Numerous businesses all over the world are accepting Bitcoin as a form of payment. Accepting digital currencies as a mode of payment has lots of advantages for the merchants such as:
- Attracting customers who prefer payment in cryptocurrencies.
- Offering a new mode of payment to the existing customers.
- The blockchain ledger always contains information about secure payments and transactions.
- Reduce the service charges of other payment methods.
Bitcoin is a decentralized peer-to-peer network that 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 that allows 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. The 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.
After receiving payment, the coin base immediately transforms the cryptocurrency into fiat money. The gateway is free for the first $1,000,000 in transaction value; thereafter, a 1% fee is applied. 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 coins into fiat currency. The users should manually convert them into fiat coins to avoid losses.
Coingate is a mobile-based payment platform that allows 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.
One of the first bitcoin payment gateways, Bitpay was launched in 2011 and is headquartered in the US. It supports payments in bitcoin and converts it into 8 fiat currencies in 38 different countries.
Since its launch, numerous retailers have adopted bitcoin as a safe method of payment. The increase in value and popularity is making this number rise. This paved the way for the development of a number of payment gateways. There are many platforms out on this list that provides payment support. They are the main support of the cryptocurrency revolution.