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 is a 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 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.