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According to Crypto.com research, the number of cryptocurrency users reached 659 million by the end of 2024, marking a 13% increase within a year. As this number continues to grow, more businesses worldwide are beginning to accept crypto payments from their clients. At the same time, more companies are offering crypto payment gateway services to process transactions.
And here’s a question: what system would be the best choice?
In this article, we’ll cover what cryptocurrency payment gateways are, how they work, and what factors to consider when choosing a reliable crypto payment gateway for your business.
What is a Cryptocurrency Payment Gateway?
A cryptocurrency payment gateway is a payment processor that enables businesses to accept digital assets as payment for goods and services, often converting them into fiat currency.
E-commerce continues to grow, with 2.71 billion online buyers in 2024, projected to reach 2.77 billion in 2025. In this landscape, offering convenient payment options is essential. Businesses are integrating crypto payment systems alongside traditional ones to access clients worldwide and get more referrals.
Crypto payment processors come with unique advantages that set them apart:
Crypto transactions generally have lower fees compared to traditional payment systems. It is particularly beneficial for international businesses, where traditional cross-border fees can reach up to 8%, while crypto payment gateway providers charge less than 1.5%, often with discounts available. Lower fees stimulate repeat purchases and boost customer loyalty.
- Reduced dependence on traditional banking systems
Crypto payment processing systems operate with reduced reliance on traditional banking systems and can speed up transactions faster, especially for cross-border payments.
Blockchain technology guarantees data protection for both parties and eliminates chargebacks, making transactions more secure.
Offering cryptocurrency as a payment option attracts a global customer base and enhances a company’s modern image, increasing conversion rates.
Setting up crypto payment processing is quick and simple. It requires fewer security checks than traditional payment methods.
A good example of a cryptocurrency payment gateway is the CryptoProcessing solution. Many businesses worldwide find it beneficial because of its high acceptance rates, almost instant transactions, and small commission fees. The solution allows the integration of online payments with more than 20 popular cryptocurrencies.
How Does a Crypto Payment Gateway Work?
Processing a cryptocurrency payment typically involves four steps:
- The customer selects a product, proceeds to checkout, and chooses cryptocurrency as the payment method.
- The system converts the price into crypto and generates a wallet address and QR code for payment.
- The transaction is verified on the blockchain.
- The merchant receives the payment in either fiat or cryptocurrency, and the customers receive their goods or get access to the services.
How to Choose a Crypto Payment Gateway for Your Business?
When selecting a cryptocurrency payment gateway, consider the following key factors:
While crypto transactions are inherently secure, it’s crucial to check if the provider offers two-factor authentication (2FA) and whether it stores assets in cold wallets to prevent fraud. 2FA and cold wallets are a must for a reliable crypto processing provider.
Yes, it has already been mentioned that crypto payment fees are lower than traditional payment methods. However, each crypto payment gateway provider charges its own fees. Nevertheless, it’s better to study the terms of service thoroughly to ensure there will be no extra costs.
Understand how long it takes to transfer assets to your bank account. Ensure compatibility with SEPA or SWIFT, as SWIFT enables global money transfers, while SEPA supports euro transactions within SEPA-zone countries.
- Supported сryptocurrencies
The number and type of cryptocurrencies supported are crucial. As of December 2024, 72.9% of global cryptocurrency holders own Bitcoin (BTC) and Ethereum (ETH). In this regard, businesses must choose a system that supports Ethereum and Bitcoin payments.
It’s beneficial for businesses to opt for crypto processors that offer 24/7 technical support.
By evaluating these factors, businesses can seamlessly integrate cryptocurrency payments and enhance customer satisfaction while staying ahead in the evolving digital economy.
