When it comes to online payments, more and more businesses are considering cryptocurrencies as an option. This is because cryptocurrencies offer a number of advantages, such as lower processing fees. However, there are also risks involved in working with cryptocurrencies, especially when choosing a cryptocurrency payment gateway provider. With so many options available, it’s important to know which features to look for in a good crypto payment gateway. In this article, we’ll take a look at seven key features businesses demand from their cryptocurrency payment gateway.
If you want to accept Bitcoin payments or any other type of cryptocurrency, you should have a clear understanding of all these features.
How do Crypto Payment Gateways work?
An internet service that facilitates cryptocurrency payments is known as a payment gateway. Cryptocurrencies can be used by customers to make payments for products and services. Additionally, it allows companies to convert received cryptos to fiat and deposit it automatically into a bank account.
Choose the best cryptocurrency payment gateway by considering these five factors:
1. Low Exchange Rates
Accepting cryptos is pointless if you would lose money converting them into Euros or Dollars! To avoid this, it’s critical to find a gateway with competitive exchange rates (i.e., low transaction fees). Incentives such as these will help merchants save money and encourage clients to use their services more often.
2. A simple integration process
All major e-commerce platforms (such as Shopify and BigCommerce) should be compatible with your chosen payment gateway. Consider easy-to-install crypto gateways that will automatically detect payment options such as PayPal or wire transfer so that you as a merchant can quickly and easily accept fiat funds.
3. Multi-currency support
When a company accepts only one cryptocurrency for payments (for example, if you only can receive Bitcoin payments), it might not be the best choice when it comes to choosing your payment gateway. There should be no restriction on the currency that your customers can use to pay you (either fiat or crypto). It will allow you to reach a broader range of customers, which will lead to an increase in profits for your business.
4. Functions related to security
Businesses are often concerned about their retail websites being compromised by hackers who try to steal sensitive data like credit card numbers and passwords.
In order to protect your transaction data, every payment gateway should include the following security features: SSL certificates, strong password policies, and attentive 24/7 support services that track all the activity and handle potential security issues as soon as they arise.
5. Exceptional customer service
Whenever a client encounters a problem during the purchase process, they will most likely contact customer service. Customer loyalty might be lost if you do not have a strong customer service team. Choosing the right payment gateway for your business will require your gateway solution to have a well-thought-out customer service feature.
6. Excellent reputation
There is nothing worse than choosing a payment gateway that has poor reviews or a reputation for having a number of problems. Checking out customer reviews and forums online will be a good way for you to figure out whether there are any issues with the provider’s service. This will prevent you from potential headaches in the long run.
7. Instant Payments
A gateway should have a quick and reliable payment system. Using this method, you will be guaranteed to receive the payments from your customers immediately after each purchase, not weeks later as you would with traditional methods.
Are there any risks associated with payment gateways?
Among the biggest threats companies face are centralized risks; since cryptocurrency payments are processed through an online gateway, they are susceptible to technical problems (server outages or connection issues).
If you choose to hold your coins in the wallet of a company, transferring them back to your wallet will incur fees. Transferring funds out of the service provider’s account without planning ahead can result in unnecessary losses.
Can my business benefit from it?
There is a surge of interest in cryptocurrencies, and customers are taking notice! The number of people using cryptocurrency wallets today is estimated to be 5.9 million, and these numbers are only expected to rise. For instance, if you hadn’t accepted those payments in 2009, accepting them now would be a good idea.
In addition to many predicting that cryptocurrencies will replace traditional currencies such as USD and EUR in the next decades, online shoppers are becoming increasingly interested in this type of payment. Thus, businesses (such as e-commerce stores) that implement crypto payment options could see a big increase in sales very soon.
In parallel with the advancements in technology and the widespread adoption of cryptocurrencies, companies are finding unique ways to integrate them into our everyday lives. There is a growing trend among merchants to incorporate cryptocurrency payment platforms into their businesses. There are hundreds of different ways people use cryptocurrencies to shop and pay for goods. One thing is certain: cryptocurrency will be around for a long time!