Crypto Payment Gateways: How to Choose the Best One For Your Business
Is there a way for my business model to accept crypto payments? This question is being asked more frequently by online businesses. Choosing a crypto payment gateway solution that is compatible with your business paradigm is the key to accepting and processing crypto payments. Below are the three principal types of crypto payment gateways.
A Crypto Payment Gateway You Can Build Yourself
Despite being flexible, this approach is the most challenging.
If you want to accept payments, you have to write your own custom logic. To implement transactions on a blockchain, you will also need to support smart contracts. It is possible to reduce transaction fees if you create your own solution. Many businesses, however, are discouraged by the complex development process.
Gateways for crypto payments from third parties
For businesses that want to accept cryptocurrency payments online and through POS, this is the most popular option. There are an increasing number of gateways that accept cryptocurrency payments. There are many examples, such as Coingate, Shopify Gateway, Coinpayments, NOWPayments, CoinsBank, and others.
A third-party payment gateway integrates its API with your platform to let you accept cryptocurrency. A third party handles all blockchain processing when you choose this option. The time until launch will be shortened considerably and no major start-up expenses will be involved. You will be charged a fee for each transaction, however.
Gateways for Omni-Channel Payments
For companies, this is the most versatile solution. It is, however, not as readily accessible as a complete crypto payment gateway.
There aren’t many businesses that can only receive cryptocurrency payments. Most businesses must accept alternative fiat-currency-based payment methods. Credit cards, bank transactions, and mobile and in-app payments are all examples. Popular digital wallets like PayPal, ApplePay, GooglePay are mainly used in the latter cases.
You’ll have to go through an integration procedure, similar to the crypto payment gateway option. In other words, you have to use the API to connect your platform to the omnichannel payment gateway that incorporates cryptocurrency.
We believe that omnichannel solutions will continue to be most effective in the future, despite the challenges they present. There is a single integration and a single business relationship for both traditional and cryptocurrency payments. Find out about UniPay Gateway — a payment facilitator and software platform that supports omnichannel payments.