More than just a store of value, cryptocurrency was originally created as a borderless payment method that allows users to make payments from anywhere in the world. With the growing popularity of Bitcoin and other crypto assets, many global businesses see the need to expand their customer reach by accepting cryptocurrency payments for several reasons.

Sometimes, Debit or Credit cards are restricted to the country where it was issued; also, other global payment methods like PayPal may not be available in all countries; hence, the unrestrictive nature of cryptocurrency makes it an ideal payment method for E-commerce businesses that target a global audience.

Accepting payments via cryptocurrency on your website’s checkout page is best done by importing a crypto gateway API that allows you to accept cryptocurrency without building a new exchange; instead, with the gateway, all payments are routed to your wallet, and you can take further action from there. Here are some service providers you should consider if you want to stay in touch with technology by launching a crypto payment gateway on your E-commerce website.

BitPay

BitPay is one of the easiest-to-use crypto payment APIs you can integrate into your E-commerce business; it supports many of the open-source E-commerce solutions, including Woocommerce, WHMCS, Magento, Shopify, etc.). BitPay charges a 1% processing fee for all Merchant transactions, and it supports major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and several other Euro- and Dollar-pegged stablecoins.

BitPay Pros

• Fast and secure transactions.
• Users can make payments with a mix of several cryptocurrencies.
• It is ideal for international transactions as it supports invoicing in 40 languages.

Bitpay Cons

• Poor customer service

Coinbase Commerce

Coinbase commerce is a crypto payment API that supports popular cryptocurrencies like Bitcoin, Ethereum, USDT, DAI, and a few other cryptocurrencies. It also charges a 1% flat transaction fee.

Coinbase Commerce Pros

• Highly secure and fast transactions
• Easy to use
• No early termination fees

Coinbase Commerce Cons

• Poor customer support
• Smaller range of supported cryptocurrencies
• Poorly optimized for mobile
• Although it doesn’t charge any fees for processing transactions, fees for using the service are relatively high.

Blockonomics

Blockonomics’ biggest selling point is its focus on decentralization. Merchants can connect their wallets to the platform and directly receive their payments without necessarily using the platform-provided wallet. It charges a flat transaction fee of 1%, of which the first 10 are free of charge.

Blockonomics Pros

• Supports major languages, including English, French, Portuguese/Spanish, German, Russian, and Persian.
• Unlike many other payment gateways, It is fully decentralized; it isn’t compulsory to use the Blockonomics wallet, you can use any external wallet, and you will get your assets.
• It uses SEGWIT addresses for Bitcoin payments; hence, transaction fees are cheaper.
• Support responds swiftly

Blockonomic Cons

• Payments are limited to Bitcoin only
• It isn’t the easiest platform to use; UX could be better.

CoinPayments

CoinPayments beats all other payment gateway solutions in terms of range; it supports over 2,000 cryptocurrencies and is compatible with several E-commerce platforms, including WooCommerce, Shopify, Magento, OpenCart, etc. CoinPayments is widely used and active in over 200 countries and 70,000 merchants. CoinPayments charge a flat 0.5% fee for processing transactions.

CoinPayments Pros

• Ease of use
• High range of crypto assets supported with easy swapping if needed.
• Secured with 2-factor authentication and supports login with cold wallets for better security.
• Relatively low transaction fees.

CoinPayments Cons

• High fees on conversion and other services.
• CoinPayments wallet has a history of a breach in 2017
• Customer support is slow

NOWPayments

NOWPayments supports 75+ cryptocurrencies, with an auto-conversion feature that allows merchants to select a base currency to convert all payments to for uniformity; hence, merchants can easily set up auto-conversion to stablecoins to hedge against volatility. It has plugin support for popular E-commerce solutions for WooCommerce, ZenCart, PrestaShop, Opencart, WHMCS, etc.

NOWPayments Pros

• Relatively low transaction fees.
• Auto-conversion of funds to preferred cryptocurrency.
• Good customer support
• A wide range of crypto payments supported

NOWPayment Cons

• UI can be improved on

OpenNode

OpenNode is a Bitcoin-only payment gateway that processes Bitcoin transactions on E-commerce websites; it supports the lightning network for transactions; hence transactions are fast and cheap. It supports transactions on popular E-commerce plugins and is compatible with any Bitcoin wallet.

OpenNode Pros

• Transactions are cheap and fast.
• Merchants aren’t compelled to use any particular wallet since the wallet is compatible with all wallets.
• Payments are secure.

OpenNode Cons

• It accepts Bitcoin payments only and doesn’t support other cryptocurrencies.

GoURL

GoURL is an open-source and decentralized payment gateway for crypto payments. It allows payments for E-commerce websites and individuals without a website (like freelancers) who intend to receive global payments. Unlike many other platforms, it prioritizes anonymity for its users. Registration is free; however, the transaction fee for E-commerce businesses is 1.5%, while for individuals is 3.5%.

GoURL Pros

• Easy conversion of crypto to fiat (USD or EUR).
• Payments can be sent out to an external wallet.
• Secure platform

GoURL Cons

• The minimum withdrawal amount is very high (0.01 BTC)
• Smaller range of supported cryptocurrencies

Benefits of Accepting Crypto Payments For E-commerce Businesses

1. It enables borderless payments from customers across the world.

2. It entices a new audience, who may prefer to pay via cryptocurrency.

3. Fees are usually cheaper than typical credit and debit card payments.

4. Crypto payments are more secure than credit and debit card payments.

Important Precautions To Note Before Accepting Crypto Payments

1. Crypto assets are volatile; hence, selecting a platform that allows quick and easy conversion to stablecoins or fiat is important.

2. Although the Blockchain is a public ledger where all transactions can be easily seen, analyzing your income may be difficult since you have to aggregate all payments across several blockchains (say, Bitcoin, Ethereum, Ripple, etc.); you will also account for all fees spent in converting, which varies per Blockchain.

3. Blockchain transactions are irreversible; hence, chargebacks are impossible. Hence, you may need to manually issue refunds in case of a dispute, which will see you incur transaction fees on a business that was never processed.

4. Blockchain network fees could vary in times of high congestion.

Final Takeaway

Cryptocurrency adoption is getting wider, and it's understandable if you do not want to be a dollar short by not integrating cryptocurrency payment options on your E-commerce website. However, it is important to compare multiple service providers before selecting one that suits you the most; you may request a demo, so you don't have to test the product with real money.

Lastly, ensure to take precautions so that you do not incur too many expenses in processing crypto transactions.

For more beginner tips, as well as detailed guides on cryptocurrency and blockchain technology, do well to visit the Cwallet Blog and follow our social media communities:

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