This allows the customer to pay with crypto by sending their chosen digital currency (Bitcoin, Ethereum, etc.) to the merchant. Solana Pay is a crypto payments processing platform that’s based on Solana, a blockchain that offers extremely fast and low-cost transactions. Since most merchants prefer to accept a currency that has a predictable value, Solana Pay is designed to work with stablecoins, which are tokens that maintain a stable value. Adding crypto as a payment method has become as easy as adding traditional options https://www.xcritical.com/ like PayPal to your website. Like NOWpayments, merchants using PaymentCloud to accept cryptocurrency should be able to add a crypto payment method with a plugin from RocketFuel. Head to the settings dashboard of your ecommerce platform and search for “RocketFuel Payment.” Then, click on “Install”.

Gain access to a $1+ trillion crypto market

• Never deal with crypto directly and transfer your money to your bank account on-demand.
• Blockchains are essentially public ledgers, so there’s a built-in record of every transaction that happens on most of them (privacy coins notwithstanding).
• With the right processor, you’ll be ready to take your small business into the crypto future.
• A cryptocurrency payment gateway is a payment processor for digital currencies, similar to payment processors gateways and acquiring bank credit cards use.
• As the largest centralized cryptocurrency exchange market in the US, Coinbase supports a long list of cryptocurrency options.
• This includes tech giants, retail stores, online services, and even some food and beverage chains.
• While this sort of works for Bitcoin mining, it’s an absolute nightmare for staking, where coins can be generated hundreds of times a year or more.

Its auto-withdrawal feature transfers the cryptocurrency to your own wallet without any extra fees. This platform supports more than 70 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. CoinGate stores most cryptocurrencies in how do i accept crypto payments on my website secure Cold Storage and charges a 1% transaction fee on all transactions. What’s more, PaymentCloud can even help provide a tailored payment gateway (combining specific business requirements) for those looking for a custom solution.

NOWPayments – Crypto payments processor with the broadest altcoin support

Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation. For those who prefer to use a cryptocurrency wallet, the process to pay online with crypto is generally similar. Transaction times depend on the cryptocurrency used, but payments typically take anywhere from a few seconds to a few minutes to process and confirm on the blockchain. BitPay shields you from the price volatility of Bitcoin and other cryptocurrencies. You get every dollar or euro of what you charge, minus a low transaction fee.

Pros and cons of using crypto payments (including stablecoins) for business

The supported currencies and tokens include Bitcoin, Ethereum, Ripple, Litecoin, Dogecoin, and so on. However, you need to have a Shopify account to access the Shopify gateway. Depending on the payment processor you use, the transaction charge of this platform will differ. This payment gateway supports payouts, retail payments, and billing. However, the system does not support a lock-in conversion rate feature if your customer pays using a different cryptocurrency wallet, so there’s a tendency for merchants to be underpaid or overpaid.

What cryptocurrencies can be used in crypto payments?

This includes free consultation, assistance with the KYB documentation, and support through the integration process. Merchants can use the Coinbase exchange to convert their USDC tokens to dollars or other (crypto)currencies. When it comes to accepting payments made in cryptocurrencies, Shopify Gateway is a globally trusted platform. Besides having a user-friendly interface, it accepts crypto payments from anywhere in a fully-secured manner. Some payment gateways are non-custodial, some are custodial, and others give you the option of choosing custodial or non-custodial accounts. In the latter case, a custodial account can minimize your contact with crypto while still allowing you to take payments.

When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility. At Business.org, our research is meant to offer general product and service recommendations. We don’t guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. BitPay provides payments buttons, a hosted checkout, and embeddable invoices for your website. Peter has been covering the cryptocurrency and blockchain space since 2017, when he first discovered Bitcoin and Ethereum. Peter’s main crypto interests are censorship-resistance, privacy and zero-knowledge tech, although he covers a broad range of crypto-related topics.

Binance Pay is a crypto payments service offered to all Binance users. It offers a borderless and contactless way to transfer and receive cryptocurrencies quickly. To send crypto, all you’ll need is someone’s email, mobile number, or Binance UID. You can also create a QR code that specifies an amount, cryptocurrency, and message to be sent to the counterparty. Binance Pay also has a list of Merchant Stores that accept payments through the service.

At CoinGate, we prioritize the safety of your transactions, employing robust security measures to protect your business and customers. Easily set up crypto payments with an official plugin or extension developed specifically for the e-commerce platform you’re on. All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction.

A payment gateway effectively adds an intermediary into the process. A crypto payments gateway is, for many newcomers, simpler to use than setting up and managing a wallet themselves. Bitcoin (BTC) and other cryptocurrencies can be used in almost any country. This saves you from converting into the local fiat currency when making international payments. When the payment is initiated, your payment provider submits it to the blockchain and it’s checked by nodes to ensure the customer has enough funds to make the payment. Once verified, the transaction is submitted to a block, awaiting miners to validate it.

But in reality, most businesses who accept crypto don’t hold on to it. Instead they work with partners who collect it on their behalf, and settle them into fiat. Stablecoins like USDT and USDC are increasing in popularity around the world and a good alternative for payments, because they provide far greater price stability. A cryptocurrency, also known as a crypto-currency or crypto, is a type of digital currency that is exchanged across blockchains.

As the user doesn’t have the private key, it is the third-party that ultimately owns the crypto. Most blockchains are decentralised, meaning no one organisation is in charge of their running. The two main roles are nodes and miners, which are both undertaken by coin owners. Nodes (or more specifically, computers) witness and verify transactions. If a user tries to double spend their coins by making two payments at the same time, the network nodes will reach a majority consensus on which payment was sent first. This is the payment that gets verified and confirmed on the blockchain, while the other payment will be rejected.

Strictly speaking, cryptocurrencies are digital assets, but they are increasingly being used as payment instruments. The oldest and most popular cryptocurrency is bitcoin (BTC), with a market cap of $521tr, accounting for almost half the value of all cryptocurrencies. A popular sub-category of cryptocurrencies are stablecoins, such as tether (USDT) and USD Coin (USDC).

Since the value of digital currencies can fluctuate so much, you may want to use a processor that will immediately convert the crypto into fiat currency. These platforms also allow you to accept multiple types of cryptocurrencies as payment for goods and services, which offers a lot of flexibility for your customers. A typical crypto payment processor often acts as an intermediary, offering strong encryption and fraud prevention measures, reducing the risk of chargebacks or fraudulent transactions.

The fastest way for businesses to get started with taking crypto payments is to work with a trusted crypto payments partner. They can manage every aspect of set up and the ongoing operation, from checkout integration to settlement and regulatory compliance. As we illustrated in the previous section, merchants can easily adopt cryptocurrencies payments. The unique technology of blockchains, and their separation from traditional banking and payment networks, provides businesses with a number of benefits when accepting cryptocurrencies.

Deposit settlement system, Top up your account balance with a separate payment. No extra costs or development needed from your side – it’s enabled by default. Please note that the availability of the products and services on the Crypto.com App is subject to jurisdictional limitations. Crypto.com may not offer certain products, features and/or services on the Crypto.com App in certain jurisdictions due to potential or actual regulatory restrictions.

A large exchange market also means Coinbase has the capability to insure merchant funds if they let Coinbase manage their account. As well as the benefits of offloading technical complexity and regulatory obligations, the crypto payment gateway provider can also keep volatile cryptocurrencies off the merchant’s balance sheet. They do this by immediately exchanging a customer’s crypto payment for a fiat currency and depositing this with the merchant’s business bank account, or in a virtual account on their platform. Pay is Crypto.com’s digital wallet that allows merchants to accept cryptocurrency payments both online and in person.

The payment link will show the customer the amount of cryptocurrency they need to send, and the wallet to send it to (often represented by a QR code). Another key factor to consider is the range of cryptocurrencies that different cryptoprocessors support. For example, while Coinbase Commerce supports all four major cryptocurrencies— Bitcoin, Ethereum, Litecoin, and Bitcoin Cash—GoCoin only supports Bitcoin and Ethereum. One of the biggest differences between cryptoprocessors is their approach to fees.

Keep cryptocurrencies you collect, convert funds into fiat currencies, or settle one cryptocurrency to another in real-time – it’s all up to you. Accept crypto payments, deposits, and donations online from your customers. They act as a mediator between your business and a cryptocurrency network, giving you tools to easily accept payments and convert them to your desired currency. This process ensures that the payment is both secure and immutable, thanks to the decentralized nature of blockchain technology.