Crypto payments have become commonplace as adoption continues to grow. There are thousands of merchants around the world who accept crypto payments for goods and services. Such payments are made through crypto payment gateways.
These gateways have made it possible for crypto owners to spend their assets directly without having to convert to fiat currencies. If you’re one of them, there is good news for you, because we will discuss the best crypto payment gateways you can use in 2023.
What Are Crypto Payment Gateways?
Crypto Payment gateways allow merchants to accept payment in cryptocurrencies. This payment can be cross-border or local, but they are made in crypto rather than fiat currencies. Although cryptocurrencies don’t have intermediaries for payments, gateways connect merchants and customers as it facilitates payment between the two.
You can accept or make payments on e-commerce platforms, a website, mobile applications, or even in offline stores in your neighborhood using a crypto payment gateway. There’s no need to worry about currency conversion when using a payment gateway, the crypto gets converted and deposited to the merchant’s bank account as fiat.
Transactions through these gateways are near instant since there’s no intermediary like a traditional bank that can slow down the process. Payment can be made from any country of course, since crypto is universal as long as you have internet access. If the merchant accepts crypto payments, there’s nothing holding you back.
The best Crypto Payment Gateways
Now that we know what crypto payment gateways are, let’s look the best ones available to use, and here they are.
CoinGate
CoinGate is a beginner-friendly, easy to use payment platform for making crypto payments. Merchants can easily set up and monitor payments of over 40 cryptocurrencies right on their phones. With it, you can set up bitcoin payment button on your website.
THere are also a range of plugins you can use to customize your own payment interface with CoinGate. Once set up, you can receive payment from customers from all over the world and have it finalized within an hour. Coingate charges a 1% fee on payments through its platform.
BitPay
BitPay is a household name in the crypto payment department. It is particularly suitable for small businesses because it only charges 1% fee on transactions after $1,000 daily limit or $10,000 annual limit. BitPay can be customized to set withdrawal transaction speed as you please, so that withdrawals can happen at set intervals.
It is easy to set up and use, making it suitable even for absolute newbies. It however only supports direct bank deposits in 38 countries currently, but more will be added to the list in the future.
BitcoinPay
BitconPay is a cheap alternative to other crypto payment gateways, so if you’re looking to save money on transactions, you should consider it. It charges just 0.8% in fees, but offers cool features such as fast withdrawals by completing transactions and making funds available in seconds.
You can use BitcoinPay to make payment to bitcoin wallets and other e-wallets as well as bank accounts, making it usable for anyone interested in accepting crypto. There are plugins for Magento, WooCommerce, OpenCart, PrestaShop, and many other shopping platforms.
SpicePay
SpicePay is a payment gateway particularly suited to merchants that rely on PayPal. It enables bitcoin withdrawals through PayPal, debit cards, and even standard bank transfer. merchants can withdraw in USD or Euro, whatever they prefer.
It is however slower that most gateways and can take up to 24 hours to complete a withdrawal. While new users enjoy free transactions for some time, SpicePay later charges 1% fee on all transactions after the welcome period elapses.
Conclusion
Are you a merchant considering accepting Bitcoin or other crypto payments? Using a crypto payment gateway is an easy way to achieve this. Depending on your preference and unique needs, you can use any of these trusted ones to start accepting crypto payments for your business.
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