Bitcoin payment gateway
What is a Bitcoin payment gateway?
Cryptocurrencies are on the rise today, gradually replacing traditional payment methods in e-commerce. More and more customers around the world are launching Bitcoin wallets and prefer not only to store cryptocurrency in them but also to pay for goods and services with Bitcoins. Changing customer preferences have forced merchants to expand payment options on their websites and integrate a Bitcoin payment gateway to accept this cryptocurrency seamlessly. If you're one of those looking for the best Bitcoin payment gateway, keep reading!
So, what exactly is a Bitcoin payment gateway, and how is it different from a regular one? Nothing complicated here. A gateway for Bitcoin is a technology that allows merchants to accept and process payments in this type of cryptocurrency.
With a gateway for crypto payments, businesses can offer their customers to pay for goods or services with Bitcoin, Litecoin, Ethereum, Monero, and other altcoins. The availability of cryptocurrency as a payment option allows e-commerce companies to enter new markets, significantly increasing profitability.
What is Bitcoin as a payment method?
Bitcoin payment method is quite easy and fast. A customer opens their crypto wallet, scans the QR code of the payment account on the merchant's website, and confirms the action with a pin code (or other means). If you'd like more details on what is Bitcoin payment method, check out this article.
How does a Bitcoin payment gateway work?
Paying with cryptocurrency and accepting it isn’t as simple as credit/debit card transactions since this method works with traditional currencies only. To conduct crypto transactions, a customer must have a crypto wallet, and a merchant must have a Bitcoin payment gateway.
Bitcoin transaction processing is quite easy and fast. A buyer opens their crypto wallet, scans the QR code of the payment account on a merchant’s website, and confirms the action with a pin code (or other means). After funds are credited to the specified account, the Bitcoin network recognises and confirms the payment. Thanks to blockchain technology, each transaction conducted is stored in a single ledger. Everyone has access to information about all transactions, but none of the parties can change or falsify the transaction record, and the network is anonymous. After the funds are securely credited to the merchant’s account, they can convert them into fiat currency and then withdraw or keep cryptocurrency on the account. If your product or service is tied to a fiat currency equivalent (e.g. USD), then the typical invoice period of validity is 7-15 minutes due to the exchange rate volatility.
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Benefits of a Bitcoin payment gateway
If you have an integration with the best Bitcoin payment gateway, both you and your customers can enjoy a range of benefits.
Entering new markets
There’s no doubt that cryptocurrency is the future of the online payment market. Only those merchants who integrate a gateway for Bitcoins as early as possible will experience all the advantages of being a leader in their industry. Since cryptocurrency is decentralised, merchants will have a single form of currency that is uniformly applicable regardless of location. The acceptance of Bitcoin as a payment method via a special gateway allows e-commerce retailers to quickly and easily enter the global market and increase profits. Plus, by accepting crypto payments, businesses avoid the hassle and expense associated with international fees and exchange rates.
High processing speed (peer-to-peer)
Bitcoin is one of the first cryptocurrencies to use peer-to-peer technology to facilitate instant payments. This technology allows online transactions to be sent directly from one side to another, bypassing any financial institutions. Of course, without the participation of intermediaries, the gateway processes crypto transactions almost instantly, and the funds are immediately transferred to the merchant's account.
Selling goods or services online always carries the risk of chargebacks, but not when the buyer pays with cryptocurrency because crypto transactions cannot be disputed. In addition, blockchain technology checks the availability of funds even before the transaction is completed, making it nearly impossible for buyers to complete a purchase without sufficient funds in their accounts. Moreover, unlike credit card payments, crypto payments cannot be cancelled. The business receives all funds immediately.
How Corefy can help
If you want to bring your business to the next level, Corefy’s feature-rich solution is here to help. Our platform enables you to accept payments in 400+ methods, including Bitcoin, via 650+ providers. Contact us to know more and get started in a snap.
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