01 Feb Everything your business needs to know before using Cryptocurrency payment gateways
Accepting Cryptocurrency payments for your business is now easier than ever.
The recent surge in the prices of Cryptocurrencies such as Bitcoin and Ethereum to all-time-highs has renewed interest in the industry, most notably from businesses that wish to accept Cryptocurrency payments.
More businesses, traders and investors than ever before are actively using Cryptocurrencies to trade, transfer and pay for goods and services online.
Although Cryptocurrencies have been around since 2009, mainstream adaptation is still low, with only a small number of businesses and investors using them to complete transactions online.
However, times are changing and businesses are starting to modernize.
The number of businesses worldwide that are more open to digital currencies is constantly increasing and now, the demand is growing for reliable gateway providers that can handle Cryptocurrency payments for businesses.
What is a Cryptocurrency gateway?
Cryptocurrency payment gateways allow businesses to accept cryptocurrency payments from customers for goods and services.
This makes them essential for businesses that wish to accept Bitcoin payments and offer their customers an alternative way to pay online, as modern payment providers lack this feature.
Many reliable Cryptocurrency payment gateways have emerged in the industry, such as Coinbase, Coingate and Hashbon. These gateways help businesses handle transactions safely and securely in popular coins such as Bitcoin, Ethereum and Ripple.
For a more comprehensive review and comparison of the most popular Bitcoin payment gateway providers, click here to learn more.
Why are businesses using Cryptocurrency gateways to handle payments?
In 2021, businesses worldwide started accepting Cryptocurrency payments on a larger scale, fuelling the demand for reliable gateway providers.
For businesses, offering an alternative payment method over their competitors gives customers the choice to pay with their preferred coin.
This gives a distinct advantage over potential competitors, as being a first-mover in an industry such as Cryptocurrency can instantly put you ahead of everyone else.
Offering Cryptocurrency payments also brings many notable benefits to businesses, including increased customer loyalty from new and existing customers along with greater trust in your brand.
Other benefits of using Cryptocurrency payment providers include:
Instant payments worldwide
With speed being king in online payments, Bitcoin and other Cryptocurrencies can be transferred instantly, to anybody worldwide.
Payments are handled with no exchange rates or centralised bank involved, providing customers with a faster, more enjoyable experience.
For those seeking a more secure, anonymous online experience, Cryptocurrency payments can be made with no personal details exchanged.
This helps appeal to new customers and clients and increase trust in your business.
Traditional payment gateways often take steep fees when handling transactions for businesses, which can cut into profits.
Cryptocurrency payment gateways offer lower commissions and fees, helping your business save more money and handle more transactions than your competitors.
Greater online presence
Businesses using Cryptocurrency payment gateways are now in high demand, with businesses and customers actively seeking the right solution for their needs.
Businesses using these gateway providers often gain increased interest from potential customers, more exposure online and the opportunity to find new clients and investors.
Whilst many popular Fiat payment providers offer all of the above, the opportunity to handle transactions in Cryptocurrency means businesses are starting to use more modern solutions.
What does your business need to know before accepting Cryptocurrency payments?
For businesses looking to start accepting Cryptocurrency payments, it can be a time-consuming and often daunting process to find the right provider.
Businesses need a reliable, trustworthy gateway provider that can handle every part of the payment process and ensure that both the customer and themselves have the best experience possible.
There are many factors to consider when choosing the right payment provider, the most important being:
Ensure the payment gateway provider you choose mitigates volatility and risks where necessary and takes full responsibility for legal and privacy regulations.
Handles payments in Fiat currencies
Cryptocurrency payment gateways allow merchants to receive payments from their clients in Cryptocurrency only.
Merchants can convert Cryptocurrency into Fiat, and then make settlements to their bank accounts. This exchange can be done automatically through an API or through a wallet.
This helps to reduce the risk of volatility, increase transparency and build more trust with the customer.
KYC (Know your customer) verification
Modern payment solutions allow customers to accept payments in Cryptocurrency without verification, which can be risky if not properly regulated.
Ensuring that your provider offers strong KYC verification can reduce risk and potential issues that can arise from anonymous users.
Some Cryptocurrency payment gateway providers support both options – payments with KYC verification and without KYC, so you can choose the option that is more convenient for customers.
Supports the most popular Cryptocurrencies
The most popular coin currently used for payments is Bitcoin, which accounts for around 90% of all online purchases using Cryptocurrency.
More recently, altcoins such as Ripple, Chainlink and Cardano have become more popular as a means of payment due to their rise in use-cases and price.
Accepting more Cryptocurrencies and offering alternative payment options also ensures that customers can pay with their preferred coin, further increasing customer loyalty and trust in your business.
A multicurrency, multifunctional wallet
The most popular online wallets and providers offer the ability to exchange and swap Cryptocurrencies.
This means that customers can pay with their preferred coin of choice, improving the user experience more rewarding and enjoyable for both business and customer.
This feature is essential for businesses where regular settlements are made with partners, clients, or referrals that attract new customers.
This can also be used by online gaming and betting businesses that regularly pay-out winnings and withdrawals for customers.
When using a Cryptocurrency payment provider, businesses of any size and industry can benefit. They ensure that your customers can safely and securely pay with Cryptocurrencies ,and have a more rewarding experience with your business.
With more payments being made every day and growing interest and investment in the industry, accepting Cryptocurrency payments is now more important than ever for businesses.
However, choosing the right provider for your business is a crucial factor to consider. It can be difficult to evaluate and choose the correct option for your needs, especially if you’re new to the Cryptocurrency industry.
If you’re looking to start accepting Cryptocurrency payments, we recommend Hashbon. They provide friendly, expert consultation and advice on how businesses can start accepting Cryptocurrency payments .