Recently the Atlanta-based cryptocurrency payment services provider, BitPay, announced that it has integrated the decentralized exchange aggregator 1inch Network. BitPay wallet users can now utilize 1inch protocol to swap a myriad of ERC20 tokens… but what is a cryptocurrency payment gateway exactly?
A crypto payment gateway essentially allows merchants to accept transactions in cryptocurrencies. Most payment processors promote the purchase and sale of many cryptocurrencies such as Bitcoin, Ethereum, Litecoin and others. Payment processors step into the picture to facilitate the immediate transfer of cryptocurrencies into fiat currency. They allow merchants to automate these payments and typically provide tools and reports to make the whole process as seamless as possible.
Crypto payment gateways help to ensure the quick and secure processing of transactions, and can serve as a valuable tool for merchants who want to accept crypto payments. Let’s take a look at some of the top crypto payment gateways of the year.
CoinGate: An Oldie but a Goodie
Gracing the crypto scene since 2014, CoinGate is one of the oldest and widely trusted processing gateways. In 2018 the company became one of the first crypto infrastructure services to incorporate the Lightning Network – a solution for the crypto network scaling problem. This move helped to increase transaction volume.
CoinGate has a user-friendly app which enables merchants to set up and monitor payments from their smartphones. The bonus is that the payment gateway supports well over 40 cryptocurrencies with Bitcoin, Dash, Ripple and Ethereum being noted among them. Users also can make use of a range of diverse plugins that allows for the creation of crypto payment buttons on most websites. CoinGate charges a small fee on all transactions and transactions normally take around one hour to complete.
NOWPayments: A Non-custodial Payment Option
NOWPayments is a product that originated from the ChangeNOW platform. ChangeNOW is a non-custodial, instant crypto exchange where users are able to swap between various crypto assets through a user-friendly interface. ChangeNOW essentially acts as the backend exchange for certain aspects of the NOWPayments processing system. Users are able to accept more than 75 different crypto assets, which can be received in the form of a crypto asset of the merchant’s choice.
Additionally, users can have their crypto assets converted to fiat currency as soon as those payments are received. The platform can be used in a number of ways, from donation buttons to invoices for freelance workers. The goal of NOWPayments is to make cryptocurrency payments more accessible in general.
BitPay: An Open-source Payment Gateway
Developers have described BitPay as “Bitcoin payments, deposited to your bank account.” Once received, the platform converts the bitcoin into the user’s preferred currency and adds the full amount of the payment to the user’s next BitPay account settlement. From there, funds are deposited into the user’s bank account or bitcoin address. Launched in 2011, BitPay is considered to rank among the best and simplest payment gateway processors in the market.
CoinPayments: A Gateway Aimed Largely at Merchants
CoinPayments provides an extensive list of supported cryptocurrencies and boasts one of the most inexpensive commissions for crypto processing. Merchants using this gateway can expect to pay a scant 0.50% transaction fee. Another interesting thing to note about CoinPayments is the airdrop of its CPS crypto coin. It lets all users benefit by having a 50% discount on some parameters such as online withdrawal fees, hosting fees, transaction fees and rebates. The mobile version is compatible with iOS and Android as well.
GoURL: A Free Option
GoURL works with most major cryptocurrency wallets and offer their users a high degree of anonymity. Apart from a clear payment breakdown, payment transactions can reportedly be completed within 30 seconds. The platform charges a 1.5% fee on all payments made through a website and a stiff 3.5% for using Monetiser Online.
SpicePay: For Those Who Rely on PayPal
SpicePay enables merchants to withdraw their crypto payments via PayPal and even debit cards, along with the standard bank transfer. With SpicePay cryptocurrencies can be exchanged to USD, EUR or GAD, depending on user preference. While new merchants get free transactions for a limited time, a flat rate of 1% applies afterwards.
ALFAcoins: For Split Payments
ALFAcoins is a secure payment processor and payment gateway for merchants. It easily integrates into websites or existing payment flow, with an API, widgets and e-commerce plugins to boot. It sports a unique feature of offering payments to be split between fiat currency and crypto. As a further bonus, this crypto payment gateway can be used in most countries in the world (with the exception of Iran and North Korea) and users can make withdrawals in either USD or EUR.
As the global economy keeps evolving, crypto may be increasingly accepted as a payment option by merchants worldwide. Payment gateways offer secure ways of accepting transactions in cryptocurrencies, opening up a world of possibilities.