Top Best 5 Cryptocurrency Payment Gateways to Look For

 Multiple cryptocurrency payment gateways have sprung up to keep up with the industry’s rapid expansion. It would be best if you always went with a payment gateway that is both secure and beneficial when choosing your organization. In light of the growing popularity of cryptocurrencies, merchants may want to learn more about the various available crypto exchanges and how to implement cryptocurrency exchange development. 

Merchants can utilize these providers to incorporate cryptocurrency payments without having to deal with the technical components of blockchain technology because they are more of a stopgap solution. Nevertheless, choosing a trustworthy and reliable crypto payment gateway service provider is essential. 

Fortunately, there is no shortage of top-notch service providers to choose from. Here are the five best cryptocurrency payment gateways currently available.

Why Customers Want to Pay For Cryptocurrency?

In spite of the market’s unpredictability, there is a substantial group of people that are interested in using cryptocurrency to make payments, decentralized finance (DeFi), and non-fungible tokens (NFTs). Instead of relying on banks and credit card companies, these people view cryptocurrencies as an investment in the infrastructure that sustains a decentralized finance sector. 

For some cryptocurrency owners, the idea of using their currency to pay for products and services is a real possibility. These customers can be a lucrative market for companies who accept crypto.

Top Best 5 Crypto Payment Gateways for Businesses

Payment gateways and related services enhance the payment processing capabilities and convenience of cryptocurrency transactions. It allows hashes (which may be copied, pasted, texted, or emailed) to be transmitted between wallets via crypto apps or QR codes. The following are some of the best cryptocurrency payment gateways currently available over the web.

Coingate

Many of the major players in the cryptocurrency payments industry concentrate solely on Bitcoin or a small handful of other cryptocurrencies. It’s common to see Litecoin, Ethereum, and even Dogecoin support, but you may have a tougher time locating gateways that accept Chainlink, Cardano, or Polygon. At CoinGate, you’ll find various cryptocurrencies to choose from. 

Through a plugin or module for specific eCommerce systems and payment platforms or through the CoinGate API, CoinGate can be incorporated into your sales processes. The invoices can also be provided via email or a link. If you want to keep your cryptocurrency, you can keep it in its original form or convert it to US dollars or Euros. 

Each transaction with CoinGate is subject to a 1% fee. A 0.2 percent USD settlement fee is charged (1% for Euros). It’s impossible to enumerate all of CoinGate’s supported coins here. It’s impossible to enumerate all of CoinGate’s supported coins here.

Also Read: A Guide on Cryptocurrency Exchange Platform Development

Coinbase

The largest cryptocurrency exchange currently available in the US market is Coinbase, based out of San Francisco, California. Both a starting point for many newcomers to the cryptocurrency market, Coinbase functions as an on-ramp and exit ramp. Merchants can use Coinbase’s cryptocurrency gateway, as expected, to process payments. 

Self Managed and Coinbase Managed are the two options for Coinbase Commerce. Essentially, the only difference between the two is who controls the cryptographic keys used to pay you: you or Coinbase. For most cryptocurrency lovers, holding your own private keys is the only means of ensuring that you have full ownership and control over your cash. As a bonus, you only need an email address to open a Self Managed account. The transaction fees for both types of account are 1%.

Why should you consider opening a Coinbase Managed account, exactly? You’ll have to deal with currency conversions on your own if you use a manual account. But Coinbase takes care of this for you automatically. Coinbase’s Self-Managed account, on the other hand, allows free fiat conversion for Coinbase customers. If your Coinbase Managed plan money is ever lost or stolen, you can be assured that Coinbase will reimburse you.

Bitpay

BitPay has been in the crypto payments business for almost a decade, even though bitcoin is a relatively new technology. The American Red Cross, Take-Two Interactive, and Shopify are just some of its notable clients. Payouts and invoices are supported as well as retail payments, making it a fully-fledged crypto payment gateway. 

BitPay’s payment system relies on a simple QR code invoicing method. Then things start to heat up. By securing the exchange rate at the point of sale, BitPay hopes to protect businesses from market fluctuations. For each of your sales that day, BitPay will combine them and deposit your balance into your bank account or decentralized cryptocurrency wallet. If you want to be paid in cryptocurrency, you can accept payment in that form, but you will never hold any of the cryptocurrency yourself. Bitpay charges a transaction fee of 1%.

NOWPayments

One of the most straightforward crypto gateways on our list is NOWPayments. If you’re trying to broaden your payment options beyond the typical suspects, this gateway can handle more than 50 different coins. Your monthly sales volume decreases the lower your transaction fees start at. If you want to settle in a currency other than the one you received, you must pay an extra 0.5%. With the fixed rate option, you’ll pay an additional 1 percent to protect yourself from fluctuation. 

You may think, why not just stick with peer-to-peer services? The key advantage is that NOWPayments can integrate with a wide range of e-commerce systems, including Shopify, Magento, and WooCommerce, among others. Taking payments online has never been easier or more affordable than with NOWPayments.

AlfaCoins

AlfaCoins offers lower transaction fees than most of its competitors (0.99 percent vs. 1% for customers). Still, that slight difference is unlikely to sway your decision to use AlfaCoins as your crypto gateway. AlfaCoins’ flexibility is more likely to grab your interest. 

AlfaCoins allows you a great deal of control over the transaction process. Whoa, a cost of 0.99 percent! You can either pay it yourself or pass it on to your customer. For 15 minutes following the generation of an invoice, your exchange rate is locked to protect you from significant fluctuation. As a part of the CoinSplit functionality, you can designate a portion of an invoice to a specific cryptocurrency, while the rest can be paid in another (including fiat). Merchants can control the amount of cryptocurrency they wish to be exposed to while making a sale.

When credit card transactions are becoming increasingly expensive, crypto payments can be a cheaper alternative. However, they are still in their infancy. Just make sure you choose a reputable and cost-effective service that gives you the level of exposure to crypto you desire.

Want to Develop Your Own Cryptocurrency Exchange Platform?

If you’re considering taking crypto payments in return for goods or services, congratulations on being an early adopter of what could turn out to be a big revolution in payments technology. In order to build a cryptocurrency exchange platform, you’ll need a lot of time, work, and money. Comprehensive market and user research, feature definition, effective UI/UX design solutions, selection of an appropriate technology stack, and a successful marketing strategy are all required.  

Looking for an expert cryptocurrency exchange development company? Suffescom Solutions has the necessary expertise in developing such high-quality online platforms. We have a team of top-notch experts who can help you design a unique and high-quality exchange service for your business.