Businesses around the world are seeking ways to implement digital assets to their existing payment systems infrastructure. Reports indicate almost 60% of the world’s top companies are already using at least one form of cryptocurrency for cross-border payment transactions, and more are soon to follow. Bitcoin remains the leader in the crypto market cap at 39.9% with ETH following a second at 20.3%. Crypto payment processors are playing a key role in this growing crypto adoption by business enterprises, helping them leverage multiple opportunities from the $1.1 trillion global crypto economy.
A crypto payment processor acts as a payment gateway for digital assets that function in ways similar to conventional payment processors and bank credit cards. The transactions are powered by blockchain technology and facilitate instant processing of digital payments between senders and receivers, and exchanging the same amount in fiat denominations.
The dynamic platform for payment procession empowers both vendors and merchants in utilizing digital assets without compromising security. In the case of users, the gateway enables direct payment options from their crypto wallets to another and performs the additional function of fiat conversion. Crypto payment processors also eliminate the leakage of sensitive payer wallet information across the transaction and safeguard the information in the merchant software.
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Built on decentralized blockchain platforms, the crypto payment gateways offer the same inherent features of blockchain- record immutability and transaction transparency. The operating mechanism eliminates intermediaries like banks from the procedure, reducing the cost and number of processing steps thereby increasing the transaction speed with real-time visibility. The processors also feature multi-OS compatibility and auto-settlement options, contributing heavily to crypto’s mainstream relevance.
Merchants and vendors can avail the following benefits through crypto payment gateway integration:
A. Zero Chargebacks
Crypto payment gateways while processing does not permit chargeback or refund. This is useful for high-risk business transactions.
B. Anonymity Assurance
Decentralized crypto payment processors do not require registration or KYC for authentication, unlike traditional centralized payment systems, ensuring privacy.
C. Instant Hassle-Free Processing
The absence of intermediaries accelerates payment processing operations to a great extent. The average time taken for a transaction is less than 10 seconds. This allows quick conversion to fiat.
The following list contains some of the top performing crypto payment processors in the digital asset landscape:
One of the most popular crypto payment processors, Billbitcoins has been developed by US-based blockchain development company HashCash Consultants. The crypto payment gateway features 3 package options- Free, Business and Enterprise. Billbitcoins also allows free Bitcoin interchange to cash for the first $1 million. Merchants are assured with Identity Theft Protection, which offers source traceability for fraudulent transactions.
Coinbase is one of the largest global crypto trading platforms and has a huge customer base. The huge pool of resources have helped the exchange develop useful crypto utilities including the aforementioned crypto payment processors. The gateway. Merchant bank accounts receive transactions within a period of 2 to 3 days. However, the payment gateway operates in limited nations.
One of the earliest crypto payment gateways, Bitpay facilitates business trade enabling merchants to cater their products and services to a global audience. The interactive platform is built on an API base and also features an eCommerce plugin. Bitpay also offers multilingual support, offering assistance in more than 40 languages.
Coingate features a hassle-free UI that enables merchants to initiate and monitor payments directly from their phones. It supports more than 40 cryptocurrencies, empowering merchants with the ability to leverage the best business opportunities through payment methods in the Coingate gateway.
A major player in the eCommerce segment, Shopify is also well-known in the crypto payment gateway segment. The application is used by countless business merchants across the globe. Shopify offers reliable customer service support and assistance and is loaded with features that offer an exquisite shopping experience.
The global expansion of crypto usage presents a chance for merchants and vendors to not only save on their transaction costs but also attract new customers, even from overseas. Ideally, a perfect processor should empower consumers with multiple digital asset payment options, including QR Code, NFC, and URL for transactions. DeFi and multiple payment gateways have different functions, designed for separate roles. A vendor may decide to accept only Bitcoin transactions, while others may opt for versatility. Others may prefer to boost security features and quicker settlement timings. It is best to note down the requirements, and select the best possible route.