Payment methods for cryptocurrencies enable companies to receive cryptocurrency payments from consumers in return for products or services. According to bitcoin cryptocurrencies, such networks allow payments from any country and place a premium on protection. Because of the simplicity of blockchain technologies, many cryptocurrency payment systems provide worldwide entry, lower rates, and fewer chargebacks. However, there is a slew of other improvements that must be made for anyone who wishes to receive Bitcoin with ease.
Most people have been enticed to join the cryptocurrency train and use or store cryptocurrencies due to the recent Bitcoin bull run. There are many digital assets to choose from, and although most of them are supported by wallets, conventional payment applications have only recently begun to innovate. PayPal is the most recent organization to express interest in encouraging consumers to buy cryptocurrencies using its software. These are among the best payment applications and crypto wallets to check out if you want to learn how to use crypto or invest in it and keep it. For more information about crypto, please visit Crypto Investor.
- Coinbase Commerce
Coinbase Commerce is a point-of-sale system for merchants that integrates seamlessly with WooCommerce (WordPress’s eCommerce offshoot) and Shopify. It is amongst the most common crypto payment solutions on the market, with no fees and the potential to take payments from all over the world.
Coinbase Commerce is ideal for retailers that are comfortable understanding simple crypto fundamentals since it offers quick transfers, minimal payment, and strict protection (to the point that certain consumers argue that there are too many security steps).
One of the biggest flaws is the trouble users have had to withdraw their crypto since receiving it and the inability to turn crypto into fiat on the Coinbase Commerce website. Overall, it may not be the most user-friendly crypto payment tool for those unfamiliar with digital currency. Still, its widespread availability and smooth integration with eCommerce services make it a viable option.
On this list, the newest crypto payment app, MobiePay, could have the best all-around solution for both retailers and customers. Users will send and redeem cash and digital money everywhere using their phone as part of their universal payments and rewards ecosystem.
Apps will be able to get cashback, and retailers will have access to a variety of partner sales opportunities in addition to being able to use crypto for daily transactions. Another unique feature of the service is the ability to pay for money or bitcoin, with instant cash settlement – a massive bonus for those who aren’t very good at exchanging crypto to fiat on exchanges.
Their preview, which is set to debut early next year, has a long list of product features planned, including new merchant relationship services, payroll, in-app currency conversions, and loyalty programs. MobiePay can help higher-risk markets like cannabis and e-sports obtain access to payment services and blockchain payments when they aren’t partnered with a large credit card company.
So far, Bitpay is perhaps the most well-known cryptocurrency payment process. They’ve worked with a few of the world’s largest companies, including Microsoft and Twitch, and provide a streamlined Shopify integration, close to Coinbase Commerce. They recently introduced a disposable Mastercard that can be used anywhere American members approve Mastercard. BitPay now supports Bitcoin, Bitcoin Cash, Ethereum, four USD-pegged stablecoins, and Ripple for a one-time fee of 1%.
BitPay has many advantages, including the ability to transfer money straight into a bank account, which allows the whole process even easier for crypto newbies.
Coingate is a cryptocurrency portal that lets users accept, exchange, and handle their cryptocurrency all in one location. They accept over 50 digital currencies, which is unprecedented in the payment processing environment, and all of them operate on the infamous Lightning Network. The platform is unique in that it encourages retailers to collect payouts in fiat, crypto, or both, and it only charges a flat 1% withdrawal fee.
Coingate’s security products are unusual because the bulk of their investments are stored in cold storage, meaning that consumers’ funds are not linked to the internet, reducing scam threats significantly. Coingate is another appealing option for e-commerce and brick-and-mortar retailers, thanks to integration technologies like API, shopping cart extensions, transaction buttons, and Web POS.