Cryptocurrency has been a growing trend across the globe for years. Although it’s still not the most popular form of payment for consumers, its popularity is growing. Many people are choosing to use cryptocurrency over regular currency now, for example in gambling. Those who enjoy casinos are now starting to use online spaces such as a DOGE casino or a Bitcoin gambling website to take their chances on winning. Many business owners are noticing this growth in popularity, and are having concerns as to whether they should be accepting the currency or not. As it continues to grow, merchants should consider whether or not it’s a viable business option for them to accept crypto for payment. Of course, merchants have done a lot of research into the success of Bitcoin and have often read articles about binance bewertung, also known as the binance rating. This research ensures that bitcoin is right for a business and something a business can utilize properly.
Cryptocurrency payment gateways are an easy way to give your customers another payment option without causing a ton of work or overhead for your business. If you’re interested in learning more about cryptocurrency merchant account services, keep reading! We will discuss the many benefits of these types of gateways, what types of currencies they can accept and how to help your customers feel comfortable with them.
What is a Cryptocurrency Payment Gateway?
This is a type of payment gateway that allows businesses to accept payment in the form of cryptocurrency. They can accept payments from anywhere in the world. They must have a sophisticated security infrastructure to protect their consumers and the business from fraudulent purchases due to the nature of cryptocurrency.
What are the Benefits of a Crypto Payment Gateway?
When it comes to running a successful business, there are a ton of benefits associated with crypto payment gateways and cryptocurrency. Here are just a few of those benefits:
Lower Transaction Fees
Allowing customers to use crypto as a payment type could save you hundreds or thousands of dollars in transaction fees. Crypto currency incurs much lower fees than traditional credit card payment systems because it is a decentralized system and there is no single entity that controls cryptocurrency.
Cryptocurrency uses something called blockchain, which is basically a digital ledger. Once a transaction is made on this ledger, it cannot be modified or deleted. As a result of this feature, the risk of fraud is significantly reduced.
Unlike traditional banks who require your name, address, phone number, social security number, etc., a Krypto wallet requires much less information. The nature of crypto allows both the merchant and the consumer access to only the transaction number and the wallet ID number. This means that important information is protected for your consumers, which will make them feel more secure and more likely to do business with you.
Global Payment Processing
If you want to sell goods or services overseas, crypto is the only way to go. It allows consumers to make purchases and instantly send the money to you without transaction fees or processing time. It also alleviates the need for converting different global currencies and the accompanying exchange fees.
YEP! You heard it right! With crypto, there are no chargebacks or refunds. Every crypto transaction is permanent and cannot be altered or deleted. This means less headache for you as a merchant and fewer unexpected withdrawals from your business account.
No Third Parties
As a merchant, you retain 100% control over your crypto wallet and the funds moving in and out of that wallet. With traditional payment gateways, it is the bank that ultimately controls your money and can authorize chargebacks, freeze funds, etc. With crypto, you are in charge of everything that happens within your account.
Can a Crypto Payment Gateway Accept Multiple Currencies?
Yes. A crypto payment gateway can accept payments from all over the world, regardless of what type of currency is used in any particular country. This is because crypto is not exchanged in dollars, pounds, Euros or any other type of physical currency. It stays true to its own form.
Be sure to open a multi-currency wallet when you set up your crypto account. This means that you can accept different types of coins, instead of just one. For example, if you set up a single-currency wallet that only accepts Bitcoin, you are denying yourself the ability to accept other forms of cryptocurrency.
If you want your business to be as versatile as possible, opt for the multi-currency wallet.
Can Credit Card Payment Gateways Accept Cryptocurrency?
Some credit card payments gateways have the ability to also accept crypto as a form of payment. This is not a common practice, but there are some pioneer gateways out there who are paving the way for this combination. The goal is to allow a consumer to purchase goods and services from you, regardless of what form of payment they choose to use.
A good example of this is the payment gateway offered by crypto payment processor EU Paymentz. This gateway can accept all of the payment types listed above and is easy to implement into your business strategy. There are a few others like it on the marketplace and more are likely to come.
Are There White Label Payment Gateways?
There are a variety of white label payment gateways available for businesses to use. White label gateways are gateways that allow your business or brand name to appear on the payment screens and apps. The benefit of this is to show your own branding while using a third-party processing page to complete transactions.
Many consumers feel uneasy or suspicious of businesses whose payment processing occurs on a different website than the merchant’s site. With a white label gateway, the consumer will have a seamless payment experience. This will alleviate any distress that may be caused by being directed to a third party site.
In an increasingly digital world, it’s important for merchants to stay ahead of the trends and adapt to changing market conditions. This includes not only producing innovative products and services, but also innovation in how your customers can pay for those things. Accepting cryptocurrency is just one piece of that puzzle.
A cryptocurrency payment gateway is relatively simple to setup and can open your business to a global pool of customers that you may not have access to otherwise. The good thing is, you’re doing your research first, which is why you’re here right now! Hopefully, you’ve learned some valuable information about crypto gateways and can help grow your business.
Kristofer Ortega is the sales manager of EUPaymentz. EUPaymentz specializes in payment processing services for companies located in European and other offshore jurisdictions.