As cryptocurrencies expand all over the world, there are more individuals ready to use them to purchase goods and services. This is why there are some payment gateway companies that are starting to work with digital assets allowing merchants all over the world to accept these cryptocurrencies.
Companies accepting cryptocurrencies can be very beneficial for them. First of all, they will attract an important number of individuals that would like to be paying using digital assets. Secondly, firms will have to pay smaller fees than using credit or debit cards. In general, banks and payment processors take between 3 and 5 percent of the payment every time a user makes a purchase with cards.
There are some virtual currencies that allow users to process transactions and pay just a few cents rather than, perhaps, a few dollars. At the same time, transactions are irreversible, thus, there are no chargebacks or returns. Credit and debit card payments allow users to request a chargeback affecting the merchant in a negative way.
Another very positive thing is the fact that merchants can have their funds immediately in their bank account or crypto wallet if they decide not to sell the digital assets. That means that they will not have to wait long times until they have their funds ready to be used.
However, companies need to work with some payment gateways in order for them to start receiving Bitcoin (BTC) and other crypto payments. Due to the fact that the price of Bitcoin and other cryptocurrencies fluctuate every single day, it is important for the merchant to display the price of the good or service in fiat currency and the equivalent in BTC.
Bitpay is one of the most popular payment gateways around the world to accept and receive Bitcoin payments. The company accepts Bitcoin and Bitcoin Cash (BCH), among other digital currencies. The platform is easy to use and it also will convert the virtual currencies to fiat in just a few seconds.
In 2018, the company informed that they were able to process $1 billion in payments. In order to process returns, merchants only need an email address. If they have it, they will be able to return the funds to the buyer’s account.
Coinbase Commerce is also one of the most recognized payment services to process cryptocurrencies. This allows firms to receive payments in digital assets and convert them instantly into fiat currencies. This allows merchants to reduce their exposure to price fluctuations. The service is also free, unlike credit and debit card payments.
BTCPay is an open source payment processor for merchants that have the possibility to technically implement this solution. This is a decentralized version of the Bitpay solution. This is the best option for merchants that want to keep control over their funds at all times since the firm allows easy migration of existing codebase to the payment processor that the merchant hosts.
Finally, Gocoin is another company that allows shops and individuals to accept cryptocurrency payments. It supports a wide range of digital assets and it offers easy integration with a plugin. It also has a zero chargeback system.
In the future, new companies could start to enter the market and offer services to merchants and firms that want to receive crypto payments for goods or services. This would also help cryptocurrencies to expand all over the world in a faster and easier way.