Crypto payment gateways have become a major component in many businesses. They allow companies to accept cryptocurrencies as payment for services or goods. Besides improving customer satisfaction, these gateways facilitate secure transactions, so users don’t need to worry about the safety of their funds.
Do you run a business and plan to accept payments in digital currencies? If so, we advise you to stick around. This article explores five of the leading crypto payment gateways to help you pick one that matches your business needs.
Crypto Payment Gateways Defined
A crypto payment gateway is a platform that processes payments in digital assets on behalf of businesses. Most of these gateways have a crypto-to-fiat converter that allows their customers to exchange digital currencies for cash to minimize exposure to crypto market volatility.
While blockchain-based businesses have openly embraced crypto payment gateways, most traditional companies are still exploring the idea of integrating crypto payments into their systems.
Features of a Proper Crypto Payment Gateway
When selecting a crypto payment gateway, consider these features:
1. Multi-cryptocurrency support – A top payment gateway should allow companies to accept payments in multiple digital assets, from Bitcoin to trusted altcoins.
2. Automated Converter – A good payment gateway provides an instant auto-conversion feature, which allows businesses to exchange cryptocurrency for their preferred fiat currency within seconds.
3. Availability of options to customize transaction speeds – To improve cost efficiency for their clients, top crypto payment gateways usually have options that allow businesses to choose their preferred transaction speeds and charges based on the level of priority of each payment.
4. Effective Fraud Detection Mechanism – an ideal crypto payment gateway should have tools that monitor transactions regularly to identify illegal ones and block them.
Top Crypto Payment Gateways
Cryptix
This crypto payment gateway supports all ten top cryptocurrencies. Also, it comes with an auto-conversion functionality, allowing businesses to convert received crypto to EUR, COP, MXN, USD, and BRL. During the conversion process, Cryptix locks the crypto-fiat rate to minimize price fluctuations.
Notably, each transaction processed by this payment gateway goes through the AML (anti-money laundering) checks to ensure businesses do not receive money obtained from illegal activities.
Other notable features of Cryptix include crypto swaps, refunds, transaction reports, and mass payouts. As for transaction fees, they start from 0.2%.
CoinGate
CoinGate lets businesses accept payments in over 60 cryptocurrencies. What’s more, it gives access to a dashboard that allows clients to track transactions in real time.
CoinGate’s efforts to establish itself as a reliable crypto payment gateway over the past few years seem to have paid off, considering it has been adopted by top e-commerce websites like WooCommerce and Magento.
However, CoinGate charges higher transaction fees (1%) than most rivals.
BitPay
BitPay is the oldest crypto payment gateway, having entered the market in 2011. In its early days, it only supported Bitcoin. Today, businesses using BitPay to receive crypto payments can access over 100 digital tokens. As of September 2024, top companies that integrate with BitPay include QuickBooks and Shopify.
It is worth mentioning that this crypto payment gateway does not impose fees on low-volume transactions. However, high-volume transactions attract a 0.9% or more.
CoinPayments
CoinPayments facilitates crypto payments in eleven digital currencies and charges a 0.5% fee. It comes with multiple merchant tools, including a point-of-sale system, making it a top choice for many businesses.
CoinPayments converts crypto to fiat instantly. Moreover, it processes withdrawal requests almost immediately.
GoCrypto
GoCrypto’s reasonable fee structure makes the payment gateway a practical choice for many small businesses. In addition, its auto-conversion feature shields clients against price volatility in the crypto markets.
Like CoinPayments, GoCrypto has a point-of-sale system, enabling merchants to track sales and transactions.
Final Thoughts
Crypto payment gateways enable companies to expand their payment options, thus boosting user satisfaction. That said, if you are looking to integrate a gateway into your business’ payment system, ensure you pick one that allows you to achieve cost efficiency and supports multiple cryptocurrencies.
