According to Huobi Research, more than 320 million people owned cryptocurrency in 2022, this number continues to grow. More and more companies are allowing their customers to pay for goods with «digital money» — and as well as amount of services offering businesses their services for processing crypto transactions.
In this article, we will tell you what criteria to focus on when choosing a cryptocurrency payment system and the features of popular services.
Benefits of Accepting Cryptocurrency Payments
For businesses, connecting cryptocurrency payments provides several advantages:
- Low fees for each transaction compared to fiat payment systems. This is particularly important for international businesses that work with customers worldwide. Read more about accepting bank cards and crypto payments in our article.
- No restrictions. Cryptocurrency payment systems are not regulated by a single state or banking system. This excludes blocking or freezing the account due to suspicious transactions and stopping transfers due to sanctions.
- Anonymity and irreversibility of transactions. Blockchain technology not only protects the payment data of both parties but also eliminates chargebacks.
- Increasing payment page conversion and attracting new customers. Accepting transactions in cryptocurrency is an additional payment method that is convenient for many customers. Moreover, working with virtual money allows you to create an image of a cutting-edge company.
- Ease of connection. Integration of crypto processing does not require complex verification and passing numerous security checks.
Read about other advantages of accepting cryptocurrency as payment in our article.
Things to Pay Attention to When Choosing a Cryptocurrency Payment Processor
Cryptocurrency processing is a tool for automating the acceptance and processing of cryptocurrency payments. It acts as an intermediary between the buyer and seller and makes it possible to simplify the payment process for both parties.
When choosing a service, we suggest you focus on several criteria:
- Security. Reliable protection of personal and payment information, storing user funds on cold wallets, the presence of two-factor authentication — ensure that your money is protected from the attacks of fraudsters.
- The size of commissions. Most services have a transaction fee of about 1%. Nevertheless, before connecting, you should carefully read the terms of service to make sure there are no additional fees.
- Withdrawal period. Clarify in advance how long it takes to withdraw funds from the balance in the payment system.
- Supported cryptocurrencies. The wider the list of available currencies, the greater the choice your customers have.
- Integration process. See if the service offers clear instructions, modules for popular CMS, and whether you can count on the help of tech support.
- User interface. The convenience of the payment process is an important factor for increasing conversions. Make sure that the checkout of the chosen crypto acquiring service has a clear interface, text prompts, and a user-friendly design.
- Reputation. Check the company's rating on popular review sites and read reviews from users to know the advantages and disadvantages of the system in advance.
- Tech Support. If the service offers technical support only by e-mail, and you have to wait several days for a response, it's better to look for another processor.
Popular Services for Accepting Cryptocurrencies
CryptoCloud
CryptoCloud is a system that processes transactions in Bitcoin, Ethereum, Litecoin, Tether, USD Coin, True USD (the list of cryptocurrencies is constantly growing). Minimum and maximum transaction amounts, as well as commissions depend on the currency. For example, for bitcoin, payments from 0.00000001 to 100 BTC are available with a service commission from 0.4%.
Withdrawal of funds to the account is performed within a few minutes.
The service is optimal for entrepreneurs due to the availability of prompt support and the lack of complex verification procedures. It also allows to accept payments via Telegram bot.
BitPay
One of the first services to process crypto payments. It deals with transactions in Bitcoin, Litecoin, Ethereum, Dogecoin, Shiba Inu and other cryptocurrencies and tokens. BitPay supports payments in 240 countries. The service is easily integrated on popular e-commerce platforms, including Shopify and Wix thanks to ready-made plugins.
BitPay supports payments from more than 100 wallets. The commission rate is 1-2% + $0.25 depending on the monthly turnover of the company.
Coinbase
The system has been around since 2012 and has a large user base, including over 11,000 organizations. There are integrations with Shopify, Jumpseller, Woocommerce and other platforms.
Coinbase processes transactions in popular cryptocurrencies and is constantly updating the list of available coins. SUI, Sperax, FLARE and others have recently been added. The fee for any transactions is 1%. A 1% fee is charged for converting cryptocurrency to fiat when withdrawing. There are no maximum withdrawal limits.
NowPayments
Cryptocurrency payment gateway processes the most popular cryptocurrencies and stablecoins. When a buyer makes a payment, the funds are instantly transferred to the merchant's account. Integration via APIs and CMS plugins for major e-commerce platforms is available. NowPayments also offers merchant terminals for offline stores.
If the transaction does not require currency conversion, the fee is 0.4%. The fee for exchange does not exceed 1%. When withdrawing funds in fiat, the service charges 2.3-1.5% depending on the transaction amount.
CoinPayments
The system supports more than 175 cryptocurrencies. The commission for cryptocurrency payments is 0.5%, token payments — 1%.
CoinPayments is suitable for both online and offline operations. In addition to APIs and plugins for e-commerce platforms, the platform offers tools for POS.
A further advantage is the mobile app for conveniently managing your account.
Coingate
The service allows you to accept payments in more than 70 cryptocurrencies. In the personal cabinet, an entrepreneur can convert profits to the desired currency, as well as to fiat. There are ready-made plugins for integration and a browser extension for POS. The minimum amount for withdrawal of funds is 50 euros. The size of the commission is 1%.
CryptoCloud: Functionality and Features
The primary function of CryptoCloud processing is the automation of crypto payments. In addition, the system's capabilities include:
- invoicing links for payment of goods and services off-site or online store,
- real-time notifications of completed transactions,
- collection of statistics and generation of business analytics in the personal account,
- opening limited access to statistics for other users.
The system allows you to work with several projects simultaneously. Connection is performed in a few minutes via API, CMS-module (Opencart, Woocommerce, GetCourse, Tilda, Drupal, PrestaShop and others) or HTML-widget. Registration and integration of the service are free of charge.
Learn more about the functionality and features of CryptoCloud in our article.
CryptoCloud for Accepting Cryptocurrency Payments
Receiving payments in cryptocurrency opens up a number of opportunities for merchants: from optimizing expenses on commissions to accepting payments from international clients under restrictive conditions. To automate crypto transactions, you need to connect a processing solution.
With CryptoCloud, you can increase conversion to purchase by providing customers with an additional payment method. If you want to get even more information about the work and capabilities of the service, register in your personal account or study the FAQ section. Learn about CryptoCloud news and updates in our Telegram channel.
