“You can now buy a Tesla with Bitcoin” so tweeted Elon Musk, CEO of Tesla. It gave a massive boost to trading in cryptocurrencies. Even though many countries have still not legalized trading in cryptocurrencies, the fact remains that the younger generation is investing and trading in Bitcoins, Dogecoins, Ethereum, and others.
Many e-commerce websites accept payments in cryptocurrencies from users. This is accomplished by a crypto payment gateway. It allows merchants to accept cryptocurrencies as a means of payment from customers in exchange for goods and services. The merchants can either convert this into fiat currency or any other cryptocurrency of their choice. The cryptocurrency payment gateways provide a host of tools to streamline the payment process and make it simple, easy, and fast both for the user and the merchant. More importantly, these are secure too.
Many online businesses are planning to enable cryptocurrency payments for their users. So, which is the best for your website? Let us guide you through the five best cryptocurrency payment gateways for e-commerce websites.
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The transaction fee starts from 0.4% for accepting payments in the same cryptocurrency. The rates are decided based on the volume of cryptocurrencies transacted per month. If you want to accept it in a different currency from what your users are paying, NOWPayments charges an additional exchange fee of 0.5%. It also provides a fixed rate exchange option where the cryptocurrency conversion rate for the entire exchange duration is frozen for a fixed value. The transaction fee rounds up to 1% here regardless of the transaction volume.
Coin Payments supports real-time global payments and has a low-processing fee of 0.5% for all incoming crypto payments. An additional networking fee is charged if the payment is to be forwarded to an external address instead of the CoinPayments wallet. Then again a conversion partner fee is charged if merchants want to convert the user payment cryptocurrency into another.
Coin Payments has prebuilt plugins and integrations for the most popular e-commerce platforms such as Drupal Commerce, Ecwid, Magento, OpenCart, Shopify, PrestaShop, and WooCommerce. It provides a host of tools to help merchants easily manage cryptocurrency payments from users.
Plugins- The prebuilt CoinPayments plugins are for all major e-commerce platforms
Payment buttons- It is to provide crypto payment functionality on the e-commerce website
APIs- To integrate CoinPayments payment or wallet APIs into the stores
Invoice Builder- To send a link to customers to complete a payment in crypto
Point of Sale Tools- Use a simple PoS interface to accept crypto payments
Mobile App- To manage customer payments anytime from anywhere.
It supports popular cryptocurrencies such as Bitcoin, Litecoin, Dash, Ether, Dogecoin, Monero, Ripple, and ZCash.
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With Coinbase, e-commerce merchants can now accept payments in cryptocurrencies in exchange for their goods or services. It charges a transaction fee of 1% to give a settlement into fiat currency. The account setup can take 3-4 weeks depending on the compliance review and geographical availability. The cryptocurrencies that merchants can accept from users are Bitcoin, Ethereum, Litecoin, Dogecoin, and others. It can be integrated with a Shopify or WooCommerce store.
How to integrate Coinbase into your Shopify store?
Sign up for Coinbase Commerce account by verifying your email address and adding a two-step verification.
Go to Settings-> Create an API Key. A new API key will be created. It is used to connect your Shopify store to the Coinbase Commerce account.
Now in your Shopify admin dashboard, go to Settings-> Payment Providers-> Alternative payments. Under this, select Coinbase Commerce. Enter the email id you used to sign up for your Coinbase Commerce account. Now, copy-paste the API key and click Save.
Similarly, you can also integrate Coinbase into your WooCommerce website.
CoinGate is a blockchain payment processor supporting over 50 cryptocurrencies on a global scale. It offers plugins, payment buttons, APIs, and billing services to merchants interested in accepting cryptocurrency payments from users through Coingate payment gateway. It can be integrated on any e-commerce website, including WooCommerce, Magento, PrestaShop, and WHMCS. It has simple add-on integration modules that handle the payment flow from checkout to settlement. It is best for all types of businesses, from basic startups to enterprise-level stores.
Coingate offers merchants a dashboard to track and manage their payment history and payouts. The integration process is simple and straightforward. The merchant has to generate API credentials by signing in to the CoinGate account. The merchant can select the preferred options to receive the settlements. Another benefit is that it provides a Sandbox environment for merchants to test their API integration before going live on their online store.
Bitpay is a cryptocurrency payment gateway that provides online merchants with the opportunity to accept user payments in cryptocurrencies. It accepts Bitcoin and other cryptocurrencies with a 1% transaction fee. It provides payment buttons, a hosted checkout, and embedded invoices for the merchant’s e-commerce store. It also works with plugins and integrations.
How does Bitpay work for e-commerce stores?
BitPay displays the invoice for the buyer.
The buyer pays in cryptocurrency at a locked-in exchange rate.
The merchant can convert the user’s payment into any local currency
BitPay initiates a bank settlement to the merchant the next business day.
Bitpay open-source plugins can be integrated into WooCommerce, ZenCart, Magento, OpenCart, PrestaShop, Drupa Commerce, WHMCS, and Ubercart.
It has integrated solutions with Shopify, Wix, Blesta, and 3DCart. It writes and maintains code libraries for Java, PHP, Ruby, Python, and Node.js. So, Bitpay can be used as a cryptocurrency payment gateway on any e-commerce website.
Cryptocurrency payment gateways provide instant crypto to fiat currency exchange. They can be easily integrated into any existing e-commerce website. With cryptocurrencies said to be the future of finance, it won’t be long before accepting online transactions in cryptocurrencies becomes the new norm.