Best Cryptocurrency Payment Gateways & Processors 2022

Coinbase Commerce is Coinbase’ merchant services feature that allows small businesses to accept cryptocurrency as an alternative payment method. As the largest centralized cryptocurrency exchange market in the US, Coinbase supports a long list of cryptocurrency options. This means small merchants can accept more cryptocurrency types as payments from customers. A large exchange market also means Coinbase has the capability to insure merchant funds if they let Coinbase manage their account. A cryptocurrency payment gateway is a payment processor for digital currencies, similar to the payment processors, gateways, and acquiring bank credit cards use.

It only exists online and is not regulated by a government or other entity. The payer typically pays transaction fees at the time of the transaction and in the currency being transacted. The exception is with “second layer” coins that are built on top of another blockchain’s infrastructure, typically Ethereum at the moment. In that case, the fee may have to be paid in the base layer’s currency.

Cryptocurrency Examples

These services offer faster transaction times but add another layer of infrastructure and start to move away from the blockchain concept, becoming closer to the existing fiat currency payment models. In the UK, a transfer between UK banks can be close to instantaneous. The credit card payments network, Visa, can process 32,000 transactions per second (“tps”), whilst Bitcoin, as a first-generation cryptocurrency, processes at only 3 tps. As blockchain technology evolves, new solutions are emerging that address the restrictions inherent with Bitcoin. SpicePay is a cryptocurrency gateway that you can trust for instant and secure crypto payments using Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. It empowers merchants by offering various withdrawal modes like debit cards, bank transfers, SEPA, and PayPal.

While this sounds great to some that embrace change and understand it, others might not accept it. Cryptocurrency is a new concept, and it is hard to understand in a world where exchangeable value has always been placed on tangible assets. Only recently have developed countries moved to a financial model where most of their transactions are credit and debit based, where it is possible never to exchange physical money. For these reasons, it’s important to know the advantages and disadvantages of payment gateways so that you can decide how you want to accept digital currency payments.

Pricing For Businesses Of All Sizes

The processes have evolved organically over time and, as a result, are fairly archaic. International payments for example, often involve a series of intermediary banks connected via thousands of bilateral agreements. For international crypto payment system trade payments, networks of banks are involved to process payments and/or check documents and/or guarantee payments. Focus has been on how their value against a fiat currency has performed, much like a commodity.

Blockchain-based cryptocurrencies can be transferred — and recorded for auditing purposes — instantaneously across the world, increasing liquidity and operation speed in the markets. A crypto payment gateway integrates into a website or POS hardware. Customers can make cryptocurrency payments from their wallets, which are then settled in the currency of the merchant’s preference. BitPay uses a straightforward QR code invoicing system for retail payments. BitPay attempts to shield businesses from volatility by locking in the exchange rate at the time of sale. BitPay will then bundle your sales together each business day and deposit your balance in either fiat or one of several cryptocurrencies to your bank account or crypto wallet, respectively.

Your friend’s bank in Germany will receive a transaction request of $10,000. While writing smart contracts, one should mention all the conditions for transferring payment. Once the required credentials are met, the concerned person is automatically paid. A new block is added to the blockchain whenever a new transaction occurs.

A full Access list is available from settings where you can manage access rights for all users and wallets. Testing is a key part of the B2BinPay integration process to help eliminate any potential issues before going live. This ensures an error-free experience for your users and more uptime for your website. A full cryptocurrency report with detailed transactions history is available at your fingertips.

BitPay allows you to set up payment and donation buttons, design hosted checkouts, and create invoices you can embed on your website. You can even set up recurring billing for subscription customers. It also has a mobile point-of-sale function if you wish to provide a cryptocurrency payment method to customers at the cash register with the BitPay checkout app. Payouts are processed daily, and you can track them from your BitPay dashboard. A digital wallet is used to store and transfer cryptocurrency from one owner to another. There are different cryptocurrency types but the most popular and widely accepted are Litecoin, Ethereum, and Bitcoin.

Cryptocurrency gateways enable you to accept digital payments and recieve fiat currency immediately in exchange. Accepting crypto payments can help merchants access new customer segments. A considerable proportion of customers using cryptocurrencies are new to the merchant and the ticket size is double that of credit card users. The service provider takes care of the complex backend workflow of crypto payments and offers buyers and sellers a seamless payment service. You may have noticed that many of the payment gateways on our list integrate with Shopify, including Coinbase Commerce. Note that if you accept cryptocurrency payments via Shopify, you’ll still be charged a Shopify transaction fee unless you also activate Shopify Payments.

What Is A Crypto Payment Gateway?

Consequently, this demand accelerated the development and adoption of innovative financial tech solutions. Such examples include biometric verification, digital IDs, IoT-enabled transactions, e-wallets, and payment methods integrated with instant messaging apps. Given the speculative nature of unbacked coins, we believe the future of payments will be based on stablecoins or coins invisible to the user.

It also offers a volatility shield by keeping the exchange rate fixed for 15 minutes from the time a transaction is initiated. Shopify allows you to accept cryptocurrency payment like any other additional payment method on the platform. This will take them to the crypto platform website to complete the payment and return to your store once the transaction is completed.

Some platforms will also accept ACH transfers and wire transfers. The accepted payment methods and time taken for deposits or withdrawals differ per platform. Equally, the time taken for deposits to clear varies by payment method.

Why Have You Not Send My Bitcoin To My Walllet?

Bank of America, Goldman Sachs, BlackRock, and many others have already introduced it, or are currently developing their digital asset-based offerings. For volume transactions there are many more barriers to overcome, but the market is huge. There are many players vying to be the first to develop blockchains which are truly scalable, secure, interoperable, robust and energy efficient.

There are numerous intermediaries in the system, which leads to commissions ranging from 3-20% of the amount being transferred. Now that you understand how you can implement a blockchain payment system, let’s look at some of the use cases of blockchain in payments. For a clear idea, we have explained how a cross-border payment will occur through a Stellar Blockchain Payment System with the help of an example. CryptoBucks Small Business can get you accepting payments in a matter of hours with flat rates, no hidden fees, and 100% satisfaction guarantee.

• Registering on this platform is available free of cost, and any Speedcoin payment will not incur any fee.
• Our wallets support storage, sending, and retrieval of funds for NFTs.
• Moreover, merchants accepting this type of transaction get 24/7 fraud protection and purchase protection for qualified items.
• A 2021 Cryptocurrency Payments Report found that 46 million US consumers intend to use cryptocurrency to make purchases in the future.
• BitPay is one of the oldest gateways for crypto payment that helps merchants reach an international audience while protecting them from any fraud.

The overall increasing acceptance of cryptocurrencies is indicative of more global users willing to transact in them. BitPay integrates with popular ecommerce platforms such as WooCommerce and even Shopify by creating an API token on your BitPay dashboard and linking this to your ecommerce platform account. For POS, you only need to download the BitPay mobile app for Android or iOS and pair your app with your BitPay merchant account with an API token. Here are some issues to be wary of before you start accepting payments in crypto.

For ecommerce stores, Coinbase can be integrated with Shopify and WooCommerce. Ripple’s blockchain lets users send money and make payments across the globe. More than 175 banks and commercial platforms t use the company’s RippleNet platform for cross-border payments. In 2018, Payment provider TransferGo announced it was using Ripple’s RippleNet payment platform to launch a remittance corridor to India. With Ripple’s platform, TransferGo is now able to speed up its global payment processing from days to a few minutes. High transaction fees may make customers less excited about paying in crypto.

Why Use Blockchain Payments?

This platform supports more than 70 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. CoinGate stores most cryptocurrencies in secure Cold Storage and charges a 1% transaction fee on all transactions. “NOWPayments.io has grown into one of the best crypto payment gateways providing you with top-notch features and service benefits in comparison to its peers.” “OKEx, a world-leading cryptocurrency spot and derivatives exchange, has joined forces with noncustodial crypto payment services provider NOWPayments.” While implementing blockchain solutions, special attention needs to be given to the regulatory compliance required. ALFAcoins provides its users with a step-by-step guide to creating payment buttons, invoices, and shopping cart plugins.

For maximum security, we require that our clients check the API callback requests. Quick and easy integration is possible via Rest API. Our state-of-the art technology allows you to integrate invoicing and deal with acquiring and transfers exactly in the way you need it. A wide range of currencies are available to each user for payment. Quickly exchange an inherently volatile crypto-asset into your chosen StableCoins and avoid any volatility risks.

Bitcoin Payments Processing!

Clover offers intuitive hardware and software for just about any business type, including both retail and food service. Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships. Most crypto transactions are final and irreversible, with no system in place for chargebacks or disputes.

Cryptocurrency payments are not subject to chargebacks, so you don’t need to worry about chargeback fees or fraudulent transactions. You can also opt for payment gateways like Coinbase that offer to insure their user’s funds. Zcash is a cryptocurrency exchange platform using its own cryptocurrency to help people pay for goods and services. You can use the company’s crypto to buy a house, purchase electronics or even to donate to a nonprofit. Zcash already boasts a wide list of companies that accept its cryptocurrency. Companies accepting the digital currency as payment are in industries like apparel, web services, medical, restaurants/coffee shops and nonprofit.