Bitcoin payment processors enable merchants to accept cryptocurrencies as payments for their goods and services. Of late, cryptocurrencies have become a popular asset class used in facilitating payments online and offline. Their (cryptocurrencies) high adoption is because they provide faster payments, eliminate location barrier, and prevent chargebacks that could lead to losses.
How Do Payment Processors Work?
Bitcoin payment processors accept Bitcoin and altcoins on behalf of merchants. These crypto-assets can either be stored in the merchant's wallet or converted to fiat instantly. The latter ensures that merchants are not affected by the volatile nature of cryptocurrencies.
Best Bitcoin Payment Processors
Considering accepting cryptocurrency payments on your platform? Here are a few Bitcoin payment processors you may want to consider:
1. Coinbase Commerce:
Coinbase Commerce was developed in 2018 by the U.S. based cryptocurrency exchange, Coinbase. Its payment gateway enables merchants to receive cryptocurrencies directly to their wallet. According to Coinbase, users of its service are not charged fees. Likewise, the Coinbase Commerce plugin can be integrated into Woocommerce, Shopify, Magneto, PrestaShop, and other eCommerce platforms.
Many who have adopted Coinbase Commerce as their payment processor pointed out that it is because of its ease of installation. Just by embedding the Coinbase Commerce plugin on a website, a merchant can begin receiving Bitcoin, Ethereum, Bitcoin Cash, Litecoin, etc. Merchants can also choose between four fiats options to convert their cryptocurrencies into.
BitPay is based in the U.S., and it was founded in 2011. It is one of the best payment processors for eCommerce, given that it supports merchants in 233 countries. On the same note, it supports direct bank deposit in 37 countries. Hence, merchants can be remitted in the U.S. dollar, Canadian dollars, Mexican Pesos, South African Rand, Euros, and other currencies.
In line with that, merchants are offered tools such as scheduled billing, billing plugins, payment buttons, email Invoicing, amongst others. Thus, sellers can receive payments via email, in-person, or online. There is also a 1% fee that is charged on transactions, which is considerably lower than what may be obtainable from other payment processors.
CoinPayments is a Canadian-based cryptocurrency payment processor founded in 2013. Currently, it allows owners of eCommerce sites to accept 1,605 cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, BitTorrent, and Digibyte. These assets can be converted to the U.S. dollar or Euros, or held in Coinpayments' wallet.
CoinPayments also provides merchants with tools they can integrate into their eCommerce website. Some of these tools include shopping cart plugins, invoice builders, button makers, etc. As such, it offers a convenient way for site owners to accept cryptocurrencies from shoppers.
CoinGate was launched in 2014, and by July 2019, it had processed about 600,000 cryptocurrency payments. This payment processor enables merchants to accept digital currencies, which include Bitcoin, Ethereum, XRP, Litecoin, etc. At the same time, it allows traders to buy and sell cryptocurrencies.
Over and above that, CoinGate offers plugins for eCommerce platforms such as WooCommerce, OpenCart, osCommerce, Thirty Bees, etc. Payments in crypto are calculated in real-time, and each transaction attracts a 1% fee. Further, cryptocurrencies received can be instantly converted to Euros, U.S. Dollars, or Tether to maintain their value.
GoUrl was founded in 2014, and it is one of the top Bitcoin payment processors for E-commerce platforms. This platform allows merchants to receive Bitcoin and altcoins directly to their cryptocurrency wallets. Therefore, merchants seeking anonymity can accept payments without having to submit their ID or link their bank accounts on GoUrl's website.
On the other hand, service providers can also opt to have these payments converted to USD or EUR before it is transferred to them. GoUrl also claims that it does not apply transaction fees on payments it processes. That aside, merchants also have the option to receive payments for downloads, views, membership, registration, etc. on their website.
CoinsBank is based in the U.K., and its payment gateway was launched in 2016. The platform enables eCommerce websites to accept Bitcoin from its customers globally. There's also provision for merchants to withdraw in different fiats based on their choice. What's more, CoinsBank offers its customers a debit card for easy funds withdrawals.
ALFAcoins is a UK-based firm founded in 2013. Their payment processor for eCommerce allows you to accept Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dash, and XRP. It does not come as a surprise since these are some of the most popular cryptocurrencies in the market today.
While ALFAcoins comes with the promise of no chargebacks, it allows you to make refunds to your customers willingly. Asides online payments, Alfacoins also processes mobile payments and POS transactions.
These are the best Bitcoin payment processors for e-commerce platforms that will enable you to receive payments from your customers. Besides, you can opt to receive these payments in Bitcoin, a stablecoin, or fiat. There's also the advantage of no chargebacks, which would've been the case with credit cards, and other means of online payments.