Bitcoin is being accepted as a mode of payment by a large number of merchants throughout the world. Accepting digital currencies as a mode of payment has lots of advantages to the merchants such as:
- Attracting customers who prefer payment in cryptocurrencies.
- Offering a new mode of payment to the existing costumers.
- Secure payment and transaction details are always found in the blockchain ledger.
- Reduce the service charges of other payment methods.
Bitcoin is a decentralized peer to peer network which does not require the interference of any outside party to control the transaction. The price of bitcoin is of a volatile nature and merchants should instantly convert the digital coins into fiat currency to avoid losses.
What is a Bitcoin Payment Gateway?
A bitcoin payment gateway is a platform which allows the merchants to accept payments in the form of bitcoins. They also support the transactions made using many other digital currencies such as Ethereum, Bitcoin cash, ripple, etc. Payment gateway instantly converts the coins accepted to fiat currencies.
Top Bitcoin Payment gateways
There are many gateways that accept transactions in the form of bitcoins. Some of them are:
Coinbase is considered the largest crypto exchange in the United States and also across the globe. The exchange follows all the rules and regulations under the US laws making it one the trustworthy in the business. Coinbase also has a payment gateway that supports a number of digital currencies.
As soon the payment is received, the coin base instantly converts the crypto coin into fiat currency. The gateway is provided free for the first 1 million worth of transaction and after that a fee of 1% is charged. The money is deposited into the merchants account within 2-3 days of the transaction.
CoinPayment is a cryptocurrency payment gateway that is introduced in 2013 and accepts more than 1400 digital currencies. They support a number of precoded plugins and also allow the user to develop one.
CoinPayment also supports a multicurrency wallet that allows the users to store a number of currencies. It does not have the feature of auto conversion of crypto coin into fiat currency. The users should manually convert them into fiat coins to avoid losses.
Coingate is a mobile-based payment platform which allows the merchants to control the transactions using their mobile devices. They support about 40 other cryptocurrencies and charge a transaction fee of about 1%.
Coin bank is also a mobile-based payment gateway that is available for both iOS and Android. They support all the major fiat currencies as well as digital currencies. CoinsBank allows the user to make transactions using digital currencies in the current market rates. The platform also provides better security in the form of a two-factor authentication system.
Bitpay is one of the oldest cryptocurrency payment gateways introduced in 2011 and is based on the US. Bitpay supports payments in bitcoin and converts it into 8 fiat currencies in 38 different countries.
Since the introduction, bitcoin is used by many merchants as a form of secure payment. The increase in value and popularity is making this number to rise. This paved the way for the development of a number of payment gateways. There are many platforms out of this list that provides payment support. They are the main support of the cryptocurrency revolution.