As the days pass by, cryptocurrencies are becoming unstoppable! Companies like Goldman Sachs and investors like Warren Buffet, who earlier affirmed their lack of confidence in this innovation of money, have begun to change their opinions.
Today, you can buy a Tesla car using cryptocurrency, and even PayPal has embraced Bitcoin as a form of payment for disputes in the US!
Most cryptocurrencies, like Bitcoin, are deflationary, unlike the regular currency, which is inflationary. Hence, the value of these crypto tokens increases at astonishingly high rates!
However, several amateur cryptocurrency investors are under the false perception that it is only an investment asset. That is not the case. Cryptocurrencies are like any other currency and have to be used as such.
Accepting Cryptocurrencies In Your Business – Good Idea?
Online transactions today are plagued by greedy middlemen who charge exorbitantly high transaction fees, thus diluting the profits your business is making.
So instead of accepting regular fiat currency and exchanging it for cryptocurrency on platforms like Binance or Coinbase, you can start accepting tokens directly from customers.
By accepting deflationary crypto tokens from your customers, you set your business growth to be exponential. It also cuts off any middlemen or third party to capture, validate and authorize your transactions.
Thus, there are little to no transaction fees or merchant charges when using a payment gateway that allows customers to pay in cryptocurrency.
Pros Of Accepting Cryptocurrency From Customers
The list of advantages of incorporating crypto token transactions is virtually limitless! Here are some of them:
- Peer to peer transaction
- No transaction fees
- No merchant fees
- Secured using cryptography
- Free of corruption
- Resistant to fraud
- Instantaneous transaction
- Easy integration
Cons Of Accepting Cryptocurrency From Customers
Cryptocurrencies also have their fair share of disadvantages as a mode of transaction. Here are some of the major cons of accepting cryptocurrency in your business.
- High volatility
- Changing government regulations
- Unclear tax laws
Nevertheless, the pros of using cryptocurrencies far outweigh its cons.
Getting Started With Cryptocurrency Payments For Your Business
To start accepting cryptocurrencies from customers on your website, you would first have to integrate a cryptocurrency payment gateway. If you don’t know how to build a payment gateway, then the best move forward is to hire an expert to create one for you.
Here are some of the popular cryptocurrencies that business accepts from their customers:
- Bitcoin Cash
Let’s explore some of the best cryptocurrency payment gateway options for your unique business!
CoinPayments is a global cryptocurrency payment gateway that is currently used by over 70,000 merchants and supports more than 2,100 cryptocurrencies in over 200 countries!
The processing fee of this payment gateway is 0.5%, which is far lower than traditional fiat currency payment gateways.
If you are running a small eCommerce business on Shopify, WordPress, or OpenCart, CoinPayments has several plugin options for you to download and integrate on your eCommerce site without any hassle.
Other merchant tools include:
- API and IPN integration
- Invoice builder
- Point of Sale (POS) interface
CoinGate is more than just a payment gateway – it also allows users to trade in cryptocurrency. It supports more than 50 crypto tokens, and most of them are stored in cold storage.
An interesting feature of CoinGate is that it allows you to send crypto bills instantly to your customers, using which they can make their payment in crypto.
Some popular platforms that CoinGate allows you to accept Bitcoins and altcoins are:
3. Coinbase Commerce
If you have a WooCommerce or Shopify store and a Coinbase account, Coinbase Commerce is an excellent option to consider as your cryptocurrency payment gateway!
Some noteworthy features of Coinbase Commerce are:
- Easy conversions
- API integration
- Payment buttons
- Hosted checkout pages
Coinbase Commerce supports the following cryptocurrencies:
- Bitcoin Cash
- USD Coin
The upside to this payment gateway is that it is very easy to use and rather robust. On the flip side, the customer should have a Coinbase account to be able to transact on your website.
Blockonomics is a decentralized cryptocurrency payment gateway for all kinds of businesses around the world.
Unlike other previously mentioned payment gateways, Blockonomics only supports Bitcoin payments. So, make sure you learn how to create a wallet for bitcoin if you are considering accepting crypto payments via Blockonomics.
Here are some advantages of using Blockonomics as your cryptocurrency payment gateway:
- No KYC verification
- WooCommerce plugin available
- Track multiple
- No fee for the first 10 transactions
- No sign-up required
On the downside, Blockonomics charges a 1% transaction fee after the first 10 transactions. Tough this is two to five times lower than conventional fiat currency payment gateway, it is high when compared to other cryptocurrency payment gateway options.
BTCPay is a not-for-profit payment gateway that is dedicated only to Bitcoin (BTC). It is self-hosted, open-source, and charges absolutely no transaction fees!
BTCPay support several eCommerce platforms including:
It also features API and custom integration, if that is what you are looking for.
GoUrl is another crypto payment gateway with a few unique features:
- 100% free open source
- No monthly fee
- Free Bitcoin monetize service
GoUrl also offers an easy-to-install WordPress plugin for your WordPress or WooCommerce website. Although there is no monthly fee, transaction fees start from 0% and can go up to 3.5%!
Triple-A is a cryptocurrency payment gateway that has a flawless four-step onboarding process. The last step is essentially just accepting payment. So, that condenses the process into 3 steps.
This payment gateway has an extremely competitive conversion rate of just 0.8%
Supported platform plugins for Triple-A are:
Paxful is the one you should go for if you want a complete package, starting with trading crypto to accepting crypto on your website! It boasts of over 300 ways to buy and sell Bitcoin and already has over 4.5 million users.
Cryptocurrencies are here to stay. Being decentralized, corruption-free, and hack-proof, there is no stopping them!
Start accepting cryptocurrencies from customers today by following this guide and start compounding your profits.