Cryptocurrency is one of the most exciting developments in recent times. As bitcoin's popularity grows, many businesses have now started to accept bitcoin payments. Bitcoin has also propelled cryptocurrencies into mainstream media coverage and interest.
With the ever-growing popularity of Bitcoins and cryptocurrency, a few of the world's largest companies, such as Tesla, Overstock, Microsoft, At&T, and Mavericks, have started accepting Bitcoin and other digital currencies as payments.
This blog talks about some of the payment processing companies that can help your business start accepting bitcoin and other cryptocurrencies as a form of payment.
What is a Payment Processor?
A large business that wants to accept crypto payments should use a payment processing service. Payment processors charge monthly fees for their services and businesses with hundreds of transactions per day can benefit the most from using them.
A Payment processor can help any business looking to accept cryptocurrency payments:
- Minimize risk
- Eliminate fraud
- Reduce costs associated with credit card transaction errors
- Maximize sales through digital means
As one of the world's largest Bitcoin platforms, CoinBase is constantly innovating. They recently launched their commerce product that enables businesses to accept digital payments, such as Bitcoin and other cryptocurrencies, for goods and services. Coinbase Commerce provides bitcoin and bitcoin cash payment processing through an API.
The company also offers a service for merchants to buy bitcoin or bitcoin cash in bulk at wholesale rates with no transaction fees. CoinBase charges the price of your goods plus the cost of bitcoin as indicated on Coinbase's index, GDAX.
Coinbase lets you accept bitcoin payments but over 50 different currencies from around the world. They provide everything that an online business needs to succeed, including the tools to grow their audience reach, track conversions and sales in real-time.
The company provides essential tools and e-commerce integrations, such as Shopify and WooCommerce, to create bitcoin-only stores, bitcoin payment buttons that work with any major shopping cart, and bitcoin invoicing.
Coinbase Commerce is the fastest and easiest way for merchants to start accepting digital currency payments online. The key benefits of Coinbase Commerce are:
- Payment speed & efficiency
- No price volatility risk
Merchants who use Coinbase commerce have access to a dashboard that provides information about their transactions, such as order status or refunds in real-time.
They can also view a history of all processed orders on the dashboard. This saves you from having to log into each e-commerce platform separately and check your bitcoin balance at any given moment.
BitPay was founded by Tony Gallippi and Stephen Pair. The company serves more than 100,000 businesses around the world from small to large-scale companies such as Microsoft and WordPress.
The US-based credit card processor BitPay has been around since 2011 but it was only until recently that they started accepting cryptocurrency transactions from Europe after partnering up with European bank Wirex Limited back in January 2017.
Since this partnership works both ways, Europeans can now purchase items online using digital currencies, too. BitPay offers a hosted checkout and payment buttons, Shopify integrations to make crypto payments simple.
BitPay’s mobile app allows merchants to take payments in crypto, from anywhere. With a single integration into your current shopping cart system or standalone payment solution, you can start accepting bitcoin and other major cryptocurrencies. All this without the risk of price fluctuations and with a 1% transaction fee.
This is a company that enables businesses to accept Bitcoin, Litecoin, Dash, Dogecoin, and more. Cryptopay can also convert cryptocurrencies into fiat currencies. This provides ease for those who don't want their money in crypto form but instead prefer government-backed currency like pounds or euros.
For just one low fee of £99 per year (which saves you from paying credit card fees on every transaction), this payment gateway will process all transactions and alleviate any hassle when it comes to converting your funds back into fiat currencies. This can prove to be costly, later on down the line, if done manually.
Cryptopay enables businesses to receive funds into their bank accounts directly, which is a great alternative for businesses who want to avoid Bitcoin price fluctuation.
It also accepts other cryptocurrencies as payment methods, so your customers can choose whichever digital currency they prefer.
The company has gained traction in the UK market and now operates internationally with over 30m cardholders across Europe. This demonstrates that Cryptopay is not only one of the leading bitcoin debit cards providers but has become the expert at integrating bitcoin into everyday life. This includes giving access to online banking to even those people without bank accounts with their cryptocurrency wallets
CoinPayments is one of the many companies that can help your business accept bitcoin as payment. They have been around since 2013, making them a long-standing Bitcoin service provider for e-commerce merchants. Along with helping businesses accept bitcoin and cryptocurrencies, they offer other services such as bitcoin lending and international money transfers.
Coin Payments offers an effective solution for retailers and e-commerce platforms that want to take cryptocurrency payments from customers all over the world. Its plugins are available for major e-commerce platforms, such Magento, WooCommerce OpenCart, and Shopify platforms and it charges a low processing rate of 0.5%.
This means that with CoinPayments, your business can now easily offer bitcoin payment options alongside your other accepted credit card and PayPal alternatives
TripleA is a new cryptocurrency payment system that offers flexibility and reliability to bitcoin and other crypto coins for both online and offline merchants. The company was founded by Eric Varbier in 2018 with the developer-focused approach, TripleA makes it easy for any merchant who wants or needs crypto payments to accept them no matter their level of technical expertise.
TripleA ensures you have a seamless experience by removing the volatility risks with settlements in local currency. You can access it through your favorite platforms, such as OpenCart and WooCommerce while also integrating well with Shopify!
TripleA is the most complete commerce platform on the market today. TripleA provides you with a merchant dashboard that lets you facilitate customer refunds, track orders, and streamline accounts reconciliation all within one system.
This software has been approved by leading international standards of AMLs and KYCTOs to help your business stay in compliance with any situation or event so it can continue running smoothly.
Coingate offers a one-stop solution for accepting payments in Bitcoin and altcoins. They provide an integrated e-commerce plugin with payment buttons on platforms such as Android, iOS, Windows Phone, Web Storefronts (both PrestaShop & WordPress), and WooCommerce.
Their API can be used directly if you are running your online store or use it through their point of sale application. It also offers many features including blockchain explorer that tracks transactions made using Coingates services.
The cryptocurrency market has been skyrocketing since its inception. Bitcoin, an alternative currency that is gaining popularity among citizens and business owners alike, offers many benefits in comparison to using traditional paper money.
The idea of cryptocurrency payments is even more intriguing when you consider its use small purchases. If a business owner wants their customers to use crypto, they must ensure that there are always enough people willing and able to spend bitcoin.
Bitcoin is a great way to conduct business, but be aware that each time you buy or sell bitcoin, your company must pay capital gains tax.
It is also important for businesses to keep track of the value on the day it was received or sold as a general rule. Due to volatility any number can fluctuate dramatically based on supply-demand cycles so it's a good idea to accept big luxury purchases instead of the smaller ones such as groceries.