Shopify doesn’t just support cryptocurrency payments, of course—you can use them to accept credit card payments on your website. It is high time that Indian merchants adopt this state-of-the-art technology of payments for expansion, growth, and profitability. Cryptocurrency payment gateway is essential for small and medium-sized businesses as cuts off the all the rocket science behind the cryptocurrency and makes it easy to use just like a bank account. As cryptocurrency is free from exchange rates and highly secure with blockchain technology, the crypto payment gateway is one of the best ways to receive international payments.
Generally, this is provided by the Crypto payment providers themselves. It has a unique wallet address that serves as the seller’s identity. In a nutshell, it is just a matter of time when most online businesses integrate Cryptocurrency gateway on their website or app. According to a survey conducted by Hartford Steam Boiler in 2021, 36% of small and medium-sized companies in the U.S. have also integrated the cryptocurrency payment mode. Once you set the account up and get verified, you can create the API key to integrate it into your website. You have to do all the coding work required for setting up the wallet, buying Bitcoin, converting it to dollars, and aiding with other sales processes.
Technically, you don’t need any sort of integration on your website. They’re actually more like digital cash and have built-in payment and wallet systems. So, you could just have people send payments directly to your wallet, similar to paying in cash at a brick-and-mortar store. Before learning how to pay with crypto online, users need to acquire cryptocurrency.
The team is constantly adding new currencies and wallets to its platform to allow crypto enthusiasts to make use of crypto in everyday life. More than 50 cryptocurrencies are accepted through GoCrypto’s supported wallets (Bitcoin.com Wallet, Elly Wallet, and Binance Pay). Simply put, GoCrypto helps to connect the technologies and all stakeholders involved in the payment process.
What makes PayPal different from other services is that merchants neither choose to allow this option, nor do they have the option to be paid in crypto. Instead, a PayPal user who holds cryptocurrency in their PayPal account can choose to pay with it. BitPay accepts cryptocurrency on behalf of a business and then settles the business in their preferred fiat currency the very next business day. Commonly, B2B enterprises use our email billing solution to create crypto invoices that are sent via email.
However, there is a higher learning curve for accepting cryptocurrency, and it requires a bit of patience to set up. Bitcoin is a decentralized payment method, which means if there’s an error, you will not be able to call anyone to resolve it. There is a higher responsibility on the merchant, as opposed to a credit card processor, where you can get your questions answered by phone. You can accept Bitcoin and other cryptocurrencies using specialised payment processors like Coinbase, BitPay, and PayPal. However, if you prefer not to use a third party, you can set up direct crypto payments using your crypto exchange or wallet.
Leeron is a New York-based writer with experience covering technology and politics. Her work has appeared in publications such as Quartz, the Village Voice, Gothamist, and Slate. This was especially evident in the collapse of FTX, a company previously ranked in the top 3 in terms of safe crypto investments.
- Because cryptocurrency transactions happen on the blockchain, they’re permanently recorded once complete.
- For example, while Coinbase Commerce supports all four major cryptocurrencies— Bitcoin, Ethereum, Litecoin, and Bitcoin Cash—GoCoin only supports Bitcoin and Ethereum.
- This article will provide you with all the information related to crypto payment along with some of the best crypto gateway services in India.
- With the right processor, you’ll be ready to take your small business into the crypto future.
At the same time, you have to be aware of the risks and challenges that any change brings. Only you can decide if crypto is right for your business based on your current growth stage, customer requirements, and financial analysis. The more secure the cryptocurrency and payment processes how to accept cryptocurrency are, the less risk you experience. Prioritize providers who have an in-depth history in crypto, approach this purchasing type seriously, and ensure your site stays current with all updates. A gateway provider may even freeze crypto rates to simplify your business dealings.
Since the value of digital currencies can fluctuate so much, you may want to use a processor that will immediately convert the crypto into fiat currency. These platforms also allow you to accept multiple types of cryptocurrencies as payment for goods and services, which offers a lot of flexibility for your customers. It’s natural to be skeptical of something new, especially when it involves money and finances. Cryptocurrency payment gateways are not mandatory or necessary to carry out digital currency transactions.
Bitcoin has lower transaction fees than standard online payment methods, and unlike government-issued currencies, Bitcoin is free from interference from a centralized authority. Specifically, they both provide a way for customers to pay electronically, which is convenient for in-person transactions and a necessity for online sales. Your clients/partners/vendors can use their preferred wallet to make payments. BitPay accepts crypto payments from almost every wallet on the market – over 100 and counting! This includes Coinbase, Trust Wallet, Exodus, Metamask, Electrum, Kraken and dozens more. Crypto transaction fees are a fraction of the cost of wire transfers or credit card payments, in many cases totaling less than half of the fees imposed with traditional payment methods.
Although this shift has so far been more pronounced among B2C companies, B2Bs also stand to benefit a great deal by offering clients the option to pay in crypto. Fortunately, today it’s easier than ever for B2B businesses to start taking cryptocurrency in exchange for their goods and services, with no crypto knowledge required and no complicated integrations. PayPal is a fintech company that has become one of the best international money transfer wallets and payment processors over the years. Through its innovative and secure services, the company enables businesses of all sizes to make sales and get paid fast. It supports fiat money and crypto transactions, whether online, on the go, or in-store. Silicon Valley-based CoinBase might best be known as one of the top marketplaces for buying and selling Bitcoin and other cryptocurrencies.
Bitcoins can be transferred into the c urrency of your choice such as USD, Euros, CAD and so on. You can also store them in a crypto wallet and use them with a crypto card. Most crypto cards let you withdraw cash and shop similar to a credit card. https://www.xcritical.in/ Cryptocurrency is a digital form of currency that is transferred back and forth electronically between users via digital software and hardware. Since everything about crypto is digital, it isn’t physical currency like the dollars in your wallet.
You get a broad range of payment receiving and processing options, such as payment buttons and checkout options, automatic invoicing, and much more. It even has its own wallet, so you dont require a separate independent account. You have to set up your crypto payment gateway so that they transfer funds to your wallet. Alternatively, you can also pass wallet details to customers and get them to pay you directly instead of through the gateway. Binance Pay enables businesses to become crypto-friendly, whether they operate online or offline.