Cryptocurrencies, or digital currencies, are on the rise as becoming a popular means of currency exchange in the world today besides traditionally-used fiat currencies. In order for businesses to attract customers from all over the globe, many have been adopting cryptocurrency payment gateways into their workflow so they can offer crypto as a payment method seamlessly as well as securely. And selecting for the best cryptocurrency payment gateway is undoubtedly on top of every business owner’s priority list.
Today, in this article, let’s go deeper into the topics of how crypto payment gateway works, criteria for selecting the best cryptocurrency payment gateway, and why XAIGATE is the leading gateway service on the market nowadays.
Read more on: What is crypto payment gateway: A comprehensive guide
What is a cryptocurrency payment gateway?
Before discussing the qualities that make up the best cryptocurrency payment gateway, let’s first go into the question: “What is a cryptocurrency payment gateway?”. Cryptocurrency, different from traditionally-used fiat currencies, is a digital form of currency aimed at decentralization and user anonymity. The first crypto ever created, Bitcoin, was invented with the aim to decentralize financial power from a central authority and allow everyone, regardless of their backgrounds, to participate in the digital currency market.
A crypto payment gateway acts as bridge between merchants accepting crypto and customers paying for their goods and services. In other words, a crypto payment gateway provides merchants with a platform to accept crypto, process, and then settle these crypto transactions into merchants’ account seamlessly.
It is also noteworthy that merchants do not have to have a crypto payment gateway to accept crypto from customers. They can accept crypto into their own wallet perfectly fine. However, this way of managing crypto transactions lacks security, is at high risk of value volatility, and is greatly inconvenient for both merchants as well as customers.
How does a cryptocurrency payment gateway work?
Different cryptocurrency payment gateway services might have different unique features to set themselves apart from competitors on the market. However, generally, all crypto payment gateways adopt similar protocols.
- A business owner decides to integrate a crypto payment gateway into their website/workflow.
- A customer chooses to purchase goods and services using cryptocurrencies at checkout.
- Crypto payment gateway accepts payments and verifies information as well as correct values.
- Information is securely sent to a blockchain network to verifies cryptocurrency payments.
- Both customer and merchant are notified if the payment goes through or not.
- Funds are settled into the merchant’s account either in cryptocurrencies or converted into fiat currencies.
Types of cryptocurrency payment gateway
There are two types of crypto payment gateway: custodial and non-custodial. Different from custodial gateways, non-custodial gateways do not touch your cryptocurrency at all throughout the whole transaction process and simply process it. In non-custodial gateway services, you hold the key to your wallet and can access it anytime.
Non-custodial gateways have the advantages of being highly private, having fast transaction time, and having low fees. Meanwhile, custodial gateways are more secure and require less management from the user. Each type has its own pros and cons, and the gateway type is definitely one of factors to consider when selecting the best cryptocurrency payment gateway.
Learn more about these two types of crypto payment processors here: XAIGATE: Best crypto payment processor for business 2024
Criteria for selecting the best cryptocurrency payment gateway
Not all crypto payment gateways are built the same. Therefore, if you are in the market for a crypto payment gateway service, it is advisable to do thorough research into gateway services that you are considering in order to make the best informed decision on which one to integrate into your workflow. There are a few things to consider when selecting the best cryptocurrency payment gateway:
- Cryptocurrencies accepted: It’s important to make sure the payment gateway can process different types of cryptocurrencies in order to reach a wider range of customers.
- Processing time: For the best customer experience (CX), a gateway service with minimal delay in processing time should be selected.
- Fees: Make sure to look into payment gateway’s fees thoroughly as some fees are not listed in the general descriptions. Take into consideration all fees so that you don’t increase your overhead cost too much, especially if you are a small business.
- Security: Security is the top concern both merchants and consumers have when using a payment processor. Make sure to learn about the gateway’s security measurements and ensure they are safe to prevent fraudulent activities as well as data breaching.
You might be interested in: 5 TOP Cryptocurrency Payment Gateway for Business
XAIGATE – the best cryptocurrency payment gateway for global outreach
If you are looking for the best cryptocurrency payment gateway at an affordable price but still accept multiple cryptocurrencies as well as offer fast and secure gateway service, XAIGATE is your best option! XAIGATE is a global cryptocurrency payment gateway, offering reliable, easy-to-use, and secure service with additional features at no additional cost. Some of our outstanding features include:
- Diverse cryptocurrencies accepted: XAIGATE accepts BTC, ETH, LTC, BCH, LINK, DOGE, USDT and more 9.866+ different coins, helping you reach customers from all around the globe.
- Low processing fees: At a competitive rate of 0.2%, XAIGATE is suitable for businesses of all sizes who want to expand their business without increasing overhead cost too much
- No monthly maintenance cost
- Easy setup: User-friendly UX/UI
- Invoice services: XAIGATE assist clients with requesting payments and processing them through our blockchain API.
- Global payments: We accept crypto payments from all over the world.
- No KYC: XAIGATE is a no-KYC payment service that ensures complete privacy to our users and fast processing time for the best CX.
You might be interested in learning more about: XAIGATE: Top crypto payment gateway without KYC
At XAIGATE, we are always happy to assist you every step of the way and ready to answer all your questions should you have any. Reach out to us today if you are interested and rest assured we will aid you in advancing your business to the next level!
