Any company that accepts payments online has probably thought about accepting cryptocurrency at some moment. There are several reasons for this, but one of the most important is that they provide several advantages, including less processing costs. Yet, there are also several potential dangers, most notably when choosing a reliable crypto payment gateway service. Even if there are a lot of options for accepting cryptocurrency payments, not all of them are beneficial. Seven characteristics of the best crypto payment gateway are discussed in this article to ensure that these requirements are met.
Before opening a business and implementing the crypto payment system (or those of any other cryptocurrency), you must be familiar with all crucial moments.Â
What is a Crypto Payment Gateway?
With the help of a payment gateway, exchanging and receiving digital money has never been simpler. Bitcoin and other cryptocurrencies can be accepted as payment by customers. As an added bonus, this method also makes it possible for businesses to accept cryptocurrency, convert it to fiat currency, and deposit the funds directly into a bank account. When selecting a crypto payment gateway, you should keep these seven factors in mind.
- Low Rates of Exchange
There is no purpose in taking cryptocurrency if you’re going to lose money when converting it back into fiat currency. Therefore, one of the most important characteristics to look for in a gateway is competitive exchange rates (i.e. cheap costs) on all transactions; this will save businesses time and money by encouraging customers to use their service more frequently!
- Easily Integrate with Other Platforms
Your preferred payment processor should work with all of the most popular shopping cart solutions (i.e., Shopify, BigCommerce). Bear this in mind, it is vital to select a BCH payment gateway that doesn’t require any configuration on the part of the merchant and can identify common payment methods, such as wire transfer and PayPal, that enable the immediate transfer of fiat cash from customers.
- It Accepts a Wide Range of Cryptocurrencies
Not every firm that claims to be a cryptocurrency gateway actually is one, especially if they exclusively take Bitcoin. Your business should be accommodating to customers who choose to pay in any currency they like, whether it is fiat or cryptocurrency. You can expand your consumer base and boost sales by doing this.
- Safety and Protection Components
Hackers seeking to get access to a company’s retail website in order to steal sensitive information like credit card numbers and passwords is the last thing any company needs. This is why any respectable payment gateway will include robust security options like SSL certificates, stringent password requirements, and round-the-clock access to support staff who can keep an eye out for suspicious behavior and take appropriate action.
- Solid Customer Service
If a consumer has an issue while trying to make a purchase, they will likely get in touch with customer support to get it fixed. Potential clients might be lost if your customer service department is unable to respond swiftly and competently to their concerns. Choosing the best payment gateway for your company requires a well-thought-out plan for handling customer care inquiries.
- Credibility
Choosing a payment gateway that has a history of issues and bad reviews is the last thing you need when you’re just getting your business off the ground. Look into internet discussion groups and customer reviews before committing to one to make sure there are no problems with the services they provide. This can help you prevent costly hassles in the future.
- Instantaneous Transactions
Despite the payment method, a BCH payment gateway should immediately deposit funds into your bank account, ensuring that you receive money from customers as soon as possible after a purchase is made rather than waiting weeks, as is the case with more conventional payment methods such as checks and wire transfers.
What are some of the risks associated with using a payment gateway?
Since all crypto payments are performed within an internet gateway, businesses are vulnerable to technical challenges associated with centralized risks (server downtime or connection problems between merchant and gateway).
Furthermore, there may be fees associated with moving your money back into your wallet if you have picked a BCH payment provider that retains your cryptocurrencies in their wallet. If you don’t anticipate this while withdrawing money from the service provider’s account, you may experience avoidable losses.
Considering my company, is it a good investment?
Customers are paying attention to the cryptocurrency movement on a daily basis. With the rising value of digital coins, Coinbase, for example, reports that millions of users now have crypto wallets. For example, if you were running a business back in 2009 and didn’t take those payments, it would not be wise to accept them, but times have changed. Â
Online buyers’ interest in cryptocurrency is spreading across the globe on a daily basis, and many experts believe it could partially replace established currencies like the US dollar and the euro within the next decade. It follows that businesses that accept cryptocurrency payments (like online shops) may sooner or later experience a dramatic increase in revenue.
Businesses have come up with ingenious ways to incorporate cryptocurrency into our everyday lives as technology, and its use spread worldwide. There has been an uptick in the number of retailers accepting crypto payments. People have begun utilizing cryptocurrencies as money in hundreds of various ways, but one thing is certain: cryptocurrencies are here to stay!
