Cryptocurrency has revolutionized payment processing for businesses, providing a more streamlined and efficient payment method. By integrating cryptocurrency payment gateways, businesses can provide their customers with a highly secure and efficient payment experience. Whether you operate an online store or an in-person establishment, setting up a crypto payment gateway allows you to accept cryptocurrency as a payment method for the various products or services you offer.
There are many numerous gateway options to choose from, but we have rounded up some of the best payment crypto gateways to assist you in your search.
PTPShopy
PTPShopy is an innovative crypto payment gateway designed for e-commerce and merchants from across various industries. It accepts over 400 cryptocurrencies, and charges low fees from freelancers, entrepreneurs, gamers, retailers, and influencers without any risks of chargebacks. PTPShopy has features such as PoS payments, freelancer payments. Crowdfunding, and a multi-coin wallet.
It integrates seamlessly with e-commerce websites such as WordPress, Shopify, WooCommerce and more. It also aids payment processing via various messenger apps, including SMS, Facebook, and WhatsApp.
Pros
- Supports over 400 cryptocurrencies
- Low transaction fees, good for various types of businesses.
- No chargebacks
- Easy integration with e-commerce websites and stores
- There are plugins for WooCommerce, Shopify, OpenCart, and many other E-Commerce platforms.
- Supports PoS payments, Crowdfunding, Donations, APIs, and many more features
Binance Pay
Designed by Binance, Binance Pay is a contactless crypto gateway platform that can be used to make or receive payments online. Since its initial launch in 2021, approximately 12 million global users have registered on Binance Pay, with over $98 billion processed in payment volumes to date. Thousands of stores online have also integrated the platform into their websites to accept payments. It supports over 70 cryptocurrency including bitcoin and Ether.
Pros
- Lower transaction fees than traditional methods
- Integration with Binance ecosystem
- User friendly interface
Cons
- Compliance and regulatory challenges with Binance
- Insufficient currency diversity
Coinbase Commerce
Coinbase Commerce was launched in 2012 and has since then emerged as one of the prominent crypto gateway platforms. Due to its accessibility and user-friendly interface. It has gained popularity among individuals new to the world of cryptocurrency and crypto transactions, providing a low and seamless entry point.
The platform charges 1% per transaction as fee and has processed over $92 billion in transactions since its launch.
Pros
- Easy onboarding and sign up
- Uses Turnkey API for seamless integration
- Provides various options for wallet management
- Provisions a comprehensive dashboard for business reporting
Cons
- Supports about 10 cryptocurrencies
- %1 is not ideal for high-volume transactions
- Not available everywhere due to compliance
CoinsPaid
Coinspaid is a crypto payment gateway platform renowned for its proficiency in processing high volume transactions on a daily basis. It has a low transaction fee of %0.8, supports a wide range of currencies, and ensures a seamless integration experience. It is best used by businesses that process a high volume of transactions on a daily basis.
Coinspaid has estimated about 1 million transactions per month since its launch in 2014, which has amounted to about 41 million transactions by April 2023, a total value of over $23 billion. They also provide diverse offerings such as cryptocurrency payments, exchange/OTC services, a secure wallet, and whitehat SaaS solutions.
Pros
- Low transaction fees making it efficient for high volume transactions
- Rapid transaction speed of a turnaround time of less than 10 minutes.
- Compatible with all kinds of businesses
- Supports over 40 fiat currencies, which enhances global reach and liquidity
Cons
- No refunds
- Previously compromised by hackers
BitPay
Bitpay is another option for online and in-person payments. Its focus is on making the online payment experience simple and convenient for customers with just a few clicks and without sharing any sensitive personal information. They provide Ecommerce plugins, code libraries, and direct API implementation for online businesses to integrate into their platforms or stores.
Pros
- Supports multiple currencies to reach extended markets
- Lower transaction fees compared to traditional alternatives
- Versatile across diverse business models
- Immutable payments mitigates fraudulent chargebacks
Cons
- No free trial period for users
Factors to Consider in Choosing the Best Crypto Payment Gateway
Choosing the best crypto payment gateway is an important step for your business. You will require a gateway that aligns with your business needs and requirements. Such requirements include:
- Compliance: When choosing a cryptocurrency gateway, ensure that it complies with the legal and regulatory framework in your country. Not all gateways may be available or operational in your specific environment.
- Transaction speed: How quickly your transactions take place can help a business meet its goals while also increasing customer satisfaction. The goal here is to find a fast crypto gateway at a low cost. For example, PTPShopy.
- Scalability: Can your gateway expand to meet a higher user base or objective? If you plan on expanding your business scope in the future, it’s important to choose a crypto gateway that can scale with you.
- Transaction fees: You should choose a cryptocurrency gateway with the lowest fee option. Most gateways are affordable, but some, more than others.
- Supported currencies and cryptocurrencies: Ensure the supported currencies and cryptocurrencies on the platform aligns with your business needs.
Different Types of Crypto Gateway Transactions
- Peer-to-Peer (P2P): P2P is the conventional crypto transactions that take place between two parties, without the involvement of centralized intermediaries. P2P transactions are the easiest to set up, making it ideal for small businesses or start ups. On some platforms, all you need is your email.
- Point-of-Sale (PoS): PoS transactions are often tailored to retailers or physical stores. The gateway is often integrated into the business physical PoS hardware, offering options for QR code scanning, digital receipts, and inventory tracking.
- Business-to-Business Payments (B2B): Mostly used by online ecommerce stores and larger businesses to handle high volume of transactions. These platforms are optimized for large-scale operations and may offer features such as bulk payments, crypto wallets, and more.
Conclusion
Crypto payment gateways have seen rapid growth in recent years and many businesses are increasingly integrating them into their platforms. In this article, we looked at some popular crypto gateway platforms, their features and factors to consider in choosing the right gateway platform for your business.