Crypto Payment Gateway: How it Works and Other Benefits
Cryptocurrency payment gateways are a fact of life in today’s world.
These firms provide bitcoin processing services: Coinpayments, Coingate, CoinsBank, and Shopify Gateway. As a result, an increasing number of companies are seeking blockchain payment gateway partners. It’s a difficult yet dangerous business to become an open-source cryptocurrency payment processor or gateway provider. Would it be worth the effort?
Why is it a good idea to establish a cryptocurrency payment gateway?
The development of crypto gateway technology is a primary concern for Paymentech players, according to several facts and reasons:
- As part of its cryptocurrency payment settlement, Visa uses services provided by Anchorage.
- Cryptocurrency is being considered as a legal tender in several countries. Among the early adopters of this trend is El Salvador.
- Many major companies have begun accepting cryptocurrency payments, including PayPal, Expedia, Starbucks, and some airlines.
- A growing number of defi platforms are emerging, many of which are based on the Ethereum (UniSwap) and Binance Smart Chain (PancakeSwap) blockchains. They provide their users with the ability to conduct a wide range of crypto transactions.
A comparison of payment gateway solutions for cryptocurrencies
Existing crypto payment systems have the major benefit of making cryptocurrencies a legitimate payment option. Buyers, merchants, and PayFacs can all function with crypto in the same way they do with ordinary fiat currency thanks to these solutions.
Unfortunately, many cryptocurrency gateways are only available in crypto. Most merchants, however, want to be able to accept other types of transactions as well. PayFac or a merchant must also undergo a certification and integration process to begin accepting cryptocurrency. This applies even if the merchant already went through the credit card underwriting process.
Which options are available?
Integrating cryptocurrency payment gateways into omnichannel solutions
Let’s say a firm that already has a payment gateway system wants to accept cryptocurrency. Based on our findings, it will need to work with a different crypto payment gateway. However, implementing a new crypto gateway solution may require major process adjustments. Finding an omnichannel gateway partner may be a preferable choice in this case. Cryptocurrency should be supported by other payment methods through an omni-channel gateway. If it supports other currencies and payment methods, a “Bitcoin payment gateway” is really better and more versatile.
United Thinkers are currently expanding its omni-channel UniPay Gateway technology to include crypto gateway capabilities. Please get in touch with one of our specialists to find out more about our enhanced omni-channel strategy for PayFacs and merchants.