In short, cryptocurrency payment gateways are payment processors for crypto. Crypto payment gateway companies allow merchants to accept digital payments and convert the funds to fiat currency.
These companies eliminate volatility with cryptocurrencies and allow merchants to accept more forms of payment. Crypto payment gateways remove the headache of exchanging cryptocurrency and managing a wallet.
How does a crypto payment gateway work?
Here’s a breakdown of a crypto payment from start to finish:
- A customer prepares to pay with crypto, whether in-store or online.
- The customer then pays in crypto at the amount equivalent to the available fiat rate the moment a purchase is made.
- At that moment, the crypto payment gateway converts the payment into the currency of the merchant’s choice.
- Funds are settled into the merchant’s bank account at the interval agreed upon with the crypto payment gateway provider.
Crypto payment gateways are ideal because merchants have complete visibility and can run their business in the currency needed.
Why you should consider implementing a crypto payment gateway:
- Crypto payment gateways create transparency between the merchant and the customer allowing them to both get what they want out of a transaction.
- Since crypto payment gateways are company-run, there are options for user support in the case of complications.
- Merchants can accept crypto payments around the world as cryptocurrencies don’t belong to one nation or institution.
- There are lower and fewer fees than other payment gateways (like credit cards) meaning merchants have full knowledge and visibility of funds collected and settled
- Merchants don’t have to be crypto-savvy to implement crypto payment gateways in their business.
- Volatility is removed as all transactions are converted and collected the moment a purchase is made, eliminating the risk of value fluctuation or chargebacks.
Getting started with a crypto payment gateway:
Signing up and installing crypto payment gateways is simple. It allows merchants to gain clientele by accepting crypto payments directly from a customer’s digital wallet. Many are free to install and easy to learn. There are many crypto payment gateway options available to meet the needs of merchants around the world.
Read more about why ForumPay is the most competitive crypto payment gateway available here.