Bitcoin and Ethereum have become popular payment methods in recent years. More than 15,000 establishments in 192 countries accepted Bitcoin as of June 2023. Not all companies are equipped to handle cryptocurrency transactions independently.
Payment processors and gateways for cryptocurrencies serve this purpose. These services let organizations accept cryptocurrencies without worrying about each transaction. The best techniques to locate a reliable bitcoin payment processor are also covered, as are other important considerations for businesses interested in implementing cryptocurrency payments.
Which companies handle cryptocurrency transactions and what do they do?
Payment processors and gateways for cryptocurrencies are tertiary services that facilitate the underlying infrastructure of cryptocurrency transactions. They enable businesses to accept many cryptocurrencies without requiring their staff to learn how to use and maintain crypto wallets or other sophisticated technology.
The functionality of crypto payment processors is identical to that of more conventional gateways and processors. A high-risk payment gateway receives crypto transaction data. A processor converts payments into fiat currencies like USD, EUR, or CAD before depositing them into the merchant's bank account.
Where to Look for Reliable Bitcoin and Other Cryptocurrency Payment Processing and Gateways
The merchant, first and foremost, must decide which cryptocurrencies they will take before they can begin searching for a reliable crypto payment processor. More than 22,000 different cryptocurrencies are traded on the market in 2023. Consider common ones like:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Ripple (XRP)
- Lumens (XLM)
- USD Coin (USDC)
After choosing the cryptocurrency you wish to trade, you need research and pick a payment gateway.
- Read up about it online: Find bitcoin payment processor directories and reviews. For the best fit, compare costs, features, and cryptocurrency support.
- Connect with other organizations in your industry:Ask bitcoin merchants about their processors and gateways. Users may provide price, usability, and support information.
- Get in touch with your online storefront: Ask your e-commerce platform whether it accepts bitcoin payments. Shopify and WooCommerce are two e-commerce platforms that can be connected to cryptocurrency payment processors and gateways, making it easy to accept cryptocurrency payments using your current payment gateway.
Accepting Cryptocurrencies: Pros and Cons
The typical cryptocurrency transaction settles quickly, and the expenses involved with processing it are cheap, both of which are advantages of accepting cryptocurrencies. There are few middlemen involved, thus the transaction is more straightforward for shopkeepers and buyers alike.
The immutable blockchain networks supporting crypto payment gateways shield businesses from the risk of fraudulent chargebacks. But with fiat payment gateways, businesses need to see the customer's card payment.
Despite these advantages, crypto payment gateways still need a third party to settle transactions between retailers and consumers, thus they aren't really decentralized. Therefore, if difficulties emerge with crypto payment processors, retailers may have to wait longer for payments. Choose Akurateco (https://akurateco.com) - a platform that boosts your payment business!
Is It Safe to Use Cryptocurrency Payment Processing and Gateways?
Cryptocurrency payment processors are no safer than regular financial transactions. Hacking, fraud, or technical issues may cause transaction losses or delays. Before hiring a crypto processor, study them. This prevents unwanted surprises.