Why are more people leveraging Bitcoin as a payment method?
Bitcoin and other cryptocurrencies have been getting a lot of financial spotlight for the past few years, especially since bitcoins bull run in 2017. After that, there has been an increased number of Bitcoin transactions, and even miners helping to secure the network. Although it has been around for more than one decade, it just recently started to get the attention it deserves.
Going at the current rate, it's sure to have a lot more influence. The only drawback to cryptocurrency is it's very unstable nature, and even that can be a good thing when it's on a bull run.\
As a business owner running an online service, you may need to integrate more payment methods to increase sales. You may be wondering if Bitcoin payment processors will do the job, the answer is obvious.
Service retailers that accept online payments should look toward the inevitable future, and do the popular thing for as long as it lasts. Talking about Bitcoin, we are looking at a Lifetime. A study on Statista shows that, of the total market capitalization for cryptocurrencies in 2019, Bitcoin has 53% of the pie. They also reveal that 3% of payments made globally was through bitcoin transfers.
This may seem like a small number, but we are just a few years down the line and it has already established a presence. The potential is massive.
What is a Bitcoin Payment Processor?
A payment processor is a service company that acts as a middleman during transactions by use of custom widgets and channels. The same goes for a Bitcoin payment processor. They handle Bitcoin transactions as digital intermediaries. While some other processors handle only Bitcoin, a good number of them handle payments for other coins like Ether, Litecoin, Dash, etc.
While the value of these cryptocurrencies are inherently unstable, it is almost impossible for the retailer to be handling purchases, and at the same time be able to convert his crypto holding to cash if he wants to maintain the cash value.
Even when it is possible, the stress involved is not negligible and therefore it is always a better option to outsource transactions to payment processors. This way, the recording and liquidation of payments are processed twice as fast and in real-time.
Why Should Even more Businesses Start Accepting Bitcoin?
If you're still not convinced by the widespread adoption, and you feel that joining the trend might just be another impulse move triggered by the FOMO, then think again. We took the liberty to point out a few reasons why you need to join the trend to save the future of your business in the digital space.
- Accepting crypto on your payment platform will diversify your transaction methods, and provide your existing customers with new (cheaper) ways of making purchases.
- Offering crypto payment will also influence new users who are open to the possibilities of Bitcoin. They would be more excited to try out your product.
- More buyers want to maintain anonymity of activities when transacting on the web, therefore they are more likely to opt for Bitcoin that gives just that.
- Bitcoin Transaction details are preserved for a lifetime, and can be retrieved free-of charge at any point. Although it's all displayed on a public ledger, no personal info is compromised.
- Using Bitcoin payment processors help the retailer save costs on numerous fees involved with card payments.
By accepting Bicoin, you lend a helping hand in facilitating the propagation of Crypto payments. Now that you are sure you want to join the trend, and integrate a Bitcoin processor to your online platform, let us highlight the best crypto payment processors of 2021 to add to your platform.
The Most Preferred Bitcoin Gateways for 2021
Here are some top Bitcoin payment gateways to check out.
1. Remitano
![[(https://img-portal-prod.s3.amazonaws.com/uploads/image/attachment/11842/bitcoin_payment_processors_10.png)
[Remitano]() is known to be arguably one of the best Crypto exchanges around, and rightfully so. They offer a wide range of crypto to securely BUY and SELL. Their exchange platform is arguably one of the biggest in Asia, and Africa, and this is evident in their ratings and efficiency.
When it comes to their payment processor, the security and other privileges are still top-notch as well. They accept payments to, and from a very wide range of countries. This means that the amount of Crypto, and fiat currencies to hedge your funds are quite vast.
They are not limited to the number of tokens they support at the moment however, because upgrades are constantly being worked on,to keep giving users optimal experience. Founded in Seychelles, 2016, Remitano has stood the test of time as one of the industry pioneers, and is still going strong.
The Remitano payment gateway has an easily navigable API making it super-easy to set up channels for different payment types. According to reviews, the user experience is spectacular. Not only is the platform friendly, the Customer care lines are always available for a quick response. Payments can also be made via credit or debit cards, just like on the exchange.
2. Coinbase
The Coinbase platform is currently among the largest crypto exchanges globally. In the U.S.A, it is arguably the biggest. Taking advantage of their rich database, the company keeps at her best to give each and everyone satisfaction and ease whenever they use their platform.
In addition, Coinbase can serve as a reliable payment gateway. Coins received are automatically converted to crypto to preserve value, and there is no processing fee charged for the first million dollars received. Withdrawals are typically cleared in 2-3 days. A disadvantage of using coinbase commerce is that it only supports a list of countries, and not all. One good thing about this platform is that it is very safe, and good customer support.
3. Coingate
This is another payment processing platform that is highly regarded. Besides compatibility, It's loved for it's flexible payment options, supporting over 40 altcoins. It can be integrated through a number of channels to suit different organization types.
All coins are converted in real-time upon receiving. One attractive feature is that traders using Coingate can decide to trade or hold their Bitcoin payments on their exchange platform. Most people hate that there is no free trial period for them to test run what they are paying for.
4. Prodoge
The Prodoge Payment processing service is a product of the Prodoge crypto wallet that holds Bitcoin, as well as a couple of altcoins. Founded in the United States, 2019, their service range is broad, as retailers are allowed to collect credit and debit card payments through their channel as well. Payments can be made via emails, Links, Widget plugin, and even within the App.
Customers that already use the Prodoge app to hold their crypto can simply initiate payment through the app, provided the merchant uses the same gateway. The API is easy to operate and compatible with multiple devices and service types.
Retailers making use of their service can choose to withdraw their payment and convert the value in real-time, to avoid devaluation. Either that or they can withdraw as crypto to their portfolio and hold on. Their service can be integrated for any local or online business. It is perfect for both SME's and Big companies.
It is super easy to set up, and works perfectly according to user reviews. Obviously, some users would love a wider range of coins to be accepted for payment, to compliment the variety on the wallet app.
5. Crypto Pay
This is another Bitcoin payment processor that can get the job done if you're looking for business friendly platforms, or you're doing a charity fundraising. This platform was tailored to suit clients operating in the European countries. Since those are the same countries that populate their user base, it can be considered a major advantage.
A 1% fee is charged for every transaction processed on the platform. It is a secure platform, but even though they trade various coins on exchange, they only accept payment for Bitcoin. Another drawback is the personal details required to initiate withdrawal, plus the relatively higher fees charged for service.
6. Gocoin Payment Gateway
This is Gocoin is another developer's favorite, on a world scale. The reason for this is that the Application interface is pretty simple to navigate. It also allows a good number of plugins to integrate. The payment gateway can be readily added to different online stores hosted on platforms like Shopify.
A couple of altcoins are processed by this gateway, besides Bitcoin. All received transfers are immediately transferred to the linked bank to preserve value. A 1% fee is charged for every transaction processed on the platform. Overall, reviews are mostly positive about the platform and features are great. However one important feature of having recurring bills is absent.
7. Bitcoinpay
Bitcoinpay App charges the least in transaction fees among the rest on the list. There's a flat rate of 0.8% deducted from every processed transaction as service charge. Even with enticing low fees, this platform still performs at great efficiency in areas of payment processing.
Payments and even withdrawals are processed in a matter of minutes. There is the option of immediate conversion and transfer to a bank account, and there is also the option for transferring it to your Crypto wallet and letting it sit as an investment. This is a helpful feature for retailers who want to hold their crypto.
At the moment, there are a good number of hosted online stores that are supported with already tailored plugins. Setup is not hard, neither is the addition of plugins. Overall, the platform offers good diversity in features, but they are particularly lacking in Customer support. From the reviews, a good number of users complained of the same thing; the slow, and largely inconclusive response.
Another flaw to this otherwise spectacular platform is that it is a payment app, therefore funds go in only one direction. To withdraw funds, another app has to be downloaded and set up, the AIRBITZ wallet.
8. The Giving Block
\
Founded in the United states, 2018, Thegivingblock.com was developed with the aim to aid in receiving payment for fundraising campaigns and non-profit donations. Currently the most preferred crypto solution for higher institutions, and having a user base of over 70 million users. With the spread of the crypto gospel, this service provider is already giving older platforms a run for their money.
The only option is to evolve or get obsolete. Online, their users leave good reviews, complimenting their customer support, ease of use,and also Anonymity. With a perfect rating on Capterra, total users (5) agree that the app is perfect and without any issues on performance or user interface. There is no free trial period to gauge company performance.
9. Coinqvest
Coinqvest is another trusted Bitcoin payment processing company to look out for. Situated in Estonia, their platform gives users the option of converting a received amount of crypto directly into hard currency before doing a bank transfer. This process typically takes only a few minutes to process.
This service company makes sure that all managed accounts stay functional and comply by the Taxing and Financial laws governing them. Using COINQVEST, any modern business owner can transact easily through crypto, in the fiat currency of choice. According to user reviews found online, the company has a few miles on advanced features, in comparison with other companies. accepts a good variety of payments and conversion for online retailers and shop owners of SME's or even bigger companies. The user experience and application interface were highly praised for swift access, and easy integration. Customer support is also responsive, and timely. They have 0% negative reviews based on general performance features. There is also a Demo/Free trial period.
10. Gobaba Checkout
\
This service company is situated in the United Kingdom. Founded in 2018, the company's primary aim is to assist in crypto payment processes, without any hindrances caused as a result of cross-border restrictions.
This cloud-based platform doesn't support card transactions or other payment options either, and the option of recurring billing isn't yet integrated at the time of writing. Their Euro account settlements are currently the fastest, based on company location.
Overall, users gave a perfect rating. For ease of use, and features, they gave a 80% rating. When asked about the customer support, and if they were getting value for their money, the feedback came in perfect. The only drawback people seemed to dislike is the limited choice of coins to deal in. There is also a Demo/Free trial period to gauge functionality before purchase.
Our Top 3 Picks
- REMITANO Pros
- Crypto and Fiat currency payment and withdrawal option.
- Diversity in Currency and Features
- A secure coverage of supported crypto and countries
- Exceptional customer support.
- COINBASE COMMERCE\ Pros
- Ease and speed of transaction
- Highly secure, and large user database
- Immediate conversion and withdrawal in real-time.
- PRODOGE\ Pros
- The ability to send invoices, accept payments and even send out payments all in one.
- Account owners can act as their own bank and hold their currency within the platform even in fiat.
- Super, for SME's and freelancers to transact.
Conclusion
Now that you've gotten yourself on the right track towards Bitcoin payment integration for your business, you should know that when trying to update your services and get up to date with the moving trend of crypto payment gateways, it's important to do a thorough background work on any particular service you want to use. Make sure that all your necessary features, currencies, as well as country is supported
