Why businesses should accept bitcoin
Explore our in-depth product development tutorials and new technology announcements published by our software development experts. Bitcoin might be down but it is not out. Though merchants are still not up-taking Bitcoin in large numbers, many companies still see the benefits of accepting Bitcoin as a way to boost sales. The tidal wave known as bitcoin mania arrived at our shores in mid Released back in , by the enigmatic Satoshi Nakamoto , Bitcoin was the first cryptocurrency based on an innovative new technology called blockchain.
Cryptocurrencies allow for the transfer of coins between individuals on a decentralized peer-to-peer network, which effectively eliminates the need for outside parties to be involved in the transaction. In this article, I aim to reveal the best bitcoin payment gateways out there today. I will start by giving a brief explanation as to why adding bitcoin to your existing payment methods is a good idea, before giving an explanation of how these cryptocurrency payment processors operate.
After I have done so, I will reveal the best bitcoin payment gateways for merchants in and examine what unique features they each have to offer. As a digital currency, Bitcoin can and should be used for its intended purpose — to facilitate the transfer of payment for goods and services.
The more merchants that accept bitcoin as a form of payment the quicker cryptocurrencies will take root. As a merchant, the importance of offering a good range of different payment options cannot be understated.
Accepting bitcoin as a means of payment will give merchants access to new customers and help to boost profits. It is a win-win situation that no merchant should ignore. What is a bitcoin payment gateway? Why businesses should accept bitcoin Best cryptocurrency payment gateways of A bitcoin payment gateway allows merchants to accept transactions in bitcoin. As you are no doubt aware, the cryptocurrency market is incredibly volatile. Since then there have been several rapid rises and declines in a matter of hours.
Payment processors facilitate the immediate transfer of bitcoin and other altcoins into fiat currency. They allow merchants to automate these payments and provide a host of other tools and reports to help make the whole process as convenient as possible.
There are a number of benefits to allowing customers to pay with bitcoin. Here are the main reasons merchants should consider adding bitcoin to their payment method portfolio:. Coinbase is the largest bitcoin exchange in the United States and is also one of the biggest cryptocurrency global exchanges as well.
With such a large number of users, Coinbase has the resources to develop some amazing features to help make life easier for its users. The company is based in the United States and therefore is required to adhere to all U.
S laws on currency exchanges. For this reason it is one of the most trustworthy exchanges, something which is very important given that the cryptocurrency market remains largely unregulated.
Coinbase can be used as a payment gateway as well as a normal exchange. It facilitates instant currency conversion from Bitcoin into fiat currency without the need for the merchant to have to request a withdrawal. The only drawback to Coinbase is that it only operates in a limited number of countries worldwide. For more information, you can click this link to visit their site. Coingate has a really user-friendly app that allows merchants to set up and monitor payments from their phones.
Undeniably one of the best payment processors for bitcoin, AlfaCoins has the unique feature of offering payments to be split between fiat and cryptocurrency. For those merchants who wish to retain some amount of bitcoin from each transaction to cash in on surging prices, this is a great option as it allows them to hedge their bets without risking the entire amount.
While AlfaCoins has a slightly lower transaction fee of 0. That said, however, AlfaCoins charges no further fees to install the payment gateway and is subscription free too.
A further bonus is that AlfaCoins can be used in any country with the exception of Iran and North Korea. It allows funds to be withdrawn in USD or Euro. Shopify is one of the world most trusted bitcoin payment gateways. It is really easy to set up and has plenty of customer service support should you need any help.
The only drawback with Shopfy is that merchants are required to sign up for a Shopfy merchant account in order to use the payment processing facility. Transaction fees vary depending on which payment processor a merchant chooses. A really cool feature that BitPay offers is the ability to set withdrawal transaction speeds to whatever time frame is required. This feature is really handy for merchants who need or prefer withdrawals to occur at set intervals. Another nice feature is the two-factor authentication that helps make accounts even more secure.
BitPay is an easy and simple payment gateway to set up and operate. The whole process has been streamlined to make it as straightforward as possible for less tech-minded merchants. This makes it an excellent choice for small businesses and startups. The only drawback is that BitPay currently only supports direct bank deposits in 38 countries. GoCoin is much loved by developers around the globe.
This is because it offers a very simple and straightforward API for them to use. This cryptocurrency payment gateway receives rave reviews for its customer service.
It is supported in all but a handful of countries around the world making it an accessible option for merchants everywhere. It charges just 0. Despite having lower fees, BitcoinPay still offers super-fast withdrawals where funds are received and available in seconds. It supports payments to bitcoin wallets and other e-wallets along with to bank accounts, and so is a good option for those merchants who are serious about cryptocurrencies.
As an added bonus, BitcoinPay also offers really clear reports that help merchants review completed transactions easily. This function will undoubtedly be welcomed by small business owners who have to check transactions manually. GoURL works with all the major bitcoin wallets and is even compatible with bitcoin debit cards such as the one offered by BitPay. As a result, it offers a high degree of anonymity, something which is appealing to many users of bitcoin.
Its WordPress plugin is highly regarded, something which helped it be be rated as one of the best payment gateway plugins for that platform. The GoURL platform offers clear payment breakdowns that make managing orders really straightforward.
Payments are received within 30 seconds of being transacted and are extremely reliable. Another great feature about this platform is that it allows merchants to setup 1-click payments on their sites using Monetiser Online. Sadly, there are a few drawbacks with GoURL as a payment gateway.
Secondly, fees are high when compared to the other payment gateways on this list. GoURL charges a 1. Since these prices are comparable to the credit card fees that businesses must pay, it is unlikely that any merchant will choose GoURL on the grounds of trying to save money. Euro payments are slower than some of the quicker exchanges and take up to 24 hours to complete.
However, if your business relies heavily on PayPal then it is certainly a great platform to consider. Spectrocoin is a pretty standard payment gateway.
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Choose your own fees
Bitcoin is perhaps one of the most widely discussed financial news in the last decade. It is a digital, P2P currency that was founded by Satoshi Nakamoto. Unlike our tangible assets, this digital currency is mined by solving an abstract, mathematical algorithm. If you own a bitcoin, you can easily store and send it using e-wallets. Over the years, blockchain and crypto-technologies have firmly trotted themselves in our daily life. And it is getting more and more difficult to find a single person with no clue about tokens, crypto-exchanges or financial transactions in cryptocurrency. Meanwhile, PaySpace , a reliable payment service provider, provides its merchants with an opportunity to have an unlimited number of Bitcoin merchant accounts for mining and processing payments in cryptocurrency in more than countries. PaySpace, inter alia, has always provided an opportunity to make payments in local currencies to avoid double conversion.
Protection against fraud
Due to the increasing acceptance of Bitcoin and other cryptocurrencies, many businesses have started payment services that earn fees, by allowing customers to pay using cryptos.
Cryptocurrencies allow for the transfer of coins between individuals on a decentralized peer-to-peer network, which cuts out the middlemen typically involved in these transactions.
One of the benefits of cryptocurrencies is that transactions can occur in cyberspace, with no fiat currency having to change hands. These transactions are a lot less expensive than using a typical bank, which charges a lot in fees.
This is one of its most attractive features. The value of a cryptocurrency, when it is exchanged for a fiat currency, depends on the current market price, just like any Forex market. Now, more and more, you can use cryptocurrency in nearly every facet of your life, and pay for goods and services: buy coffee, order pizza delivery, or even pay your credit card with BTC.
Here, we take a look at the 9 best Bitcoin payment processors for merchants. As a digital currency, BTC can and should be used for its intended purpose — to facilitate the transfer of payment for goods and services. The more merchants that accept the digital currency as a pay form, the quicker cryptocurrencies will take root. Nowadays, a growing number of businesses are accepting digital currencies, as the available options for payments increase in number and function.
Bitcoin merchant services work similar to the processing of a standard credit or debit card reimbursement service, with some specifics to Bitcoins. They enable sellers and businesses to receive payments in BTC from individuals for the goods and services being sold or delivered. When you use your credit card to pay for your groceries at the supermarket, buy a new book on Amazon, or pay your credit card bill with digital currency, a payment service system works behind the scenes to enable authentication and processing of your credit card for making the discharge.
A similar workflow happens with the Bitcoin credit card processing. Cryptocurrency payment services act as an intermediary between the payer and receiver for processing waht payment that also involves recording the transaction on the blockchain public ledger.
They allow sellers to accept crypto transactions both online and at physical locations without the buyer or the seller worrying about the complex background process of Bitcoin payments that gets executed in the background. These days, most of these processors facilitate the buying and selling of many other altcoins such butcoin Ethereum, Litecoin, Ripple, and Bitcoin Cash.
However, the cryptocurrency market is incredibly volatile. This kind of volatility means that business enterprises of all sizes need to ensure that any amount received in BTC are quickly converted into fiat currency to avoid any potential losses. Payment processors facilitate the immediate transfer of cryptocurrency into fiat hitcoin.
They allow merchants bitfoin automate these payments and provide a host of other tools and reports to help make the whole process as convenient as possible. All mecrhant payment services provide you with multiple options on how to accept Bitcoin: solutions for various platforms, like integration with e-commerce platforms Shopify, PrestaShop, and Magento ; through in-store point-of-sale POS systems, like Soft Touch and DC POS; and mefchant direct transfers from within the popular billing and accounting solutions, like Host Bill and Invoice Ninja.
After signing up for Bitcoin merchant mercgant, you can start receiving crypto what is a bitcoin merchant from customers from across the globe. Your customer si to make a Bitcoin transaction at the checkout and pays the amount at the locked-in exchange rate applicable at that moment. You receive the coins to your BTC merchant account. After that, the Bitcoin payment service instantly converts the received coins into the currency of your choice eliminating the volatility risk at this step you can also transfer the coins to your own BTC wallet instead of exchanging them for fiat currencies.
The money gets added to your account, and it finally gets credited to your designated bank account at the decided frequency once the accumulated account crosses the threshold limit. The service also sends the necessary details in a secure manner to the blockchain network for the transaction to be authenticated and recorded on the public ledger.
Miners, who verify and add the transactions to the blockchain, receive a miner fee. This fee does not go to the payment service but is given to reward the miners for their work done for verification and authentication.
Bitcoin is a faster and cheaper monetary exchange for providers of any services or goods. Whether online or at a physical location, using cryptocurrency has significant benefits compared to credit card services and other methods. Digital currency for B2B payments, especially for international ones, is becoming more and more commonplace. The advantages, however, are also there for B2C e-commerce businesses. Coinbase Commerce is the easiest and safest way for your business to start accepting digital currency payments.
Run your business from anywhere in the world and get access to a global customer base by accepting the borderless digital currency. However, it currently only supports U. Notable merchants using Coinbase are Dell and Expedia. It also seamlessly integrates with Shopify to make accepting cryptocurrency easier than. Simply connect your Coinbase Commerce account to start accepting cryptocurrency as your payment option. An added value is that there are no transaction fees if you keep the funds in Merchatn.
They are the largest BTC payment processor in the world, serving industry-leading merchants on six continents. You can receive a settlement for BTC bitciin BCH directly to your bank account in your own currency, with zero price volatility or risk. No transaction fees for 30 days. WordPress has rated GoUrl as one of its top Bitcoin plugins.
Nice features include integration with all website pages and no navigation to external payment pages. Conversion is not automatic, however, so the rate will depend on the exact time of conversion. You pay 1. The company believes that eliminating the need for central authorities and banks from invoices with Bitcoin will create more efficient and vivid Bitcoin community.
The platform uses secure user-side encrypted multi-signature wallets for their escrow purposes that eliminate the possibility of malicious actors stealing the funds involved. You are no longer required to own a bank account to receive payments. Your clients will make a payment to CoinNexus bank account and you will get Bitcoins to your Lamium account.
Every time you refer an invoice to their database you will each receive a 0. Payout of referral bonus will be done upon request via the connected Lamium wallet once you have reached a minimum payout amount of 20 EUR.
AlfaCoins has the unique feature of offering payments to be split between fiat and cryptocurrency. For those merchants who wish to retain some amount of BTC from each transaction to cash in on surging prices, this is a great option, as it allows them to hedge their bets without whats the most bitcoin can be worth the entire. While AlfaCoins medchant a slightly merchanf transaction fee of 0.
However, AlfaCoins does not charge additional fees for their payment gateway and is subscription-free. A further bonus is that AlfaCoins can be used in any country with the exception of Iran and North Korea. It allows funds to be withdrawn in USD or Euros. It is really easy to set up and has plenty of customer service support should you need any help. The platform is crammed with loads of good features, including APIs that allow integrations with Coinbase and other payment gateways that help make transaction processing as easy and transparent as possible.
Blockchain Merchant is the free point-of-sale app for Android that makes it easy for your growing business to instantly accept Bitcoin at any retail location. Just set up the Blockchain Merchant app with your cryptocurrency wallet address and your business can start receiving BTC immediately. POS web app can be accessed from any internet-enabled device directly in a web browser. Sell on outdoor locations or when on the move without impacting speed or performance. New orders can be created and processed within seconds in a few steps without any interruptions or delays.
The application works as a virtual terminal and usability is simple, highly intuitive and quick for new staff to learn. Bicoin from offline mobile devices is supported by Bluetooth Android. The whole process is fast and secure. This solution best suits merchants without a fixed point of sales like a pop-up or street traders. It supports tablets and smartphones. LILKA registers sales and provides complete sales overview needed for accounting.
As a merchant, you cannot underestimate the importance of offering a good range of different payment options. Accepting cryptocurrency will give merchants access bitdoin new customers and wat to boost profits.
It is a win-win situation that no merchant should ignore. Of course, you should not forget to pay taxes. And if you are accepting BTC, you need to publicize that fact with a sign.
There Are Many Reasons...
Bitcoin is an emerging market of new customers who are searching for ways to spend their bitcoins. Trusted by x of startups and enterprise companies like. Compare Investment Accounts. For those merchants who wish to retain some amount of bitcoin from each transaction to cash in on surging prices, this is a great option as it allows them to hedge their bets without risking the entire. Choose your own fees There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Euro payments are slower than some of the quicker exchanges and take up to 24 hours what is a bitcoin merchant complete. Currently, Merchabt supports withdrawals in these countries with these fee schedules. Alas, advances are also being made in mining techniques. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Coinbase Commerce Coinbase Commerce allows merchants to accept multiple cryptocurrencies payments from global customers. With such a large number of users, Coinbase has the resources to develop some amazing features to help make life easier for merchsnt users. Example Profile. Over 2, vendors across different countries CoinPayments is the first and largest payment processor of over 1, cryptocurrencies. Copy link. Your Money.