Integrating a crypto payment gateway into your business is more than just a trend today. It’s a strategic decision. It enables smoother transactions, broader market access, and an advanced payment option for the future. But out of many options available, how do you select the best crypto payment gateway for your business? This article will help you understand what you should consider in a payment gateway.
What you should Look for in a Crypto Payment Gateway?
To choose the right payment gateway, merchants should be completely aware of their requirements. Since every merchant has different requirements for their payment systems, having clarity in the requirements can help them in selecting the best crypto payment gateway.
Some of the most common features merchants expect from a payment gateway include,
Security
Security should be every merchant’s top requirement from a cryptocurrency payment gateway. Cyber attacks have been a pressing concern for the crypto industry. In an article published by Reuters, cyber attackers stole around $1.7 billion last year. Therefore, choose a payment gateway that offers security features such as Two-Factor Authentication (2FA), encryption, and anti-fraud protection that protects customers' data.
Supporting Multiple Cryptocurrencies
A crypto payment processor must support multiple cryptocurrencies. Cryptocurrencies aren’t just about one or two coins. It is a set of different currencies. According to research done by Statista in 2023, there are over 9000 active cryptocurrencies. Therefore, having a gateway that supports various cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin can allow you to cater to a wide customer base.
Easy to Integrate
To accept crypto payments smoothly, merchants should ensure that their selected payment gateway easily integrates into their e-commerce platforms. Look for a gateway that offers complete crypto API documentation that you can easily integrate without any technical challenges.
Transaction Fees
Transaction fees are a crucial consideration. High transaction fees can affect profits, especially in large or frequent transactions. A payment gateway that offers low transaction fees allows merchants to earn more.
Authentication
One of the biggest issues with crypto payment processors is that it requires merchants to go through the KYC verification procedure. While it is a necessary procedure, the process can be exhausting and time-consuming as the individual has to provide a large number of documents. Another reason is the fear of losing personal data. Data provided for KYC verification can result in a threat to the privacy of the individual. Thus, choosing payment gateways that allow users to sign up without KYC verification is a good option.
Scalability
Some payment gateways impose transaction limits. Now, if you experience a sudden demand in your business, these limits could cause financial loss and customer dissatisfaction. Therefore, look for a payment gateway that can handle increased demands and transaction volumes.
Customer Support
One of the biggest problems with crypto payment gateways is that they don’t provide sufficient support. Technical issues such as glitches and bugs are unavoidable, which is why merchants often require some form of technical assistance. An ideal payment gateway must offer instant support whenever required.
Final Thought
Accepting cryptocurrencies for payments can unlock several growth opportunities for your business. However, selecting the right payment gateway involves careful consideration of several factors. It’s best to select a crypto payment gateway that offers advanced security features such as Two-Factor Authentication (2FA), encryption, and code card. Also, it should easily integrate the gateway into platforms such as Magento, Woocommerce, and others.
Top comments (2)
Yep, IMO, choosing a crypto payment gateway is definitely more than just hopping on a trend; it’s a big decision. From my own experience, I found using a payment processor without kyc really made things simpler.
Any specific gateways you’ve had a good experience with?