Although cryptocurrencies have been around for more than a decade, they still haven’t conquered the world, contrary to what the enthusiasts might have expected. One of the main reasons for such a reluctant adoption of digital currencies is their extreme volatility, which literally pushes merchants and retailers away from this promising solution.
Their concern is entirely understandable since not anyone would want to master the craft of trading in an attempt to hedge their crypto holdings from potential losses due to volatility. This fall, we have all witnessed the crypto market entering a harsh correction, which has sent many currencies spiraling down by almost 40% in a matter of weeks. Admittedly, not a single business owner in his right mind would want to deal with such an unpredictable instrument of payment.
However, the industrious developers have come up with a solution that allows merchants to accept payments in cryptocurrencies, which are instantly converted to fiat and transferred to the corresponding account on an e-commerce platform. This solution is known as crypto payment gateways, and it affords businesses an opportunity to get in touch with cryptographic money, at least to some extent. Let us offer you a brief overview of the Top 5 payment gateways for e-commerce.
Bitpay is one of the oldest crypto payment processors that has been established back in 2011, at the very inception of Bitcoin and the blockchain technology. It offers more than 40 ready-to-integrate solutions that afford means for accepting payments in cryptocurrencies through Shopify, Foxycart, Cydec, etc. Moreover, Bitpay provides a variety of open-source plugins to facilitate payment execution and processing.
Apart from being one of the largest cryptocurrency exchanges, Coinbase also offers a Bitcoin payment gateway that has been developed in the form of a merchant application. It also offers a host of instruments for seamless integration of its merchant solution into a website, an e-commerce shop, or even a web browser. For instance, one can add a purchase button or an iframe to his own website, e-shop, or even a personal blog. There is also an option for API integration for those knowledgeable in programming.
CoinGate is an easy-to-use application, using which merchants can introduce various crypto payment options and even monitor the status of a certain transaction from a smartphone. Unlike other similar platforms, CoinGate supports many altcoins, which really broadens the scope of options and relieves holders from the necessity to exchange more exotic coins to the established Bitcoin, Ethereum, etc.
SpectroCoin is a payment gateway that was designed to satisfy the needs of European merchants. It has a standard set of instantly applicable tools for the incorporation of cryptocurrency payments, such as transaction processing API’s, plugins for e-commerce platforms, payment buttons, and libraries. What’s great about SpectroCoin is that it allows merchants to set up the account and start using their solutions almost instantly, without a tedious verification procedure.
Last but not least, CoinPayment, which is considered by many as the best crypto payment gateway of today. The reason being that this platform literally accepts an abundance of altcoins: the current count goes up to 1400 cryptocurrencies, which covers almost the entire market. In addition, CoinPayments imposes the lowest fees in the industry, which amount to 0.5% per transaction.
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