What are the top cryptocurrency payment gateways right now? Let’s take a look!
I bet you’re wondering about the prominent names in this borderless payment world, about their pros and cons. Your answer will be in this comprehensive review!
Crypto Payment Gateways Overview
Let’s not get bogged down in boring concepts, because I believe that if you have studied crypto, you already know them.
Think of these payment gateways as modern toll booths on the highway. Instead of using cash or credit cards, you will use cryptocurrencies like Bitcoin or Ethereum to continue circulating on the big road called “crypto“. You may not need to deposit money into them, but that also means you can’t continue on the convenient highway and will have to navigate the small and winding side roads. Because those are extremely convenient for businesses, even reaching as many customer files as possible or not having to worry too much about transaction volume.
With a projected growth of 46% CAGR from 2023-2028, the blockchain payment processors market is booming. But to choose the right platform, you need to understand the following technical factors:
- Transaction Fees: High or low greatly affects profits.
- Latency: Transaction processing time, especially with blockchains that have different speeds.
- Security: Consider encryption protocols, data protection standards (PCI DSS).
- Integrity: Suitable for e-commerce platforms such as Shopify, WooCommerce…
READ MORE: Best Notes to Build a Shopify Cryptocurrency Payment Gateway
Top Cryptocurrency Payment Gateways
BitPay
A long-standing and trusted name, BitPay is a pretty good choice for businesses. BitPay has been around since 2011, allowing businesses to create invoices and integrate with a powerful API. BitPay offers a pretty comprehensive solution for both businesses and individuals. In addition to debit card services, BitPay also has special features such as invoicing and recurring payments support.
Their transaction fee is fixed at 1%, and they support popular coins such as BTC, ETH, LTC, DOGE, USDT. Besides, they also incorporate integration features with Shopify, WooCommerce, and QuickBooks platforms.
However, BitPay does not support emerging blockchains. I think this is a minus point if you want to diversify your crypto portfolio. Plus, to start using BitPay, businesses must go through a rather cumbersome KYC (Know Your Customer) process, which makes many users feel inconvenient.
XaiGate
This is a new name, but they offer a very secure multi-layered security system, including end-to-end encryption and two-factor authentication. What’s special is that besides allowing businesses to customize the payment interface to match their brand, this payment gateway also integrates AI to detect fraudulent transactions.
The biggest advantage is the low processing fee, starting from only 0.2% transaction fee, much more competitive than the big competitors. They support payments for BTC, ETH, XRP, LTC, BNB and over 100 other cryptocurrencies. The processing speed is very fast – almost instantaneous with a latency of less than 2 seconds!
XaiGate also has no monthly fees, meaning businesses do not have to pay monthly maintenance fees, reducing the burden of fixed costs. Not only 3 platforms like BitPay, XaiGate provides open source plugins for many e-commerce platforms such as WordPress, OpenCart, PrestaShop and Magento.
This payment gateway offers a commission program of up to 75% of the transaction fees from referred merchants, creating an opportunity for partners to increase their income. I think this affiliate program is very attractive! They are also very flexible in allowing businesses to create and customize invoices to send to customers. XaiGate is a cryptocurrency payment gateway with many advantages that are tilted towards businesses, especially small businesses.
You know what else is interesting? XaiGate has developed a feature called Gas Station service. This feature will help businesses reduce gas fees in cryptocurrency transactions and increase profits.
One small limitation is that businesses may face risks from cryptocurrency value volatility, which could impact revenue if they do not convert to stable currencies in time. But I think this limitation of cryptocurrency value volatility is a common limitation of cryptocurrency payment gateways.
Let’s try a bit of XaiGate HERE!
Coinbase Commerce
The payment gateway has 110 million global users and has a certain reputation. They integrate with popular e-commerce platforms such as Shopify, WooCommerce, Magento. Security measures are cold wallets and two-factor authentication.
Regarding transaction fees, CC is free for crypto-to-crypto transactions and 1% for fiat withdrawals. The currencies they support are about 10+ types and the most optimal are BTC, ETH and USDC.
In contrast, due to high fiat conversion fees, businesses are likely to lose an additional 1-3% of the transaction value when using this payment gateway. The most important thing is that this payment gateway depends on the Coinbase ecosystem. If Coinbase has problems or is controlled by legal regulations in some countries, businesses will also be heavily affected.
READ MORE: Case Study No.1: ECommerce Cryptocurrency Payment Gateway
Binance Pay
Binance Pay is an ideal choice for those who are familiar with the Binance ecosystem.
The brightest point of this payment gateway is that it allows sending cryptocurrencies between Binance accounts without fees. This means that their transaction fees are 0%, which is one of the most economical payment gateways. They also support over 200 cryptocurrencies.
But, there are many disadvantages.
First, this payment gateway only works well within the Binance ecosystem and does not support many integrations with independent e-commerce platforms. Second, because it is completely dependent on Binance, Binance Pay cannot be used if the Binance account is locked or has legal issues. This increases the risk percentage too high for businesses using the service.
CoinGate
Similar to XaiGate, CoinGate is a good suggestion for small and medium-sized businesses in the e-commerce field. With a customizable API integrated with Magento, OpenCart, PrestaShop and the ability to support more than 70 coins, CoinGate helps businesses easily expand their customer base.
CoinGate’s special feature is supporting recurring payments and invoice management. CoinGate’s transaction fee is also on par with some payment gateways with 1% experience. The problem here is that CoinGate also applies a withdrawal fee in addition to the transaction fee, increasing the cost burden for businesses quite a bit.
Some users have reported that CoinGate’s customer support service is not really fast and effective. The processing time for fiat withdrawals via CoinGate also takes longer than that of its competitors.
Wrappings
Choosing the right crypto payment gateway will not only help you optimize costs, but also increase security and expand your customer base. In 2024, gateways like XaiGate and Coinbase Commerce will definitely lead the trend. If you want to ride the new wave of payments, choose a platform that suits your business needs and scale.
If you haven’t started yet, click here to learn more and get started! With XaiGate, the relationship with customers does not stop at completing transactions. We always accompany and support customers at all times!
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