If you own a business and take online payments, the chances are that you have at some point considered working with cryptocurrencies. The reasons for this are numerous – the main one being that they come with an assortment of benefits, not least lower processing fees.
However, there are plenty of risks, too, particularly when making decisions about which cryptocurrency payment gateway provider to trust. While there are many crypto payment gateways out there, not all are worth the time and effort it takes to integrate them.
This article will explore seven features that every best crypto payment gateway must have to give businesses exactly what they need. It is essential to know about all these before you start a business and accept Bitcoin payments or any other cryptocurrencies.
What Is A Crypto Payment Gateway?
A payment gateway is an internet service that makes digital currency payments easier. Customers can use cryptocurrency to pay for goods and services. It also enables firms to accept crypto, convert it to fiat currency, and deposit it to a designated bank account automatically. Here are five things to consider when choosing the best cryptocurrency payment gateway:
1. Low Exchange Rates
There’s no point in accepting crypto if you’re going to lose money when exchanging it back into Euros or Dollars! That’s why one of the essential features to have when searching for a gateway is competitive exchange rates (i.e., low fees) on all transactions; this will save merchants time and money by encouraging shoppers to use their service more often!
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2. Easy Platform Integration
The payment gateway you choose should be compatible with all major e-commerce platforms (i.e., Shopify, BigCommerce). With this in mind, make sure the crypto gateway is easy to install and will automatically detect payment options like wire transfer or PayPal, which allow merchants to receive fiat currency from users directly.
3. Multiple Cryptocurrencies Supported
If a company only accepts payments in one cryptocurrency (for example, you can only receive Bitcoin payments), it would not be a good choice as your gateway! Customers should be able to use whatever currency they want (fiat or crypto) and still complete the payment with you. This way, you will attract a more extensive range of customers and increase your revenue.
4. Security Features
The last thing any business needs is hackers trying to compromise their retail website and steal sensitive information such as credit card numbers and passwords. That is why every payment gateway worth using will have: reliable security features like SSL certificates, strong password policies, and dedicated 24/7 support teams that monitor activity and effectively deal with any potential security risks.
5. Solid Customer Service
If a problem occurs while a customer attempts to purchase a product/service, they will most likely contact your customer service team for assistance. If you don’t have a reliable and efficient customer support team that can handle these inquiries quickly, this might lead to lost customers. A solid customer service strategy is essential when deciding on the right payment gateway for your business.
6. Good Reputation
When starting your business, one of the last things you want is to choose a payment gateway with poor reviews or an established track record of problems! When searching for one, check out online forums and customer reviews to ensure no issues with their services. This will help you avoid unnecessary headaches in the future!
7. Instant Payments
A gateway should send payments instantly to your bank account, regardless of the payment method; this ensures you will receive customer payments as soon as possible after each purchase and not weeks later like traditional methods (i.e., check/wire transfers).
What Are Some Of The Dangers Of A Payment Gateway?
One of the biggest dangers companies face is centralized risks; since all cryptocurrency payments are processed through an online gateway, this leaves them open to potential technical issues (server downtime or connection problems between merchant and gateway).
Additionally, if you have chosen a company that holds your cryptocurrencies in their wallet, there will be fees for transferring your coins back into your wallet. This can result in unnecessary losses if you don’t plan ahead when transferring funds out of the service provider account.
Is It Worth It For My Business?
Cryptocurrencies are making waves, and customers are interested! According to Coinbase, 5.9 million people use cryptocurrency wallets today, and this number will only grow as the prices of digital coins rise. For example, if you were running a business back in 2009 and didn’t accept those payments, it would not be wise to accept them. But now!
Not only do many predict cryptocurrencies will replace standard currencies like USD and EURO over the next decade, but the interest from online shoppers has never been higher. This means businesses that introduce crypto payment options into their services (such as an e-commerce store) could see a massive spike in sales very shortly.
As technology advances and cryptocurrencies become more widely used worldwide, companies have found unique ways of integrating them into our daily lives. More merchants are choosing to incorporate cryptocurrency payment platforms with their businesses. There are already hundreds of different ways people have started using cryptocurrencies as currency, but one thing is sure: they are here to stay!