5 Best Cryptocurrency Payment Gateways & Processors in 2023

Updated February 8, 2023

With the number of people using cryptocurrency on the rise every day, it makes sense for Canadian businesses to offer cryptocurrency payment solutions. Cryptocurrency is fast, secure, and depending on the network, cheap to send.

Giving customers the choice of paying in crypto can encourage more people to use your services and it can give people a positive impression of your business. Accepting crypto payment provides potential customers the sense that your business is forward-thinking, adaptable, and eager to implement modern technologies. It can also mean lower fees, no chargebacks, and discourage cart abandonment by offering a more simple checkout process.

If you’re not sure which crypto payment processor you should use, we’ve reviewed some of the best ones for you. Below, we’ve listed the top five cryptocurrency payment gateways for Canadians so you can accept crypto payments in your business.

Oleg Galeev

Cryptocurrency Specialist

We hope this list will help you to decide which crypto payment gateway would work the best for you. We considered the most important factors so you can make a selection based on your needs. Our website uses referral links to the crypto exchanges mentioned in the article as a means of monetization. This supports our efforts to provide high-quality, independently researched content for Canadians. Please be assured that our ratings are not influenced by these referral programs and our advice is always in the best interest of our Canadian audience. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.

Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider.

9.3/10 /10

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1. NowPayments

Crypto transaction with NowPayments.io

NowPayments is another reputable digital currency payment gateway that allows you to accept payments in bitcoin, Ethereum, Litecoin, Dogecoin, Cardano and 50+ other altcoins. 

With NowPayments you can receive crypto payments straight to your wallet. They charge low transaction fees based on your monthly bitcoin received. Transaction fees are 0.4% for 100 BTC per month,0.45% for 50 BTC and 0.5% for 0-49 BTC per month. If you manage to reach the next threshold by the end of the month you will receive the difference. 

You can choose to charge your customer in crypto or fiat. If the customer pays in fiat, you can have that instantly converted to crypto, which gives you the flexibility of different payment options. 

While the transaction fees are low, keep in mind that if the currency your customer pays in is different to the currency you accept then there is 0.5% exchange fee. Fees to withdraw from crypto to fiat are 0.5% and fiat to crypto fees are 4%. So, if your customer pays you in crypto and you would like to withdraw that amount to fiat, you will have to pay a 0.5% fee in addition to the transaction fee, bringing your total up to 1%. 

When you need to pay partners, affiliates or other merchants, NowPayments lets you send crypto in mass payments for easy crypto payment processing. Enter the wallet addresses and NowPayments will send the crypto to all of them at the same time. 

Pros:

  • 50+ cryptocurrencies supported
  • Low transaction fees
  • Mass payments available 
  • 24/7 support
  • Fiat to crypto invoices

Cons:

  • CAD not supported for withdrawals
  • High fiat to crypto fees
  • 0.5% fee for withdrawals to fiat
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9.5/10 /10

2. CoinsPaid

CoinsPaid is a reputable bitcoin payment gateway that will allow you to accept crypto payments. With CoinsPaid, any online business can accept crypto as payment but choose to receive crypto or fiat. For example, the customer uses bitcoin to pay for their goods. You have the choice to either receive the bitcoin and you can hold it or pay your partners and affiliates with it. Or, if you prefer, when the customer makes their payment in bitcoin, the bitcoin is instantly converted to a fiat currency of your choice which is paid to you. 

With CoinsPaid, you can accept 30+ cryptocurrencies including bitcoin, Ethereum, Litecoin, Cardano and more. This digital currency payment gateway also works with WooCommerce and Shopify sites, so it’s perfect even for smaller businesses. CoinsPaid has a fixed transaction fee of just 1%, lower than Visa or Mastercard, which can charge up to 2% or more per transaction on their credit cards. There are no monthly fees or rolling reserves. The full amount in your wallet is available to withdraw at any time. 

CoinsPaid is also highly secure with each transaction monitored for fraud and suspicious activity. Customer funds are held in cold storage to prevent theft and it also undergoes yearly audits.

For all of these reasons, we think CoinsPaid is the best crypto gateway for accepting crypto payments. 

Pros: 

  • 30+ cryptocurrencies accepted 
  • Multiple fiat currencies including CAD
  • Receive payment in crypto or fiat
  • Free integration
  • Auto crypto withdrawals over a certain balance
  • Funds held in cold storage
  • No monthly fees
  • 1% Fixed transaction fee
  • 24/7 customer support

Cons:

  • None
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9.3/10 /10

3. Blockonomics

Business transaction with Blockonomics

If you’re looking for a digital currency payment gateway that focuses on bitcoin payments then Blockonomics might be a good choice.

With Blockonomics, you can accept bitcoin or payments online or create invoices in fiat and receive bitcoin as payment. Bitcoin payments made to you online go directly to your bitcoin wallet. If you choose their invoicing option, their tool will adjust the bitcoin you receive based on market fluctuations so you always receive the correct amount.

Blockonomics is a simple bitcoin payment gateway for businesses looking to receive payments only in bitcoin. You don’t have to worry about multiple wallets or exchange rates to fiat. If you’d like to receive bitcoin as payment and keep the bitcoin without converting to fiat, then Blockonomics is the best crypto gateway for that.

Blockonomics also supports bitcoin cash payments.

Another great thing about Blockonomics is there is no complicated sign up process or KYC. Since you are not dealing directly with fiat you do not need to verify your account or even provide any personal details when creating your bitcoin invoice. You can get paid anonymously.

Blockonomics works with WooCommerce, Shopify, Prestashop, Magento, and other online stores, so it’s perfect for freelancers, small businesses, and anyone with a side hustle. 

Blockonomics charges a 1% transaction fee. That means if you select Blockonomics as your crypto gateway, you can receive payment cheaper than if you accept Visa or Mastercard. 

Pros:

  • Receive bitcoin or bitcoin cash payments easily
  • No KYC
  • Receive bitcoin anonymously
  • Generate fiat invoices and receive bitcoin
  • Receive bitcoin online directly to your wallet
  • 1% transaction fee
  • Send bitcoin as a gift

Cons:

  • Only two cryptocurrencies available
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9.2/10 /10

4. BitPay

Transaction with BitPay

Another digital currency payment gateway is Bitpay. Popular amongst many online and retail businesses, Bitpay is probably the most reputable and secure crypto payment processor. 

Suitable for any business, Bitpay offers payment buttons, hosted checkouts, invoices, and other tools to help you accept crypto payments. 

When a customer goes to pay for something on your website, they will see the generated wallet address where they must send their payment. Once they send their payment, Bitpay converts the crypto to your local fiat currency and then sends it directly to your bank account in two business days. 

You can also accept crypto payments with Bitpay in brick and mortar stores using the Bitpay checkout app. Customers only need to scan the QR code to pay. 

When it comes to settling funds in your bank account, there is a $2,500 minimum. 

If you choose to be paid in crypto instead, payment to your crypto wallet is made daily. The minimum settlements for crypto payments are 0.01 BTC, 0.01 BCH, 400 DOGE, 0.2 ETH, 20 GUSD, 20 USDC, 20 PAX, 20 BUSD, 20 DAI, 0.01 WBTC, or 20 XRP.

Bitpay has a number of plugins for various online stores. It supports Shopify, WooCommerce, Wix, Magento, Prestashop, Opencart and many more e-commerce stores. 

There are no monthly fees to use Bitpay and transaction fees are just 1%. 

If you’d like to generate invoices, you can do that too. Plus, you can send crypto to many addresses at once using Bitpay Send. Make payroll payments, pay partners and vendors any day of the week. Add funds to your account and Bitpay will send crypto to the people you select. 

Since Bitpay is secure, compliant, has many features and has a good reputation, we think it is one of the best cryptocurrency payment gateway for any business. 

Pros: 

  • Transactions fees are 1%
  • No monthly fees
  • Highly reputable
  • Mass payments
  • Install plugin and spend crypto online
  • Bitpay is fully compliant and registered in USA

Cons:

  • $2,500 withdrawal minimum
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9.2/10 /10

Accepting crypto payments with Coingate

CoinGate allows businesses to accept bitcoin and 70+ cryptocurrencies including bitcoin, Ethereum, Dogecoin, and most recently, Shiba Inu. Accept crypto payments and settle the funds in fiat or trade for other crypto. 

CoinGate has over 289,000 registered users, so it is a popular crypto payment gateway with a good reputation. Customer funds are held mostly in cold storage, which adds a layer of protection.

With CoinGate, a customer will be presented with a choice of cryptocurrencies they can pay with. Then, CoinGate will generate the invoice. The customer pays and the amount is transferred in bitcoin, other cryptocurrencies or Euros. 

You can also set up a recurring email billing option, so you can invoice vendors and partners automatically. 

You can use the CoinGate API to integrate crypto payments to your website, or you can use simple plugins that support WooCommerce, Magento, Prestashop and other e-commerce stores. 

Transactions fees for using CoinGate are 1% and they charge 8% for buying crypto with your credit or debit card. You can withdraw to fiat in EUR or USD only with a 0.2% withdrawal fee for USD and a $250 minimum. 

Pros:

  • 50+ cryptocurrencies supported
  • Automatic email billing
  • Buy crypto with credit/debit card
  • 1% transaction fee

Cons:

  • No CAD withdrawals 
  • 0.2% USD withdrawal fee
  • High fee for buying crypto
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What to Look for in a Cryptocurrency Payment Gateway

With crypto becoming more mainstream and scaling solutions developing, more and more people are looking to pay for goods and services with crypto. Businesses are taking note and are beginning to accept crypto payments. In future, crypto payments could be the norm, in which case you’ll need to integrate the technology to keep up. 

If you own a business and would like to accept crypto, you’ll need to find a digital currency payment gateway that you can integrate with your website or app. However, when choosing a cryptocurrency payment processor, there are a number of factors to consider. In this article, we will explore what you should look for in a crypto payment processor. 

Fees

One of the key factors in choosing the best crypto gateway for your business is the fees. Generally, crypto payment provides cheaper transactions than regular Visa or Mastercard payments due to several crypto networks having extremely low transaction fees. When using a cryptogateway, there could be extra costs involved since you are using a third-party integration service. When choosing the best cryptocurrency payment gateway for your business, always check the fees that the service charges and ensure there are no hidden fees. 

Taxation and Financial Reporting

As with any payment received, your crypto payments will be viewed as business income by the CRA. Therefore, you’ll need to make sure your bitcoin payment gateway connects the payment received with customer order data. See if the gateway provides access to sales reports or other data that you can export and incorporate into your financial reporting. Does the crypto gateway offer invoicing? Since crypto can be a complicated aspect of taxes, you’ll want to use crypto payment processing that makes reporting as easy as possible. 

Technical Integration

Another aspect for you to consider is the technical integration. How easy does the crypto payment gateway integrate with your website or app where your customers shop and pay for orders? The best crypto gateway for your business is one that seamlessly interacts with your website or app. When your customers go to the checkout page, they’ll want an easy experience that closely resembles paying with a regular credit or debit card since that is what they’re used to. You’ll want to make sure the crypto gateway you choose looks and feels familiar to your customers. It’s also important to choose a cryptocurrency payment gateway that offers the cryptocurrencies you want to accept as payment.

Security and Reliability

A cryptocurrency payment gateway should be secure and reliable. Check reviews of the payment gateway you are considering and check that all transactions will be secure and confidential. Crypto transactions happen wallet to wallet, so while there’s no third party like a bank involved, you still need to ensure that the gateway facilitating the transaction is secure and reliable. 

Speed

One thing that can make or break a sale is the speed of the checkout process. If it’s too long you risk customers abandoning their cart. Cryptocurrency payment solutions should offer fast transactions so that the customer can checkout quickly and you can receive your payment without delay. Some crypto payments will depend on the crypto network itself, but the checkout process itself should be speedy or the customer might not return. 

Customer Support

Sometimes you might encounter problems with your cryptocurrency payment gateway in which case you’ll need some customer support. When looking for the best crypto gateway, make sure customer support is available when you need it. If phone support is important to you, find a gateway that offers it. You never know when something could go wrong and you need immediate help, so customer support is an important factor when choosing a digital currency payment gateway. 

 

Author

Oleg Galeev

Cryptocurrency Specialist

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.