In the technologically advanced world we are living today, digital currency, or more commonly known as cryptocurrency, has become a popular means of currency exchange in the market. As a result, there’s a rise in business owners looking to adopt cryptocurrency payment gateway for business so that they can accept crypto currency as a payment method and reach more customers all around the world.
In this article, XAIGATE will dive deep into the process of accepting crypto currency through a payment gateway, some key features to consider when choosing a gateway for your business, and top cryptocurrency payment gateways on the market in 2024.
What is a cryptocurrency payment gateway for business?
Cryptocurrency is a digital form of currency managed by a decentralized system called blockchain. Since cryptocurrency is different than traditionally used fiat currencies (such as USD), in order to accept crypto currency payment from customers seamlessly and cost-efficiently, business owners need a cryptocurrency payment gateway for business. So, a cryptocurrency payment gateway serves as a bridge between business owners accepting digital currencies and customers paying for goods and services.
Read more about cryptocurrency payment gateway in greater details: Best 4 Cryptocurrency Payment Gateway for Website
Cryptocurrency payment gateway for business framework
Though different cryptocurrency payment gateway for business might have different features and advantages, they all operate under the basic framework:
- Crypto payment gateway integration: When a business owner decides to accept crypto as one of their payment methods, they choose a cryptocurrency payment gateway for business and integrate it into their checkout software/website. This integration can be accomplished through low code solutions such as plugins (e.g. WordPress, WooCommerce, Shopify) and hosted payment pages, APIs, or other software tools provided by the gateway service. The setup process can take anywhere from 2 to 8 weeks depending on the merchants need and resources.
- Customer payment: A customer then decides to make a purchase of goods or service using cryptocurrency and pays an invoice at a predetermined exchange rate to the merchant’s wallet address presented at checkout step.
- Payment processing and confirmation: The cryptocurrency payment gateway for business of choice processes the payment and confirms that it is the correct amount. Once the payment is processed on the blockchain network, the gateway service notifies both the customers and business owners about the successful transaction.
- Settlement: If the merchant chooses to receive cryptocurrency, the payment gateway will send the crypto directly to their account minus fee. If they choose to accept fiat currency, the gateway provider will convert the cryptocurrency and deposit the funds into the merchant’s bank account. Some gateways provide instant settlements while others have some delay timeframes.
And, by automating these steps, a cryptocurrency payment gateway for business helps streamline the process for seamless customer experience, minimize tax implications, and shield merchants from the volatility of cryptocurrency.
Cryptocurrency payment gateway for business transaction types
There are a couple of different transaction types offered by cryptocurrency payment gateway for business services. The three primary types are:
- Peer-to-Peer (P2P): This transaction type is geared towards individual users or small-scale businesses where transactions occur directly between two parties without the involvement of third parties. This setup is simple and cost-efficient, making it ideal for small businesses and personal use.
- Business-to-Business (B2B): B2B transactions are, contrary to P2P ones, designed to accommodate larger organizations with complex and large-scale operations as well as between multiple business partners. B2B platforms are ideal for bulk payments, contract-based transactions, and corporate finances.
- Point-of-Sale (POS): POS is specifically tailored for retail and physical stores. POS allow store owners to accept cryptocurrency payments in real-world settings that traditional fiat currencies or cash are usually used in. If you are in need of POS, a cryptocurrency payment gateway for business with robust POS features can enable you to seamlessly offer crypto as a payment method through QR code scanning, digital receipts, and even inventory tracking.
Best cryptocurrency payment gateway for business
Cryptocurrency payment gateway for business is undoubtedly a tool to advance the business and bring in a whole new pool of customers from all around the world. Below, we have compiled a number of best crypto payment gateways on the market geared towards different business needs.
Read more about how to determine if a payment gateway is suitable for your business: 5 Best Cryptocurrency Payment Gateway for WooCommerce
XAIGATE
XAIGATE is a secure and user-friendly cryptocurrency payment gateway for business that allows businesses to accept crypto payments from customers around the world. XAIGATE is ideal for customers who want to easily integrate crypto payments into their websites and ecommerce stores. XAIGATE is also one of the best gateways for merchants who want to approach the international communities. Some of XAIGATE outstanding features include:
- Low processing fees
- No monthly maintenance cost
- Easy setup: User-friendly UX/UI
- Invoice services: XAIGATE assist clients with requesting payments and processing them through our blockchain API.
- Global payments: We accept crypto payments from all over the world.
BVNK
BVNK, founded in 2021 and based in London, is one of the top cryptocurrency payment gateway for business that offers securely regulated platform for safe and reliable cryptocurrency exchange. Some of its special features include:
- Accept 13 different types of cryptocurrencies
- Payout in 20+ fiat currencies
- Offers multi-currency wallets for businesses
- Hold 8 regulatory licenses and approvals, making it a safe and reliable platform for currency exchange.
Coinremitter
Coinremitter, established in 2017 and based in Singapore, is a cryptocurrency payment processor that enables merchants process crypto payments in a fast and secure fashion. Some of its advantages include:
- Accept 12 types of cryptocurriencies
- Low transaction fee at 0.13%
- Safe and secure transaction to prevent fraudulent activities and identity theft
BTCPay
BTCPay stands out as a cryptocurrency payment gateway for business thanks to its advanced open-source nature. BTCPay is an ideal choice for merchants with advanced knowledge that wants high security and privacy as this server is self-hosted and does not involve any third parties. Some of BTCPay’s special features include:
- Accepts Bitcoin and an array of other cryptocurrencies.
- Self-hosted: free and open-source software without any transaction/additional fees.
- Complete privacy without third-party interference
Blockonomics
Blockonomics is known for its advanced non-custodial payment platform. In simpler terms, Blockonomics does not hold or touch your Bitcoins at any point in the transaction process, allowing the gateway to bypass any third-party requirements. Some of Blockonomics’ unique offers include:
- Operates on a subscription-based model, enabling transparent and predictable cost management for your business.
- Direct payment into your Bitcoin wallet
- Invoice creation capabilities
- Easy to install and integrate
- Secure and private by design
BitPay
BitPay is an ideal option for small businesses thanks to its easy-to-use platform and customizable settings for security and payouts. Some of BitPay’s key features are:
- QR code payment
- Daily payouts through bank transfers and crypto wallets
- Compatible with Shopify, WooCommerce, Magento, and 3DCart
- Offers volatility shield by locking in exchange rate
- Offers mobile POS checkout for convenient and seamless customer experience
Using a cryptocurrency payment gateway for business is undoubtedly a wise step to advance your ecommerce stores and businesses. If you are looking for a suitable gateway to integrate into your website/store, XAIGATE will be happy to assist you every step of the way. With our professional team of experts, you can rest assured our crypto payment gateway will be seamlessly and securely integrated into your business workflow.
