8 Best Cryptocurrency Payment Gateways www.deekpay.com

Brief description of the cryptocurrency payment gateway

cryptocurrencyPayment Gateway, also known as a crypto payment processing provider, is a digital currencyPayment Processorthat enable merchants to accept cryptocurrency payments for goods and services. SomecryptocurrencyGateways enable merchants to receive fiat currency immediately in exchange, so merchants do not need to hold cryptocurrency on their balance sheets. The crypto payment processor acts as an intermediary between the merchant and the customer at the point of transaction. This can be online (e.g. e-commerce) or in-store, using a physical POS device.

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How Cryptocurrency Payment Gateways Work

Integration: Merchants integrate cryptocurrency payment gateways into their checkout software. This integration can be done through low-code solutions such as plugins and hosted payment pages, APIs, or other software tools provided by the gateway service. Depending on your setup and internal resources, it can take 2-8 weeks. For in-store payments, retailers typically also need a physical device (similar to a card reader) that can be integrated with their POS system. Customer Payment: When a customer chooses to pay with a cryptocurrency at checkout, the system provides them with the option to select their preferred digital currency, the market exchange rate, and the address of the wallet to which they want to send their payment (usually represented by a QR code). Payment Processing: The payment gateway provider processes the transaction, validating the cryptocurrency payment details and ensuring that the customer has sent the correct amount. Confirmation: Once the transaction is confirmed on the blockchain network, the crypto payment processing provider notifies the customer and merchant that the payment was successful. Settlement: If the retailer chooses to receive payment in cryptocurrency, the payment gateway provider forwards the funds directly to their wallet, minus fees. For legal settlements, the crypto payment processor will convert the cryptocurrency and send the legal funds to the merchant's bank account. Some payment gateways offer instant conversion, while others offer daily or periodic settlement.

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8 Best Cryptocurrency Payment Gateways

Merchants who want to offer a cryptocurrency option at checkout have a number of cryptocurrency gateway providers to choose from. Key selection criteria should include the range of cryptocurrencies accessible, processing speeds, fees (including exchange rate markups), ease of technology integration, and security. In this article, we will present 8 cryptocurrency payment processors that international businesses should consider. They are BitPay, BTCPay, Coinbase, Coingate, CoinsPaid, CryptoPay, Coinremitter and NOW Payments.