Before speaking all about cryptocurrency payment gateway development, let’s take a look at what crypto payment gateways are.
A cryptocurrency payment gateway is an online payment processor for crypto coins and tokens. The functionality is similar to a traditional payment gateway. However, crypto gateways can accept payments and convert them to either fiat or cryptocurrencies. This way merchants can easily accept crypto payments and adapt to the digital transformation.
The world knows that “cryptocurrencies are here to stay and in probably 4 or 5 years, crypto will be the mainstream payment method.” So this is the right time for businesses to switch to crypto payment gateways and be prepared for the future in advance.
Benefits of Cryptocurrency Payment Gateway Development
- Offer a new method of payment for existing customers
- Gain access to the community of crypto-preferred customers
- A payment method that’s discreet unlike traditional systems
- Transactions are secured on blockchain technology
- Reduced transaction charges/processing fees
- Adapt to the evolving crypto revolution
Crypto payment gateways boosts anonymity by securing the information of the customers a business deals with. The switch to reveal the identity lies in the hands of a user. Besides, crypto payments can be done globally without any border restrictions or limitations.
Why Do Businesses Need Crypto Payment Gateways?
Crypto gateways are backed by blockchain technology that makes it mandatory for multiple verifications from the network validators. This enhances the security, transparency, and credibility of the payment gateway.
Generally, crypto transactions are comparatively cheaper than fiat transactions. Therefore, customers or merchants need to pay only a small amount as a processing fee while transacting on a crypto payment gateway.
Crypto payments are processed and settled instantly or within a few minutes, whereas fiat transactions take hours or sometimes days to get processed. With various blockchain platforms emerging recently, the transaction speed is superlative.
Crypto payment gateways can be easily integrated into existing business processes replacing traditional systems. Also, merchants can accept the customize the gateways to receive payments in the form of fiat or cryptocurrencies.
DeFi Crypto Payment Gateways Vs. Multi-currency Crypto Payment Gateways
Users experience a complete control over their funds while accessing DeFi crypto payment gateways. They usually have non-custodial wallet characteristics and don’t interfere or take control of the users’ funds, thereby offering excellent security and ease of use.
A multi-cryptocurrency payment gateway allows merchants to accept multiple cryptocurrencies as payment from customers, while allowing customers to make purchases and pay using different cryptos. These help merchants to participate in international trade effectively and accept payments from all over the world with zero or low processing fees.