By now you have probably realized that cryptocurrency can no longer be ignored. As each new day passes, cryptocurrencies and digital payments with crypto are continuing to gain traction in the global economy.
One of the key elements driving this trend is the adoption of crypto payment gateways by businesses from all kinds of industries.
In this article, we will explore the importance of crypto payments in 2023 and how they are changing the way businesses handle online transactions.
Understanding cryptocurrency payment gateways
A cryptocurrency payment gateway is a service that facilitates the processing and receipt of cryptocurrency payments for merchants.
Crypto payment gateways like CoinsPaid, PayPal and Coinbase Commerce enable businesses to accept cryptocurrencies alongside fiat money, simplifying transactions and expanding payment options for customers.
These payment providers allow businesses to receive payments in Bitcoin, USDT and many other currencies, which can then be converted into fiat currencies and deposited into the bank accounts of their choice.
This helps businesses offer alternative payment options to customers, removing uncertainties concerning cryptocurrencies and enhancing customer experience.
Simplified transactions using crypto payment processors
A crypto payment processor serves as a bridge between merchants and customers, making it simple for businesses to accept cryptocurrency as payment.
They settle transactions in real-time, allowing for instant transaction settlements and improved customer experience.
Of these crypto payment processors, there are typically two distinct types of gateways custodial and non-custodial.
Custodial crypto payment gateways hold the cryptocurrency generated through sales from merchants in gateway accounts, which can be converted to a preferred fiat currency by the merchant at any time.
Non-custodial gateways, however, process payments, convert the crypto into fiat and instantly transfer the profit to the merchant’s bank account.
How crypto payment gateways work and costs
As mentioned earlier, crypto payment processors work as a middleman between customers and merchants when it comes to accepting crypto payments so that the merchants don’t have to develop an entirely new crypto payment system on their site.
A cryptocurrency payment system streamlines the payment process by instantly converting the payment into the fiat currency of the merchant’s choice and depositing the funds…
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