These days, crypto is more prevalent than it’s ever been. And that doesn’t show any signs of slowing down, either. In 2022, there were an estimated 300 million identity-verified crypto wallets in use and these people are eager for real-world avenues in which to spend their assets. As a business, it’s not just smart to accept crypto payments, it’s necessary—especially if you’re selling online.
What are the best crypto payment gateways for businesses to use in 2023? Here are our top picks.
PayPal
Long considered THE online payment platform, PayPal has managed to keep up with the changes brought about by crypto. The service offers users a crypto wallet to make purchases with a range of the most common cryptocurrencies. What’s nice about PayPal is that it doesn’t require merchants to have a crypto wallet. Anyone with a PayPal account can offer checkout via crypto as a payment method. PayPal automatically converts any crypto payments to fiat currency at no fee. Additionally, there are no extra fees for accepting crypto payments and merchants get 24/7 fraud and purchase protection.
Easily the best feature of this service is that they are accepted everywhere. However, PayPal is also by far the most expensive of these options. While crypto-specific fees are virtually non-existent, the service’s monthly fees can add up quickly.
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PayPal Monthly Fees:
- PayPal account: $0–$30
- Virtual Terminal: $30
- Recurring Billing: $10
- Recurring Payment Tool: $30
- Payment Gateway: $0–$25
- PayPal Payments Online: 3.49% + 49 cents
While not everyone will need all of these services, having that many subscriptions is a hassle for anyone to manage.
Coinbase
Coinbase is easily the biggest and most well-known crypto exchange in the US and abroad. With 9 million active monthly users, they have the resources to provide some of the most robust features to streamline the entire payment process for both clients and businesses. Since the company is headquartered in the US, it must follow all national regulations which make it one of the most trusted platforms out there today. A rarity in what is largely an under-regulated market.
While many view Coinbase as a traditional exchange, it also functions as a robust payment gateway. One great feature is the ability to instantly convert currencies from crypto into fiat without needing to request a withdrawal. This service is entirely free for the first $1 million of transactions and comes with a 1% merchant fee after that.
Payments made via Coinbase typically clear in 2 to 3 days, making it a great option for businesses of any size. Honestly, the only negative when it comes to Coinbase is the fact that it only operates in a rather small number of countries. Currently, Coinbase only operates in the US, Canada, the UK, and much of Europe (with Germany being the largest exception). Coinbase accepts more than 150 cryptocurrencies and fiat support for USD, CAD, & EUR.
Coingate
If you’re looking for a service that operates on a more international level, Coingate might be your best bet. As one of the oldest cryptocurrency payment gateways, Coinbase accepts more than 40 cryptocurrencies including Bitcoin, Ethereum, Dash, and Ripple. Their user-friendly app provides smooth and secure transactions which typically process in less than an hour. Coingate also offers conversions from cryptocurrency into fiat. Unlike Coinbase, though, Coingate imposes a 1% fee on all transactions.
One of the great things about Coingate is how easy they make it to add a payment button directly to your website. That’s just one of the several handy plug-ins that the site offers.
ALFAcoins
Without a doubt, ALFAcoins is one of the best payment processors for crypto out there today. Perhaps the most unique feature of the site is the ability to split payments between fiat and crypto. This option is perfect for merchants who want to keep at least a portion of each transaction as crypto to take advantage of fluctuating prices.
ALFAcoins offers a slightly lower transaction fee at 0.99% (this fee is waived for registered non-profits), however, you won’t get the $1 million worth of free transactions that you would from Coinbase. That said, ALFAcoins doesn’t charge any additional fees to install their crypto payment system and it’s subscription-free. ALFAcoins operates globally with the exception of Iran and North Korea and allows funds to be withdrawn in USD or EUR.
BitPay
BitPay is another US-based company. Unlike Coinbase, however, BitPay has an open-source wallet that allows for global crypto transactions. The platform features an easy-to-use, straightforward interface making it accessible to less tech-savvy users.
The service currently supports 16 cryptocurrencies and doesn’t charge for transactions up to $1,000/day or $10,000/year; anything beyond that is subjected to the industry-standard 1% fee. Businesses can easily convert any cryptocurrencies into USD instantly to process withdrawals and BitPay allows users to set transaction speeds to their own timeframes. This is especially handy for businesses that need to withdraw at specific intervals.
BitPay is one of the most robust platforms for businesses as it offers API integration with everything from Shopify to QuickBooks. Other prime features include the ability to create payment buttons, accept donations, set up mobile POS checkout, and create recurring billing and invoices.
Next to PayPal, it’s also a fairly popular choice for online casinos, although you won’t see it as the payment option on a dedicated bitcoin casino provider, but rather as an intermediary solution (crypto to FIAT) for regular ones. In a way it’s an interesting precedent for crypto casinos, do they actually need to use a middle-man crypto payment gateway like BitPay, or should you as a player just deposit to their/your internal profile crypto wallet address in order to play a round of your favorite slots? Most of them do it like that, but it still doesn’t mean it’s not useful in situations where players need to swap FIAT for crypto in cases where the online casino in question is not crypto-only, and rather a hybrid.
Shopify
Easily one of the internet’s most widely-known payment gateways being used by thousands of merchants the world over to handle all manner of online payments—both fiat and crypto. Shopify allows merchants to accept payments in more than 1,800 different cryptocurrencies.
Perhaps the biggest draw of Shopify is the streamlined setup process and its responsive customer support. The platform boasts several amazing features, such as API integration with other services like Coinbase and BitPay.
The only real drawback of using Shopify is the requirement to sign up for a Shopify merchant account. Sadly, this is not free and subscriptions and transaction fees vary but Shopify’s commission ranges from 0-2% on top of a 1% crypto transaction fee.
Best Crypto Payment Gateways for Businesses 2023
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