Many businesses are on the lookout for a secure and convenient method to accept cryptocurrency payments. Virtually everyone has at least a passing familiarity with cryptos, blockchains, and defi platforms. Despite this, most individuals have written off crypto as too hazardous and illiquid to invest in. The world is becoming more and more conducive to the use of cryptocurrency gateway technology.
Gateway Solutions for Cryptocurrency Payments
Several current developments show the lasting importance of cryptocurrency and blockchain-based payment gateways. Bitcoin payment gateway is now at a practical stage of development. Many other fields are showing indications.
- Many new cryptocurrencies have appeared, including Bitcoin and Ether. Stablecoins (USDC, USDT, BUSD) stand out because they are immune to volatility since their value is fixed relative to the US dollar. This means that cryptocurrency is now a more stable investment option.
- In 2019, the Visa credit card network-enabled one of its services to settle transactions in bitcoin.
- In June 2021, El Salvador’s president said that his nation will be the first to recognize cryptocurrencies as legal cash.
- In May 2021, users in the United States were finally able to link their PayPal accounts to their cryptocurrency wallets.
- Some of the most well-known brands have joined Visa and PayPal in accepting cryptocurrency. Some of the first to do this includes Starbucks and a few of the largest airlines.
- In spite of or “due” to the epidemic, a plethora of DeFi platforms have been released with great success in recent years. Ethereum and BSC (Pancake swap and others) blockchains underpin the majority of DeFi solutions.
There is no doubt that crypto is becoming more mainstream throughout the globe. It is thus a strategy for payment software firms and gateway providers to build bitcoin gateway solutions.
Improving Crypto Payment Gateway Solutions
Businesses may now take cryptocurrency payments thanks to the widespread use of bitcoin payment gateway and the fact that they support a variety of main fiat currencies. Nonetheless, the vast majority of gateway service providers now accept solely bitcoin payments.
As of right now, how many organizations are prepared to fully adopt crypto? Finally, can major PSPs and payment facilitators readily do merchant finance in cryptocurrency? Accepting cryptocurrency often necessitates a second round of underwriting for businesses. Even if they have a payment relationship in place that allows them to take credit cards.
The aforementioned holes in Paymentech development should be filled by cryptocurrency gateway providers.
Innovative Cryptocurrency Payment Gateways
A firm that wishes to accept cryptocurrency payments may find that collaborating with a crypto-friendly merchant solution is the most efficient course of action. These days, most payment gateways accept all the most popular payment types. Payment options include the following: credit card, debit card, direct debit, in-app purchase, and mobile device (including various digital wallets).
Almost all shops and PayFacs want to accept payments in these ways. That’s why companies could seek solutions rather than relying simply on open-source crypto payment gateways. These options provide you with more options for making money and provide benefits in terms of merchant underwriting.
An omnichannel approach is preferable to a cryptocurrency-centric one from the provider’s perspective as well. Get in touch with BitHide if you’re interested in finding out more about crypto processing solutions.