In case you run a company and receive payments online, you’ve probably already thought about using cryptocurrency for some time. There are many reasons for this, the primary one being that they have many advantages, not the least of which is decreased processing costs. Nonetheless, there are many risks, especially when deciding which cryptocurrency payment gateway company to rely on. Even though many crypto payment gateways are available, not all are worth the time and effort required to integrate them. This blog post will discuss the seven characteristics that the top cryptocurrency payment gateways must have to meet the demands of businesses.
If you wish to accept Bitcoin payments or any other cryptocurrency, you need to know about all these things before you begin your business.
What Does Crypto Payment Gateway Stands For?
The purpose of a payment gateway is to make it easier for you to pay for virtual currencies using an internet service. Using digital assets as a means of payment allows customers to purchase goods and services. Cryptocurrency can also be accepted by firms, converted to fiat currency, and deposited automatically into a bank account. Choose the best cryptocurrency payment gateway by considering the following factors:
1. Low Exchange Rates
Receiving virtual money is useless if you lose funds while converting it back to fiat money. Therefore, competitive exchange rates (i.e., cheap costs) on all transactions are one of the key characteristics of a gateway; this will save merchants time and money by enticing customers to use their service more frequently!
2. Effortless Platform Integration
All well-known e-commerce platforms (i.e., Shopify, BigCommerce) should be compatible with the payment gateway you select. In light of this, make sure the crypto gateway is simple to set up and will immediately identify payment methods like PayPal or wire transfer, which enable businesses to directly receive customers’ fiat currency.
3. Multiple Cryptocurrencies Supported
The choice of a gateway would not be good if a company accepts payments in one cryptocurrency only (for instance, you can only receive Bitcoin payments). Customers need to be able to use whatever currency they wish (fiat or crypto) as long as they can complete the payment with you. By doing so, you are more likely to draw a broader range of clients and grow your revenue as a result.
4. Security Features
Hackers attempting to breach a retail website and steal sensitive data like credit card numbers and passwords is the last thing any company needs. This is why any payment gateway worth utilizing will provide you with: solid security measures like SSL certificates, strict password guidelines, and a committed 24/7 support crew that keeps an eye on activities and deals with any potential security problems.
5. Solid Customer Service
Selecting the best payment gateway for your company requires carefully considering your customer service approach. Customers that run into difficulties when trying to buy a product or service will probably call your client support department for help. They may leave if you don’t have a dependable and effective client service team that can respond to these questions immediately.
6. Good Reputation
One of the last things you want to do when establishing your business is picking a payment gateway with a bad reputation or a history of issues! When looking for one, make sure there are no problems with their services by checking online forums and client reviews. This will certainly help you to save yourself future headaches that are not essential.
7. Instant Payments
Payments should be sent directly to your bank account from any gateway, regardless of the payment method. Using a gateway will enable you to receive customer payments immediately, not weeks later, like traditional payment methods (i.e., check/wire transfers).
What are some of the dangers of a payment gateway?
It is important to note that companies are exposed to the risks associated with centralized risks. Since all virtual assets transactions must be processed through an online gateway, they are vulnerable to potential technical difficulties (server failure or communication problems between merchant and gateway).
Further, there will be charges for transferring your coins back into your wallet if you have picked a firm that keeps them in a wallet. If you don’t prepare ahead of time while moving money out of the service provider account, this may lead to needless losses.
Is it worth it for my business?
Customers are becoming more interested in digital currencies as they make waves. In accordance with Coinbase, 5.9 million people currently use cryptocurrency wallets, and it is expected that this number will only increase as the prices of digital coins rise in the future. In 2009, it wouldn’t make sense to accept those payments if you were running a business. Now things have changed!
The interest among online buyers in virtual currencies has never been higher, and many believe they will eventually replace traditional currencies like the USD and the EUR during the next ten years. In light of this, companies who integrate cryptocurrency payment methods into their offerings (like an online store) may soon experience a sharp increase in their sales.
Companies have developed specific ways to incorporate cryptocurrencies into our daily lives as technology evolves, and they are utilized more frequently globally. Incorporating cryptocurrency payment platforms into their businesses is becoming more popular among merchants. Cryptocurrencies are already being used in countless various ways, but one thing is for certain: they are here to stay!