Hardly does a day go by without heading the word cryptocurrency sounding off from someone’s mouth or on the television.
And, of course, cryptocurrency pops up in conversations as well — at the park, in the office, or at school. There is always a high chance that you are a foot away from herring the word cryptocurrency.
When most people hear the word cryptocurrency, what almost instantly comes to their minds is Bitcoin, which is understandable. However, suppose you are new around the block and are not sure what a cryptocurrency is, you can think of it simply as a digital currency.
Since we are not discussing financial assets in toto, we will leave all the technical aspects of cryptocurrency to the experts and focus on the center of this piece — crypto payment gateways.
What are cryptocurrency payment gateways?
Before now, in the early days of cryptocurrency, cryptos were met with strong rejection, and not many people were willing to trade with those.
But all that is in the past now because more and more people and businesses are now coming to terms with accepting cryptocurrencies as payment for products and services.
Having mentioned payment, crypto payment gateways are online platforms that conduct business or accept/receive cryptocurrency payments from customers. So basically, whatever platform allows you to transact business using cryptocurrency as payment is known as a cryptocurrency payment gateway. Hopefully, that definition helps.
There is a long list of crypto payment gateways out there and a sneak peek at google will flood you with so many options.
How would you like a rundown of the top crypto payment gateways?
BitPay is regarded as a pioneer crypto payment gateway. This American company was launched in 2011, barely two and a half years after Bitcoin came to the limelight.
As of September 2013, when most people are still trying to wrap their minds around crypto, BitPay payment gateway was already boasting of over 100,000 users and transaction volume of over 270,830 BTC — which equals 34 million dollars at the time.
Fast forward to 2018, BitPay’s transaction volume has gone north of $1 billion. Thanks to the wide acceptance of Bitcoin payments among B2B clients. BitPay payment gateway focused on settling payments made via invoice offered by online shops for goods and services at a fixed rate while charging a 1% commission.
In situations where the seller prefers to receive payment in fiat currency, BitPay automatically converts cryptocurrency payment into US dollar, euro, British pounds, and several other currencies. As such, presenting merchants with the option of withdrawing their fiat from the BitPay account directly to their bank account.
Arguably one of the biggest cryptocurrency exchanges, Coinbase payment gateway focuses primarily on the US market. However, since its launch in February 2018, Coinbase has been applauded as one of the most reliable and popular gateways for the teeming e-commerce sector.
Similar to BitPay, Coinbase also accepts invoices at a fixed price for goods and services. Beyond establishing itself as the best choice of crypto payment gateway for online stores willing to start accepting cryptocurrency, Coinbase went on to integrate its services with mega e-commerce platforms like Shopify, Magento, and Opencart.
- Crypto processing by CoinsPaid
If you are looking for crypto payment gateways that extend their services beyond e-commerce to iGaming, betting, and gambling platforms, you just found one — Cryptoprocessing.com
It may interest you to know that most of the transaction volume on this platform is not processing invoices. Instead, they are from asynchronous deposits. For instance, banks charge ridiculous commissions for asynchronous deposits on cryptocurrency payments.
Banks’ commission on transactions for online gambling range from 2% – 4% to 15%. Cryptoprocessing.com charges commissions of less than 1% and accepts payments in more than 30 cryptocurrencies (including BTC, LTC, DOGE, ADA, USDT, and lots more) and ERC20 tokens.
Merchants also get to choose the currency in which they will prefer to accept payments. Thankfully, cryptoprocessing by CoinsPaid supports 20 fiat currencies, and they allow instant withdrawal from the CoinsPaid account in any currency of your choice.
Rounding off on cryptoprocessing by CoinsPaid, it processes 3% of Bitcoin transaction volume. In 2020, it executed Bitcoin transactions worth over $1 billion.
There you have it, a quick rundown of the top three crypto payment gateways. However, as we mentioned earlier, there is a myriad of crypto payment gateways out there. Other cryptocurrency payment gateways include but are not limited to CoinGate, AlfaCoins, and CoinsBank.
While making your choice of payment gateway, always research them and learn more about their offers. That way, you will be sure of finding a suitable payment gateway for your transaction, and you won’t be walking into the hands of gimmicks.