As a merchant, you do not have to spend a lot of time developing your own merchant tools for each and every cryptocurrency out there in order to accept it as payment for goods and services at your store. Developing those tools can take time for those willing to accept as many cryptocurrencies as possible. Today, you can instead use payment processors and gateways.
- Most gateways currently let your customers pay for goods and services with any cryptocurrency (or multiple digital coins) and you can get the proceeds converted to U.S.D. or other popular fiat and receive it via bank or other methods. Some gateways even allow you to continue spending the received cryptocurrencies as willed.
Most of these gateways come with additional advantages, tools, and functionality and are thus much more advantageous than just sharing your crypto addresses to your customer (which can be very tedious sometimes if you have many clients and a large business to mind about) to allow management and handling of different cryptocurrencies for your business. Here are some common payment gateways you can consider as a merchant selling goods and services around the world.
CoinPayments provides integrations such as merchant shopping cart plugins, APIs and IPNs, invoice builder, point of sale (HTML URL, POS link and QR generators) and mobile apps to allow merchants to accept payments in over 445 altcoins for only 0.50 percent fees. You can also use simple buttons using button makers, shopping cart buttons and donation buttons.
It is also ideal for companies holding ICOs or donations and hoping to receive multiple types of altcoins and then convert the proceeds into a single currency like USD or Bitcoins.
CoinPayments supports GAP600 Instant Confirmations to make Bitcoin payments faster, has a vault for the security of the digital coins, and Android and iOS apps.
Merchants in the U.S. and Europe get fiat settlements in their respective fiat currencies through their banks. Besides, merchants can enjoy auto conversion of coins and altcoins inside the Coinpayment ecosystem, without moving the funds to a different exchange, wasting time or worrying about exorbitant fees. The service also features a multi-coin wallet.
The solution is being used by more than 967,500 vendors across 182 different countries.
The pricing includes 0.50% for incoming payments to CoinPayments wallet and commercial deposits. Conversion fees include coin TX fee + conversion partner's fees. They also provide a PayPal Passthru service where merchants can accept altcoins from their customers and then receive funds through their PayPal account without having it pass into CoinPayments accounts.
GoCoin is an enterprise-grade payment processor that provides tools, integrations and customer support to allow merchants to accept Bitcoin, Litecoin or Dogecoin. The company is also adding more altcoins in this quarter of 2018. GoCoin started assisting merchants with accepting Bitcoins in 2013.
Merchants integrate GoCoin into their shopping cart platform using free plugins for major online shopping cart platforms. These include plugins for WooCommerce, Shopify, Magento, nopCommerce, and OpenCart.
Customers pay for your goods and services with the cryptocurrency of their choice and then you get, from GoCoin, the cryptocurrency or fiat you need to pay for your bills. The company has already processed five million transactions worth millions of dollars of blockchain currencies. The company has more than 15000 merchants sign-ups.
The company requires KYC documents to verify an account -- both personal identity and corporate docs.
The fee is 1% of every sale. GoCoin offers international wire transfers (in USD, EUR, GBP, and SGD currencies) to the merchant's bank when their account balance hits $1,000. They do not charge any outgoing wire fees except for the charges by the merchant's bank.
Merchants can also initiate a refund to their customer on the dashboard.
ErosCoin supports 500 different kinds of cryptocurrencies. With it, merchants can transfer and trade crypto in seconds. Their customers pay with cryptocurrencies by scanning a QR code using their mobile phones. The on-chain payment requests are confirmed on a particular blockchain network, and then your merchant account gets credited with cryptocurrency balance.
The company also offers a payment card that you can use to spend cryptocurrencies. It is an entire payment ecosystem with selling tools such as Router, Subscriptions & Payment Links as well as invoice generation, and deposits.
You can also track transactions in your merchant account.
CoinsBank provides a debit card that you can use to spend cryptocurrencies at ATMs or merchants worldwide where MasterCard or Visa is accepted. This is a good option for customers willing to spend cryptocurrencies to buy from merchants.
However, it is also suitable for merchants willing to accept Bitcoin and Litecoin. You can hold the cryptocurrency and/or enjoy flexible conversions, payouts based on time period or after you accumulate cryptocurrencies. Payout is done in major fiat currencies. Coinsbank also provides a solution for online merchant services and e-commerce platforms.
The transaction fees for withdrawal is 0.5 percent for Bitcoin and Litecoin. The wire transfer fee is 1 % for SEPA EUR and 3.5% for USD and GBP. Different fees apply for credit and debit card or other methods.
Coinbase Commerce integrates with Shopify and allows merchants to accept major cryptocurrencies such as Bitcoin and Ethereum, Bitcoin Cash and Litecoin. The payments are done on-chain.
As a merchant, you can embed a payment button and accept the said digital currencies. However, withdrawals on Coinbase Commerce are not yet enabled. In the meantime, merchants can use third-party wallets such as Jaxx to move funds and withdraw.
Merchants are also able to send the amount sent by their customers from the Coinbase Commerce to their Coinbase account or to other crypto exchanges.
Besides, you can also manage your payments and monitor your earnings from one place including balances, payment details, and checkouts.
Bitpay is now letting merchants accept Bitcoin in addition to Bitcoin Cash. The company provides retail, eCommerce, billing, and donation tools to allow merchants and other people to accept cryptocurrencies.
The received cryptocurrency is converted by BitPay and merchants can thus receive settlement directly in their own currency (fiat such as US Dollars, Euros, GBP and many more) with zero volatility and risk. This feature works in 38 countries. They can then convert the proceeds to dollars with the BitPay card or spend the amount elsewhere.
The company is partnering with most popular e-commerce platforms and point-of-sale systems to facilitate integration. It now has over 40 integrations. For instance, they integrate with Ingenico, Soft Touch, VisualTouch, New West Technologies and DC POS Point of Sale technologies. They also have plugins for WooCommerce
WordPress eCommerce, Xcart, Zen Cart and pther carts.
Aliant Payment Systems
Aliant Payment Systems, an international merchant services and credit card processing company, allows you to receive payments in Bitcoin, Ethereum and Litecoin. They convert the crypto payments into USD and send the proceeds to the bank. You can then take advantage of credit card processing and other features.
You can even try it for 30 days and then select a suitable package. The basic costs $9.95 per month and you pay $0.15 fee. Depending on the package, you can get QR code invoices, mobile POS app, fully-customized API, tech and phone support, email invoicing, direct bank deposits, live chat and others such as real-time transaction reporting.
Blockchain Merchant is a free point-of-sale app that makes it easy for any retail location and merchants including restaurants, bars, cafés and all retail merchants to accept Bitcoins. Merchants only need to set up the blockchain Merchant app with their bitcoin wallet address or privacy improving HD XPUB and get started.
The payments from customers attract a zero fees and there are instant transactions to any bitcoin address or BIP 44 XPUB. The app also tracks incoming payments in real time and you can list your business in the Blockchain Merchant directory so customers can look you up.
SpectroCoin is a merchant tool that allows merchants and business people to start accepting Bitcoin, NEM and Dash at their businesses -- online and physical stores. They can then receive receive USD, EUR and GBP or local currency settlements directly into their bank account.
For online merchants, there are API or eCommerce plugins, libraries (Java and PHP) and APIs for popular shopping carts. SpectroCoin is more than just an altcoin: it also features a Bitcoin Exchange, debit card and wallet in addition to the payment processor. SpectroCoin Prepaid Card allows merchants and users to spend their funds in physical ATMs around the world. The cryptocurrency funds are converted to USD, EUR, or GBP before loading onto your SpectroCoin prepaid card.
Further, cards can be denominated in (USD), euros (EUR), or pounds (GBP). You can load the card with fiat currency (USD, EUR, and GBP) and only facilitates spending in USD, EUR, and GBP.
Coingate lets merchants accept Bitcoin, Ethereum, Litecoin and Dash and over 50 altcoins and to receive payouts in Euros, U.S. Dollars or Bitcoin. Coingate has seen over 800 payments processed daily on their platform. Last month, Coingate partnered with Paris-based Prestashop, an open source eCommerce solution to increase adoption of cryptocurrency payments by merchants in Europe. This would see 80,000 more merchants adopt cryptocurrency payments.
They have now implemented SegWit addresses across the platform and this is expected to reduce the impact on the network. They have an Android and iOS point of sale that allows businesses to accept Bitcoin payments on mobile devices.
The company also offers ICO and token sale payment processing, allowing companies to sell tokens in more than 50 other tokens and then convert easily to their desired altcoin or Bitcoin or fiat, all at a flat processing rate depending on your expected volumes.
Stablecoin is a decentralized payment gateway that is being developed to solve cryptocurrency stability issues and fears, which might make it more acceptable by the public. Merchants are able to process transactions using any cryptocurrency without having to worry about volatility such that they can expect fairly the same exchange rate when cashing out compared to when receiving payments. It is thoughtful given that one of the current barriers for as many merchants to accept crypto payments at their stores is volatility -- namely, the quick changing of altcoin prices within a short period.
The merchant will install a plugin that provides an interface to a Bitcoin wallet or other crypto wallet. The customer then chooses to pay in Bitcoin or other cryptos. The conversion rate between Bitcoin (or other cryptos) and fiat is retrieved from an oracle and the price of goods displayed in Bitcoin (or other cryptos) and fiat. The customer then transfers Bitcoin to the merchant wallet. The payment gateway integration will then scan the blockchain to confirm the transaction. The crypto is then sent to an exchange where it is liquidated to stablecoins after the transaction is confirmed.
It means the cryptocurrency is sold for stablecoins. Stablecoin is itself supposed to have a stable price against fiat such as USD.
Being a stable coin, it is ideal for funding token sales, secure store of value, for global remittance, for trading on decentralized exchanges and as a unit of account for prediction markets.
Spice Pay lets merchants accept Bitcoin and other cryptocurrencies securely for payments for goods and services. Spice Pay features online retail, e-commerce, billing, and donation tools. The merchants will then receive the amount in the wallet. Merchants are also able to automatically exchange the digital assets for USD or EUR, and withdraw by PayPal, wire transfer, SEPA or prepaid debit card (EU only).
As a merchant, you will have access to your funds immediately, with no fraud and no charge-backs, and save an average of 2% on every transaction! Their open source wallet app is backed by BitGo technology and runs on all major mobile and desktop operating systems.
SpicePay also provides a pre-paid debit card that can be loaded from the SpicePay BTC wallet for a fee of only 1 percent. Remember you can still convert altcoins to Bitcoins then load. You can then withdraw funds from ATMs in any currency and spend anywhere Visa is accepted. The card is available to EU, Turkey and Israel based merchants only.
You access the tools for integrating cryptocurrency payment functionality into your website by signing up for an account. Although you require some basic developer skills, SpicePay in-house developers can assist free of charge.
Spice Pay is being used by freelancers, entrepreneurs, small- and mid-sized businesses worldwide to accept and process payments at low fees. It allows merchants in the EU to access funds in less than 24 hours.
COSS.io payment-gateway is a merchant Point-of-Sale application (web-based and Android app) that allows accepting and management of cryptocurrencies. Like many other gateways, they offer exchange from fiat (EUR, USD, Singapore Dollar, Malaysian Ringit, Korean Won, Romanian Leu, and many others) to crypto. Once the amount is paid by the customer, the company offers competitive exchange rates to USD, EUR or SGD.
COSS offers a PoS system with reporting tools that simplify accounting, the Know-Your-Business feature, static payment buttons and links that can be used by merchants who do not have web shops.
It also has a token swap feature.
Other payment gateway solutions for merchants include AsMoney -- which is a cryptocurrency in itself that supports Bitcoin, Litecoin, Dogecoin, Peercoin, and Darkcoin; BaapPay - which supports BTC, ETH, LTC, XRP, BCH and has its own BAAP token; B2BinPay; and PayBear.io.