List of Crypto Payment Gateways
- Coinspaid: Best for multiple crypto varieties and overall security
- Bitpay: Best overall crypto payments gateway
- Mifinity: Best for secure fiat and crypto payments
- Paypal: Best for crypto transactions in the US
- Coinmama: Best for ease of use and prompt customer service
- Nixmoney: Best for anonymously accepting Bitcoin payments
- NowPayments: Best for small businesses in Europe
- Lunu: Best for accepting retail crypto payments in-store or online
Top Crypto Payment Gateways Sites
Pros
- Zero transaction fees
- Hassle-free User Interface
- Instant deposits and withdrawals
- Highly secure and supports anonymous transactions
Cons
- Lacks support for Fiat currency transactions
Pros
- Locks-in exchange rates
- Allows multi-user access
- Allows daily payouts through bank transfers and BitPay card
Cons
- Tiered transaction fees
Pros
- Multiple deposit and withdrawal options
- Competitive transaction fees
- Global coverage and multiple currency options
- Convenient, fast and seamless to use
Cons
- Time-consuming registration process
- Maximum transaction limits for different payment partners
- Occasional delays in KYC verifications
Pros
- Converts crypto to fiat currency at no additional cost
- Commendable security offerings
- Easy sign up process
Cons
- Expensive transaction fees
- Charges monthly fees depending on transaction types
Pros
- Multiple fiat and crypto currencies supported
- Simple, user-friendly interface
- Prompt and reliable customer service
- Wide range of payment methods available
Cons
- Relatively higher commission fees
- Service restricted in over 46 territories/areas
Pros
- Instant payments
- Low platform commission
- Simple user-interface
Cons
- Supports limited currencies
- Customer support is available in limited languages
Pros
- Instant payouts in EUR
- Brilliant APIs and white-label solutions
- Wide range of crypto and fiat currencies supported
Cons
- Does not accept fiat payments
- High fees for fiat withdrawals
Pros
- Same-day payouts/settlements
- Zero crypto volatility risk
- No chargebacks or risk of fraud
Cons
- Requires mandatory KYC
- More suitable for businesses, not individual users
Best Cryptocurrency Payment Gateways Comparison Table
Payment Gateway | Merchant Fees | Accepted Cryptocurrency Types | Supported Fiat Currencies | Ecommerce Plugins and Integrations | Settlement Options |
---|---|---|---|---|---|
Coinspaid | Zero Merchant Fees; Currency Conversion Fees as applicable | 30+ cryptocurrencies including Bitcoin, Ethereum, Ripple, USDT, and more. | 20+ fiats including USD, CAD, GBP, EUR, and more. | N/A | Fiat currency, cryptocurrency, bank tranfers through SEPA or SWIFT |
BitPay | 1% + 25 cents to 2% + 25 cents | 15+ including Bitcoin, Bitcoin Cash, Ethereum, Litecoin,etc., | 8 fiat currencies - AUD, CAD, USD, GBP, EUR, MXN, ZAR and NZD | 14 including Shopify, Magento, Shopify, etc. | Fiat currency, cryptocurrency, debit/credit cards, bank transfers |
Mifinity | 1.8% on all deposits and withdrawals; 2.99% for currency conversions | 10+ including Bitcoin, Bitcoin Cash, Dai, Ethereum, Litecoin, Ripple, Stellar Lumens, and Tether. | 15+ including AUD, CAD, CHF, CNY, RMB, CZK, and more. | N/A | Mastercard, Visa, Bank Wire Transfers, SEPA Transfers, Union Pay, MiFinity eVoucher, Interac -Transfer, eWallets, SPEI, Western Union, Perlas Terminal |
PayPal | Zero conversion fees; $0-$30 Monthly Fees; 3.49% + $0.49 transaction fees | Bitcoin, Bitcoin Cash, Ethereum, Litecoin | 100+ including USD, EUD, CAD, GBP, and more | eBay, WooCommerce, Magento, Amazon | Fiat currency, cryptocurrency, bank transfers |
Coinmama | 0.99 - 3.99% based on loyalty level | 15+ including Bitcoin, Ethereum, Ripple, Litecoin, etc. | Accepts all fiat currencies. Rates displayed in USD, EUR, GBP, CAD, or AUD. | N/A | Fiat currency, cryptocurrency, debit/credit cards, bank transfers. |
NixMoney | 0.5% of the transaction amount (minimum: $0.05 or 0.05 €) | 5, namely Bitcoin, Feathercoin, Peercoin,Cryptocoin and Litecoin | USD and EUR | N/A | Cryptocurrency, Fiat Currency, bank transfers and cards through listed exchanges |
NOWPayments | 0.5% on all transactions Fiat withdrawal fee of 2.3% - 1.5%, depending on transaction volume | Supports 200+ cryptos including Bitcoin, Litecoin, and others. | Supports EUR and multiple other fiat currencies | Shopify, WooCommerce, Magento, Opencart, PrestaShop, shopware | Cryptocurrency, Fiat Currency |
Lunu | 1% transaction fees | Accepts 9 cryptocurrencies including Bitcoin, Ethereum, USDC, USDT, Ripple, Tron, Binance and more | 70 fiat currencies like EUR, UDS, GBP and more. | Shopify, WeeCommerce, Magento, Big Commerce, PHP, Presta Shop | Fiat currency, bank transfers |
Introduction to Crypto Payment Gateways
Cryptocurrency, which is often used synonymously with Blockchain, is a virtual currency that first came into being with the launch of Bitcoin. Bitcoin was created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin operates on a decentralized peer-to-peer network, allowing for secure, direct transfers without the need for intermediaries.
Since the launch of Bitcoin, thousands of cryptocurrencies such as Ethereum, Binance, Tether etc. have been created with their own unique features and use cases. This paved the way for cryptocurrency investment. The volatile nature of cryptocurrency prices has made it a popular investment vehicle, although it is also considered a high-risk investment. Over the years, it has become widely accepted as a form of payment, with a growing number of merchants accepting it as a payment option. Currently, there are over 5,300 different cryptocurrencies being traded, with a combined market value of more than $895 billion. Our research suggests that the global bitcoin payment system will reach a value of $630 million by 2025, with an estimated annual growth rate of 23.4% between 2023 and 2025. This increasing popularity of cryptocurrencies, especially Bitcoin, has led to a significant demand for crypto payment gateways. Other popular cryptocurrencies that are being traded on these platforms include Ripple, Litecoin, Bitcoin Cash, and others.
Crypto payment gateways are platforms that allow merchants to accept cryptocurrency as a form of payment in e-commerce transactions. They facilitate the conversion of cryptocurrency into fiat currency, making it easier for merchants to manage their financial transactions. They offer a secure and seamless way for merchants to accept cryptocurrencies, protecting their transactions from fraud and hacking. They also offer a range of features, including instant currency conversion, fraud protection, and easy integration with e-commerce platforms.
As cryptocurrencies continue to gain widespread acceptance on e-commerce platforms such as Microsoft Store, Overstock, Namecheap, NewEgg, ExpressVPN, AMC Theatres, Shopify, Rakuten etc., crypto payment gateways are becoming an increasingly important tool. They provide a secure and convenient way to transact using cryptocurrency, making it easier for merchants to manage their financial transactions, and stay ahead of the curve in the rapidly evolving digital economy.
Importance of Security in Crypto Payment Gateways
Cryptocurrency transactions involve sensitive information, such as financial and personal data, which makes security a top priority. As a result, robust security measures are essential to protect against cyber-attacks, hacking, and other forms of fraud. Some common security measures include:
- SSL Encryption: This technology encrypts sensitive data transmitted over the internet, making it unreadable to unauthorized users.
- Fraud Detection: Fraud detection algorithms are designed to identify and prevent unauthorized transactions, thereby reducing the risk of loss or theft.
- Two-Factor Authentication: This security measure adds an extra layer of protection by requiring users to provide two separate forms of authentication, such as a password and a code sent to their mobile device, to access their accounts.
Despite these security measures, there are still potential risks and challenges associated with using cryptocurrency for transactions. For instance:
- Volatility: Cryptocurrency prices are highly volatile and can fluctuate rapidly, making it difficult to predict the value of a particular currency at any given time.
- Security Breaches: Cryptocurrency exchanges and wallets are potential targets for hackers, and security breaches can lead to the loss of funds.
- Regulation: The regulatory landscape for cryptocurrency is still evolving, and there may be restrictions or limitations on the use of certain currencies in particular countries.
- User Error: Cryptocurrency transactions are irreversible, so it is crucial for users to take the necessary precautions to protect their assets, such as backing up their wallets and securing their private keys.
While the use of cryptocurrency for transactions offers many benefits, it is important to be aware of the potential risks and challenges, and to take the necessary steps to protect assets and information.
Key Features to Consider When Choosing a Crypto Payment Gateway
When choosing a crypto payment gateway, there are several key features that merchants should consider in order to ensure a seamless and secure payment experience for their customers.
Compatibility with various cryptocurrencies:
One of the most important factors to consider when choosing a crypto payment gateway is compatibility with the cryptocurrencies like Bitcoin, Ethereum, Litecoin, and more, which the business wishes to accept. The more cryptocurrencies a gateway supports, the more options there are for accepting payments from a wider range of customers.
Transaction speed and fees:
The transaction speed of a crypto payment gateway is important, especially for merchants who process high volumes of transactions. Most gateways process payments instantly, and can be as fast as under 10 seconds, but sometimes it may take 3-5 hours or even 24 hours for the payment confirmation. A gateway with a fast transaction speed can ensure that payments are processed and settled quickly, reducing the risk of failed transactions and increasing customer satisfaction. Additionally, it’s important to consider the transaction fees charged by the gateway as these can significantly impact a merchant’s profits. On an average, these platforms charge about 1-2 % fees on all transactions but some platforms may even go up to 3.5%. A merchant must make sure to compare the fees charged by different gateways to choose the one that offers the best value for their business. NowPayments and Coinbase are two of the best platforms when compared in terms of seamless processing and low transaction fees.
Integration options with existing e-commerce platforms:
The ability to integrate with existing e-commerce platforms is another key factor to consider. A gateway that can be easily integrated with a merchant’s platform can help streamline the payment process and reduce manual effort. Thus, a merchant should look for a gateway that offers a variety of integration options, including plugins for popular e-commerce platforms, APIs for custom integrations, and others.
Customer support and resources:
Good customer support and resources can be crucial in ensuring the smooth operation of crypto payment gateways. Thus, a merchant should look for a gateway that offers 24/7 customer support via multiple channels, such as email, chat, or phone. Moreover, a good gateway must provide a variety of resources to help businesses get the most out of the platform, such as tutorials, guides, and FAQs.
Options for invoicing and recurring payments:
For businesses that need to invoice customers or process recurring payments, it’s important to choose a crypto payment gateway that offers these features. Thus, the business must look for a gateway that provides easy-to-use invoicing and recurring payment tools to streamline these processes and reduce manual effort.
Multi-language and multi-currency support:
If a business operates in multiple countries or serves customers from around the world, it’s important to choose a crypto payment gateway that offers multi-language and multi-currency support. This will help ensure that the business’ customers can make payments in their preferred language and currency, which can improve their overall experience and increase the possibility of repeat business.
Payment tracking and reporting:
To effectively manage crypto payments, it’s important for a business to choose a gateway that provides robust payment tracking and reporting tools. These tools can help keep track of incoming payments, reconcile transactions, and generate reports to help make informed business decisions.
Refund and dispute management:
Last but not least, a business must ensure to choose a crypto payment gateway that offers robust refund and dispute management features. These features can help the business efficiently handle refund and dispute requests, reducing the risk of fraud and improving customer satisfaction. Thus, the business must choose a gateway that provides easy-to-use refund and dispute management tools, such as automated dispute resolution, dispute tracking, and others.
Integration and Implementation
Integrating a crypto payment gateway with an e-commerce platform involves the following steps:
- Choose a crypto payment gateway: A merchant must research and select a reputable and secure cryptocurrency payment processor that supports the cryptocurrencies they want to accept.
- Integrate API: Integrate the API of the chosen payment gateway into the e-commerce platform. This step requires technical expertise and should be performed by a developer.
- Test the integration: Test the integration thoroughly to ensure that it is working as expected, and that there are no security vulnerabilities.
Technical requirements and considerations for implementation:
- Security: Ensure that the payment gateway implements proper security measures, such as encryption and fraud protection, to protect sensitive data.
- Support for cryptocurrencies: Ensure that the payment gateway supports the cryptocurrencies that the business wants to accept. Moreover, the cryptocurrencies should be easily convertible to fiat currency.
- User Experience: The checkout process should be user-friendly and straightforward to avoid abandoned carts.
Tips and best practices for successful integration:
- Stay up-to-date: A merchant should stay informed about the latest developments and updates in the cryptocurrency space to ensure that the selected payment gateway is always up-to-date and secure.
- Partner with a reliable payment gateway: Partner with a reputable and reliable payment gateway to ensure that the transactions are processed smoothly and securely.
- Communicate clearly with customers: A merchant should clearly communicate to customers that they accept cryptocurrency payments, and educate them on how to use the payment gateway.
- Monitor and evaluate: Continuously monitor and evaluate the performance of the payment gateway, and make changes as needed to optimize the user experience and ensure security.
Expert Conclusion
Cryptocurrency has the potential to greatly impact e-commerce in the future by offering faster, cheaper, and more secure transactions. The market size of cryptocurrency payment apps, valued at $545 million in 2021, is anticipated to experience a growth rate of 16.6% each year, from 2022 to 2030.
A survey conducted by Coinbase found that 59% of US cryptocurrency owners are between the ages of 18 and 34, indicating that this demographic is increasingly interested in adopting cryptocurrency. This could have implications for e-commerce, as younger consumers are likely to be more open to new payment methods and technologies. However, the widespread adoption of cryptocurrency in e-commerce also raises potential challenges, such as the need for greater consumer education and protection, and the potential for increased volatility and market speculation.
The future potential of cryptocurrency in e-commerce is significant. It’s important for businesses to integrate a crypto payment processor quickly in order to take advantage of this growing trend.
FAQs
Gateways employ various security measures like:
- SSL Encryption: This is a standard security technology that encrypts the connection between the user’s device and the payment gateway server, ensuring that any sensitive information is transmitted securely.
- Two-factor authentication: This is an additional layer of security that requires users to provide two forms of identification before they can access their account. This could be a password and a code sent to their phone or an email, for example.
- Offline wallets: An offline wallet, also known as cold storage, is a secure storage option for digital assets that is not connected to the internet. By storing funds in an offline wallet, they are protected from potential online security threats such as hacking or malware attacks.
A crypto payment gateway’s features are tailored to meet the specific needs of a business, but an advanced payment gateway should have the following capabilities:
- Compatibility with various cryptocurrencies
- High transaction speed and low fees
- Easy integration options with existing e-commerce
- Good customer support and resources
- Easy-to-use invoicing and recurring payment tools
- Multi-language and multi-currency support
- Robust payment tracking and reporting tools
- Refund and dispute management features
To integrate a crypto payment gateway with an e-commerce platform:
- Choose a crypto payment gateway: A merchant must research and select a reputable and secure cryptocurrency payment processor that supports the cryptocurrencies they want to accept.
- Integrate API: Integrate the API of the chosen payment gateway into the e-commerce platform. This step requires technical expertise and should be performed by a developer.
- Test the integration: Test the integration thoroughly to ensure that it is working as expected, and that there are no security vulnerabilities.
Cryptocurrency has certain aspects that make it particularly appealing to businesses of different sizes and industries. One advantage is the lower processing fees, which can be as low as 0.8% compared to over 3.5% with traditional fiat transactions. Another benefit is the elimination of chargeback fraud and rolling reserves, as all blockchain transactions are final. Crypto also allows businesses to expand globally due to its accessibility and the ability to reach a wider market. Additionally, crypto gateways offer a 99% acceptance rate, instant payment processing, and 24/7 availability, compared to the 15% decline rate and slow processing times of traditional payments.
Crypto payment gateways typically charge several types of fees, including:
Transaction fees: A fee charged by the gateway for processing each transaction, which can be paid by the merchant or the customer. Usually ranges between 0.5%- 2%.
Deposit fees: A fee charged for depositing funds into the gateway’s wallet, which is typically paid by the merchant. This varies between 0-1% depending on the platform.
Withdrawal fees: A fee charged for withdrawing funds from the gateway’s wallet, which is typically paid by the merchant. On an average, about 0.2% is charged on withdrawals.
Conversion fees: A fee charged for converting one cryptocurrency into another, which can be paid by the merchant or the customer. While it is nominal for most platforms, it may go as high as 1-2% for exchanging cryptocurrency to fiat currency.
Monthly/Annual fees: A fee charged for using the gateway’s services on a monthly or annual basis, which is typically paid by the merchant. This may either be a fixed amount, like $30 per month charged by Coinbase, or a certain percentage that is included in the transaction fees.
It is important to note that different payment gateways may charge different fees and that these fees may also vary based on the type and size of the transaction. It’s recommended that merchants thoroughly research and compare the fees charged by different payment gateways before choosing one.
There are many options, each offering unique features for different clients. What is best for you may not work for another user. However, if you are looking for reliable recommendations to get you started, consider Bitpay, Coinspaid, and MiFinity.
The US government is strict about the companies offering its citizens services. That means a payment gateway must have a leading reputation to be licensed in America. BitPay is a top US crypto exchange headquartered in Atlanta. We recommend it.