Integrating Cryptocurrency Payment Gateways into your eCommerce store
A cryptocurrency payment gateway is a payment processor for digital currencies, similar to the payment processors, gateways, and acquiring bank credit cards use. Cryptocurrency gateways enable you to accept digital payments and receive fiat currency immediately in exchange.
These companies remove any uncertainties or reservations you might have with cryptocurrency and allow you to offer more payment options.
It’s important to note that digital currency payment gateways are not a requirement. It’s perfectly acceptable to use your personal wallet to accept cryptocurrency payments; however, gateways take the extra work of exchanging cryptocurrency and managing a wallet out of your hands.
Key Takeaways —
- Cryptocurrency is beginning to be accepted as payment at many merchants.
- Cryptocurrency payment gateways act as transaction facilitators between merchants and customers for processing payments.
- If you don’t understand or trust cryptocurrency, payment gateways give you the ability to accept them as payment and receive fiat currency in exchange.
How Does a Cryptocurrency Payment Gateway Work?
Payment gateways are companies taking on the perceived risk of cryptocurrency payments by using their wallet(s) to facilitate transactions between merchants and their customers.
Payment Flow - In terms of steps, the following workflow gets executed:
- Your customer opts to make payment in cryptocurrency at checkout (in-store, on the web, or in-app).
- They pay you an amount equal to the digital currency’s fair market value at the time of the transaction.
- The cryptocurrency payment service instantly converts the payment into the currency you choose.
- The money is added to your account with the provider; it is deposited to your designated bank account in intervals decided on in your service contract.
- The process is transparent to you because you don’t have to worry about cryptocurrencies; only that your cryptocurrency service provider will place the appropriate funds in your account.
Interested in integrating a Cryptocurrency Payment Gateway with your eCommerce store? Book a call and we will help you get everything taken care of!