Download How to Choose the Right Crypto Payment Processor for Your Business Choosing Crypto Payment Processor for Your Business

Learn to choose correctly crypto payment processor which is consistent with the company’s requirements. Discover the crucial factors to consider such as fees, security, supported cryptocurrencies.

Traditional and modern businesses are quickly embracing digital payments due to their many benefits. Today, cryptocurrency gateways are gradually becoming important in digital finance, facilitating cross-border settlements and connecting customers to companies from remote locations globally. Implementing such a system can unlock your business in many ways.

Factors to consider when choosing a processor

Choose the appropriate one crypto payment processor for the business ensures stable and safe financial operations; here are the factors you should consider:

1. Supported Coins:

Choose a provider that supports multiple coins, such as a mix of Bitcoin, Ethereum, Litecoin, BitcoinCash, USDT, etc. The availability of tokens specific to your business niche is better for reaching more people and offering flexible options to your customers.

1. Customer service:

Reaching a team of experts to access guidance and technical support is critical to maintaining the stability and flow of your financial operations on the gateway, so make sure you go with a provider that prioritizes customer support.

1. Scalability:

Whether you serve a few hundred or thousands of clients, your processor of choice should be robust enough to handle transfers quickly and efficiently while maintaining the infrastructure to cope with peak-time requests that overload the system.

1. Transaction Fees:

Low fees are a key advantage of gateways over traditional digital financial tools. You can significantly reduce your bills by carefully choosing a fast service that is transparent and fair with its pricing model.

1. Safety:

Although blockchain transactions are secure through the underlying blockchain technology, it is important to use a processor that goes a step further to provide security protocols and tools. This helps to reduce the risk of fraud, theft and loss of funds.

1. Availability:

Make sure your chosen processor uses multiple blockchains so that the service is always online and available 24/7. For example, if the Ethereum blockchain is under maintenance, Bitcoin, Tron, Litecoin, and other blockchains should be up for customers to complete payments.

1. User experience and integration:

Make sure you choose a processor with a seamless integration process using APIs, self-hosted keys, and a client-focused user experience. These are important for smooth operation and customer retention.

Detailed comparison of leading processors

The leading one crypto payment processor providers are BitHide, NOWPayments and CoinGate.

1. BitHide

• Supports over 150 coins, such as Bitcoin, Litecoin, USDT, etc.
• Provides 100% anonymity.
• No KYC or AML requirements.
• Offers wallet without custody.
• Offers plugins for various businesses within forex, e-commerce, gambling, etc.
• Enables self-hosting to ensure full control.
• Enables automatic withdrawals to minimize fees.
• Multi-level corporate account management and multi-user role permissions.
• Provides 24/7 customer support.

1. CoinGate

• Supports over 50 coins including Bitcoin, Ethereum and Litecoin.
• Offers plugins for popular e-commerce platforms such as WooCommerce.
• Takes a 1% settlement fee on transactions.
• Provides real-time exchange rate conversions to fiat currencies.

1. NOWPayment

• Charges 0.5% settlement fee on transactions.
• Offers transaction connectors, API and e-commerce plugins.
• Provides bulk payout solutions and 24/7 support.

The significant differences are transaction fees, stability and supported coins. While these services gain more customers, there is huge potential to serve more businesses, streamline their processes and increase satisfaction.

Case studies: Examples of successful integration

The adoption of processor for crypto payments services, especially in advanced countries. For example, over 100,000 merchants use gateways in Estonia and Lithuania. The increased attention from traditional financial institutions is attracting more sellers to blockchain-based systems. Some successful adoption cases are as follows:

1. Shopify seller Sickly Raptor accepts crypto payments.
2. Travel agency Travala uses a processor for hotel bookings paid with crypto.
3. The e-commerce store Purse.io uses a BTC-based payment system for Bitcoin payments.

These companies are leveraging blockchains for lower fees, reaching more customers, and the ease and comfort of managing transactions from one place.

Future considerations and technical advances.

The future to crypto payment services relies on innovative technologies to increase the speed and stability of blockchains and regulatory conditions affecting the use of cryptocurrencies. Stablecoins will also become more prominent in digital systems to preserve economic value. We expect more businesses to adopt crypto processors in their financial transactions as they become mainstream.

This post was last updated: 19 June 2024