Connecting crypto gateways to accept payments

Acceptance of cryptocurrency as a means of payment is gaining momentum. According to the coinmap.org portal, as of April 2021, there are 22,170 retail outlets and ATMs in the world that accept digital money. For comparison, at the beginning of 2016 there were only 7619 such objects. That is, there is a stable positive trend.

To join the modern movement and start accepting crypto payments, a company only needs a cryptocurrency gateway. This is a special software that acts as a processing center. Payment for goods / services with its help is as follows:

• You fix the currency in which you want to accept payments. It can be fiat, for example: USD, EUR, UAH, or a specific cryptocurrency: BTC, ETH, etc.

• Payment with cryptocurrency is made at the current rate. That is, you always know how much you will receive, and the volatility of digital money does not matter to you.
• The crypto gateway automatically converts money into the currency you specified and credits it to your wallet.
• You can withdraw funds to your bank account at any time.

The greatest benefit from accepting crypto payments is received by online companies: online stores, training centers, multimedia sellers, etc. However, this does not mean at all that offline stores are deprived of this opportunity.

Acceptance of digital currency as a means of payment has significant advantages:

• Instant payment. The money is credited to your account in a matter of seconds. No banking days or business hours.
• Access to customers all over the world. Cryptocurrency is a global thing for which borders between states are blurred. You can accept payments from anywhere in the world without unnecessary fees, checks and restrictions. According to forecasts of research centers, the volume of cross-border crypto payments by 2024 will grow 25 times – up to $ 4.4 trillion.

• No refunds. The crypto payment cannot be refunded, hence you exclude any refundable transactions.
• Prestige. Acceptance of crypto-payments gives a certain prestige, and favorably distinguishes the company from competitors.
• Promotion and loyalty. By empowering customers, you increase their brand loyalty and attract new consumers from the crypto community.
• Independence. You do not need to pay commissions to fiat processors such as Visa and Mastercard, which will significantly save on transactions.

To accept crypto payments, you can develop your own cryptocurrency gateway, or integrate a ready-made solution.

Popular cryptocurrency gateways

• CoinsBank

Convenient software with a good reputation in the world market. Supports a variety of fiat currencies including the US dollar, euro and British pounds sterling.

The advantages include the instant replenishment function. which allows you to replenish or withdraw money from a business wallet in one click. In addition, the gateway provides a high level of security.

• CoinPayments

Global cryptocurrency gateway supporting over 2000 digital currencies.

Offers easy and secure integrations for merchants: online checkout cart plugins, personal APIs, digital wallets, and other business tools.

Transactions in CoinPayments are expensive, which is the main disadvantage of the system.

• Coingate

The service has a convenient mobile application with which merchants can monitor transactions from a smartphone, anywhere. Supports about 40 third-party digital currencies, therefore sellers can significantly expand the list of currencies accepted for payment.

The disadvantage of the system is that money is credited not instantly, but within 60 minutes. The transaction fee is 1%.

When integrating third-party software for accepting payments, you need to understand that you are transferring full control over customer cash flows to a third party. Moreover, this service is not free. The operator will have to pay a fixed amount per month, or a percentage of all transactions made within the system.

This option is suitable for a small business. In the short to medium term, it costs less than developing your own cryptocurrency gateway.

For medium and large businesses, the issue of security and complete control of financial transactions comes to the fore. For such players, it is extremely unprofitable to pay a percentage of each transaction. In this case, the development of your own crypto-processing, in which commissions will be completely absent, looks much more attractive.

Advantages of your own cryptocurrency gateway:

• Flexibility. Such software is created individually, and is focused on the business processes of a particular company. Any integrations can be developed within the framework of such a project.
• Ease of use. A custom gateway contains only the necessary functionality, because, unlike ready-made solutions, it does not need to cover the needs of thousands of companies at the same time. Therefore, using such an application is much easier.
• Scalability. The gateway can be endlessly improved and improved. It develops along with the business, covering the necessary needs.
• Safety. All financial transactions that are carried out using your own cryptocurrency gateway are only under your control. Information about them is not transferred anywhere, and no third party can influence them.

AVADA MEDIA specialists will develop your own cryptocurrency gateway for your company, or help you set up a ready-made solution. For more than 10 years we have been helping to develop business for clients around the world: in the CIS, Europe and the USA, and we are one of the best developers of blockchain projects in Ukraine.

Modern technologies allow you to scale your business to an international level in a short time. Use this opportunity to leave your competitors somewhere behind.