Regardless of the market crash of 2022, cryptocurrency adoption continues to grow around the world. The 2022 Global Crypto Adoption Index by Chainalysis Index shows countries with significant crypto adoption rates, including India, the Philippines, and Vietnam.
Firms are now able to achieve an improved edge in terms of cross-border efficacy and upgrade their speed and efficiency while saving on fees. With so many major players in the industry, it is important to fairly assess the sector in order to make an informed choice. Today we will analyze some of the top cryptocurrency payment processing solutions on the market.
Why Businesses Adopt Crypto Gateway Payments
Before diving into the list of top players, it’s worth diving into the reasons behind crypto payment processing adoption.
First, there are significant financial benefits. Top bitcoin payment providers charge fees as low as 0.5-0.8%, but many also offer volume-limited free trial periods. For fiat processors such as Visa and Mastercard, you can expect these fees to rise to 3.5%. Moreover, while in the traditional financial world we would expect to maintain a high rolling reserve to deal with chargeback requests, blockchain completely eliminates the possibility of chargebacks. This means that merchants can redirect funds to more important facets of the company. Additionally, all transactions are final by default.
Second, the global nature of digital assets allows businesses to grow their customer base. All you need to access your crypto wallet is a smart device and the internet. This means that by opening up your brand to cryptocurrency gateways, you can reach new markets of potential customers on a global scale.
Third, there is speed. Cryptocurrency payment gateways offer instant payments because there are no intermediaries. For comparison, PayPal states that transactions can take up to five business days to complete. For merchants, such delays reduce business efficiency. This is a problem that can be perfectly solved by the integration of crypto payment processing gateways.
As a result of the aforementioned benefits, nearly a quarter of all online businesses will be onboarding cryptocurrency payment processing by 2025. So let’s take a look at some of the top players in the market.
BitPay is the oldest Bitcoin payment processing solution on the market. The platform has offered instant fiat currency conversion since 2011. This allows clients to eliminate the risks, especially volatility, associated with holding cryptocurrencies on company books. The BitPay platform currently supports 8 different currencies and offers withdrawals in 38 countries. Although not fully global, the service covers the most important regions and currencies.BitPay has grown to support a wide range of businesses with customizable plugins and settings.
The platform charges fair as 1% is charged for each payment transaction. The only community complaints come from the apparent lack of supported currencies and countries, as well as the company’s eventful past. Over $1.8 million was stolen. Four years later, the platform released a warning to users about a piece of infected code written to extract private keys from users using BitPay’s open source wallet. Nevertheless, beware of the isolated nature of these incidents, it is important to note that BitPay has a solid reputation in the market.
Crypto Processing by CoinsPayd
CryptoProcessing.com is today’s top crypto payment gateway, having processed over $16 billion in crypto over the years. The service is estimated to process around 8% of all Bitcoin transactions worldwide.
The platform offers ready-to-use encryption solutions that fit any business model. What sets CryptoProcessing.com apart from other competitors is the instant fiat currency conversion feature where all volatility risks are covered by the company. Simply put, no crypto background is required as merchants can continue to do business as usual and the crypto they receive can be converted into fiat currency such as USD or EUR and withdrawn into their bank accounts.
In terms of asset range, CryptoProcessing.com supports assets including 20 top digital coins and 40 local currencies. The platform also offers various payment options such as invoices, links, plugins and channels to suit any business model. Pricing is also very competitive. The base transaction fee is 0.8% and can be lowered further by using the platform’s native token, CPD, or by participating in special programs.
Considering current user concerns about crypto security amid the collapse of FTX, it is important to note that CryptoProcessing.com is an EU licensed cryptocurrency payment gateway and complies with KYB and AML regulations. . Additionally, the service uses two blockchain scoring systems to detect fraudulent transactions and ensure customer transparency.
CryptoProcessing.com is part of the CoinsPaid ecosystem that offers a wide range of cryptocurrency solutions tailored for both businesses and individuals. The product range also includes multi-currency crypto wallets for businesses and individuals that can be integrated and used in minutes and are suitable for any operation involving digital currencies.
Coinbase is a PLC best known for its cryptocurrency exchange founded in 2012. However, many may not realize that not only does he offer one of the best hot wallets in the industry, but he also has a renowned crypto gateway. In fact, the company offers competitive rates, with no fees up to his first million dollars. After that, a 1% commission is paid for each transaction.
Coinbase focuses on a hands-off approach with instant fiat conversion and a slippage protection system. In addition, we offer unique products such as “automatic conversion and fee collection” that help streamline the process of merchant onboarding.
The only complaint I have is the conspicuous lack of supported countries and currencies. Coinbase is ideal for companies with US interests or those who do not plan to expand their services worldwide.
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Crypto.com’s fees are the lowest in the market at 0.5% for payment settlement fees. So you can see as much as the frontrunners. Coming with a variety of plugins to help frequent users of ecommerce platforms like Shopify, Crypto.com is a great option if you want a fully automated solution that integrates quickly. However, the charges come at the expense of best-in-class service.
Crypto.com’s crypto payment gateway solution is tailored specifically for the e-commerce market, which limits its applicability. A high level of automation also means that there is not much room for tailor-made solutions for your business. Nonetheless, they are included on today’s list due to their ability to meet their e-commerce needs on a global scale and provide affordable solutions for small businesses in this space.
Crypto payment providers stay here
A protracted bear cycle has pushed crypto market capital to around $2 trillion, while crypto gateway payments have increased in terms of consumer interest and transaction volume.
Despite dramatic volatility and negative news sentiment, merchants continue to utilize digital asset payments, according to internal data provided by CryptoProcessing.com. According to statistics, the company’s trading volume has not been affected at all by the Terra Luna crisis, for example.
Importantly, when it comes to crypto payment processor integration, time is of the essence.To make the most of a niche market, it is imperative to strike while the iron is hot. With more companies integrating payments for digital assets every day, it’s only a matter of time before your niche becomes saturated with companies offering cryptocurrencies. At that moment, you will be at a disadvantage.
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