platform Integration
All significant e-commerce platforms should be coherent with the payment gateway you choose (i.e., Shopify, BigCommerce). Thus, make sure the crypto gateway is simple to set up and will recognize payment methods like wire transfer or PayPal, which enable businesses to directly accept fiat currency from customers.
3. Multiple Cryptocurrencies Supported
Customers ought to be able to pay you in fiat or cryptocurrency and in any other currency they choose. Doing this will draw a wider variety of clients and boost your revenue. Using a company as your gateway would not be a good idea if they only accept payments in one cryptocurrency (for instance, you can only receive Bitcoin payments).
4. Security Options
Hackers trying to gain access to a retail website and take possession of private data such as credit card numbers and passwords are the last thing any business needs. So a reliable payment gateway will have robust security measures such as SSL certificates, strict password requirements, and a 24/7 help desk that monitors activity and eliminates potential security risks.
5. Reliable Customer Service
A strong customer service strategy is crucial when selecting the best payment gateway for your company. Customers are likely to contact your customer service department for assistance if they encounter difficulties trying to purchase a good or service. Customers may stop buying from you if you don’t have a dependable and effective customer service team that can respond to such requests quickly.
6. Good Reputation
When you start your business, one of your last wishes is to choose a payment gateway with bad reviews or an established track record of problems! During your search, check online forums and customer reviews to ensure there are no problems with their services. This will help you avoid unnecessary headaches in the future!
7. Instant Payments
No matter the payment method, the gateway should send payments right away to your bank account. This will guarantee that you get paid by customers as soon as possible after each sale, as opposed to weeks later as with more conventional methods (such as checks and bank transfers).
Which risks do payment gateways carry?
Because all cryptocurrency payments are processed through an online gateway, one of the most significant risks businesses face is a centralized risk, which leaves them vulnerable to potential technical issues (server downtime or connectivity issues between the merchant and the gateway).
Furthermore, if you choose a company that stores your cryptocurrencies in its wallet, you will have to pay to transfer your coins back to your wallet. This can lead to unnecessary losses if you don’t plan ahead to transfer funds from the service provider’s account.
Is it worth it for my business?
The popularity of cryptocurrencies has sparked consumer interest! 5.9 million individuals use bitcoin wallets as of right now, according to Coinbase, and that number will only increase as the value of virtual currency increases. It would not be a good idea to receive these payments, for instance, if you had a firm in 2009 but didn’t take them. But now!
Many predict that cryptocurrencies will not only replace standard currencies such as the US dollar and the euro within the next decade, but interest in them from online shoppers has never been higher.
Businesses that integrate crypto payment capabilities into their services (such as an e-commerce store) could see a massive surge in sales very soon. As technology advances and cryptocurrencies spread worldwide, companies are finding unique ways to integrate them into our daily lives.
More and more merchants are choosing to implement cryptocurrency payment platforms in their businesses. There are already hundreds of different ways to use cryptocurrencies as a currency, but one thing is for sure: they are here to stay!