According to studies, the cryptocurrency market will grow by up to 60% by 2025. Businesses are integrating cryptocurrency gateways so in many e-shops you can see a cryptocurrency payment method among traditional methods such as credit card and PayPal.
For businesses, integrating a cryptocurrency payment method can attract more customers who prefer secure payments. Also, this is the way to reduce service costs that are obligatory for credit card payments. Some entrepreneurs just want to support the cryptocurrency revolution.
But there’s one thing you need to keep in mind when thinking about accepting bitcoin. This currency is super volatile. You need to make sure you’ll be able to convert it to fiat currency right after you receive the payment.
In this article, we’d like to highlight 5 popular payment gateways for businesses that accept bitcoin and transfer it to fiat currencies automatically.
Payment21® is a Swiss-based bitcoin cashier system for online merchants, multinational corporations, and financial intermediaries worldwide. The company offers solutions optimized for eCommerce, mobile commerce, and in-store transactions. They have tremendous experience in establishing payment and banking systems in Europe and the United States.
Payment21® bitcoin cashier system accepts digital cash online in compliance with AML-laws. The service includes a payment gateway, collection of funds, currency exchange, clearing and settlement, data processing, reporting, and compliance services. It allows eCommerce stores to accept not only Bitcoin but also Ether.
Settlements times are very short: payments are transferred to your account in real-time and get settled in a legal tender on the same day or the next business day.
The transaction fee depends on your business model, industry, transaction status, geolocation, and a number of other factors. The system also supports fixed price plans, flat-fee pricing, and tiered fees. CS-Cart works with Payment21® by default.
BitPay was founded in the United States in 2011 when bitcoin was in its infancy. They are pioneers in cryptocurrency transactions. BitPay offers a number of options of accepting bitcoin for businesses: on the website, by email, or in person.
BitPay is one of the most trusted cryptocurrency payment systems in the world: BitPay is used by Microsoft, Newegg, AirBaltic, Twitch, and thousands of other vendors worldwide.
The mechanism of accepting payments is simple: you integrate your eCommerce website with BitPay and add the bitcoin payment method to the checkout page. When customers pay via the cryptocurrency at a locked-in exchange rate, BitPay converts it to US dollars, euros, or any other fiat currency. Then BitPay initiates a bank settlement to you the next business day. Simple as that.
The pricing is also simple: BitPay takes a 1% transaction fee. They offer unlimited monthly transactions and daily settlements.
Coinbase for commerce is an online cryptocurrency cashier that accepts Bitcoin, Ethereum, Litecoin, USD Coin, and DAI. Over 8,000 merchants accept cryptocurrency through Coinbase worldwide. Coinbase integrates with WooCommerce and Shopify by default but it has a robust API for custom integrations with other shopping carts.
The service offers ready-made checkout pages and payment buttons, so you will be able to start accepting cryptocurrencies very quickly. After a sign-up, you get access to all the features, robust API, multi-currency functionality, webhooks for charges, customized payment buttons, and hosted checkout pages.
But the coolest thing about Coinbase for commerce is that it’s free—no fees to accept cryptocurrencies.
CoinGate is one of the oldest cryptocurrency processing services—it was founded in 2014. Now, it integrates with lots of popular shopping cart solutions. It has a good reputation among merchants and partners with big companies like Dimoco, Changelly, Elliptic, Simplex, Dao Pay, and others.
The mechanism of accepting payments is simple and transparent: a customer picks cryptocurrency to pay for a product, CoinGate calculates the amount in the selected cryptocurrency and generates a payment window for the shopper. Them Coingate collects the payment and you can receive payouts whether in fiat currency or crypto.
CoinGate offers three payment plans: 1% transaction fee for merchants, 3% fee for traders, and custom pricing for enterprises.
CoinsBank is an all-in-one cryptocurrency payment processor that supports instant deposit and withdrawal through the mobile application. The service works with all major fiat currencies. The Coinsbank wallet can be easily synchronized with your debit card in just a couple of clicks.
Among major features, we’d like to highlight instant deposit and withdrawal, convenient currency exchange in current market rates, two-factor authentication, 24/7 customer support, easy setup for conversion, and payouts based on time period or the accumulated amount in cryptocurrency or major currencies.
Opening and closing the account is free. Transaction fees depend on the type of cryptocurrency and other factors. You can see all the information about the fees on their website.