Today Bitpay supports 10 different coins whereas Hashbon supports over 30 different coins. The first thing worth talking about is which of the crypto payment processors supports more currencies. To help make things a little easier, we’ve broken down some of the key features and differences between two of the biggest crypto payment processors out there, BitPay and Hashbon. There are a lot of Crypto Payment Processors out there, all of which have their own strengths and weaknesses, even a quick google search can be pretty intimidating when trying to discern where to start, what to look for and who to use. Who Are Some of the Crypto Payment Processors? Most crypto payment processors bypass this as they do not hold the payment in the cryptocurrency form unless the receiver says they want to, they otherwise convert it immediately to a chosen fiat currency allowing the receiver to benefit both from benefits that come from accepting crypto payments, such as much lower transaction fees but also from the benefits they gain from a fiat currency. Where crypto payment processors or crypto payment gateways differ is they have a number of benefits that traditional payment gateways do not.įirstly, one of the biggest (if not the biggest) concern when people talk about accepting cryptocurrency as payment they cite is its volatility. What Are Cryptocurrency Payment Gateways and Why Should I Work with One?Īt a high level, Cryptocurrency Payment Gateways are very similar to traditional payment gateways in their mechanism, they’re used to helping facilitate either receiving or making payments. Because cryptocurrency is not tied to a specific location or country, it reduces the cost of foreign exchange when buying or selling goods in different currencies, but it also reduces the complexity in having to offer services in those currencies.įinally, because more and more people are beginning to use Bitcoin and other cryptocurrencies for transactions, more people are looking to use it in their everyday lives meaning by accepting bitcoin payments and other cryptocurrencies, companies can expand their customer base. Another benefit is that it helps reduce cost and complexity in international transactions. It’s known that a typical organisation loses around 5% of its revenue year on year to fraud, but by accepting cryptocurrency companies reduce their fraud risk as all parties in a transaction can track and approve the transaction, which helps create a digital paper trail that reduces the chance for malicious intent. Well to start with, using cryptocurrency does reduce fraud. When we look at 2021 and moving forward, despite its volatility, accepting cryptocurrency and using crypto payment gateways to facilitate these as a form of payment is clearly here to stay, with big companies like Microsoft and Lush accepting cryptocurrency as well as notably, Tesla stating once mining becomes greener they will accept bitcoin payments all points to more and more companies choosing to accept crypto payments alongside traditional fiat payments.īut what are the benefits for these companies choosing to accept crypto payments and which is the best crypto payment gateway to accept bitcoin?
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