5 Cryptocurrency Payment Gateways for Multi-Location Retailers
As widespread acceptance of digital currencies continues to grow, more multi-location retailers are tapping cryptocurrency as a payment option. Nearly half of all merchants now accept cryptocurrency as a form of payment, and 70% of merchants say they plan to adopt more crypto innovations in the next 12 months. In order to turn those plans into reality, retailers are relying on payment gateways that process digital currencies and convert crypto coins into fiat money, or government-issued currency.
While hundreds of cryptocurrency exchanges have popped up in the past few years, multi-location retailers are limited in which options they can choose based on their own unique security protocols and integration requirements. The need to adopt a payment gateway that can be integrated into an existing website or POS hardware and accessed across hundreds, thousands, or even tens of thousands of store locations can also be a limiting factor.
Here are five payment gateways for multi-location retailers interested in accepting cryptocurrency as a mode of payment.
Cryptocurrency Payment Gateways for Multi-Location Retailers
Used by thousands of businesses in nearly every vertical, including Walmart, AMC Theatres, and Newegg, BitPay is a crypto payment gateway that allows merchants to accept crypto payments, deposits, and donations online or in-person. Merchants receive funds directly to their institutions in whichever currencies they select. BitPay charges a 1% transaction fee to most businesses, with unlimited monthly transactions and the ability to settle funds via local bank transfer each business day. It also comes with advanced features for large businesses, like automatic payment exception handling. BitPay has an extensive list of developer tools that multi-location retailers can take advantage of, including a wallet API, REST API, and a BitPay Checkout app for retailers that want to accept digital currencies in-store.
For retailers that need to accept multi-currency transactions, Coinbase offers a way to securely accept Bitcoin, Litecoin, Ethereum, and a number of other popular cryptocurrencies. Coinbase is one of the most well-known and highly-regarded cryptocurrency payment gateways in the U.S. The company’s self-managed product can be setup and integrated into a retailer’s existing e-commerce website, with API integrations that are used to create custom checkouts and workflows. A managed product is also available for businesses that want Coinbase to manage their wallets and private keys. Coinbase Commerce provides businesses with a number of transaction reporting tools for accounting and reconciliation.
NOWPayments is a payment gateway that allows businesses to accept both digital currency (including Bitcoin, Ethereum, and other coins) and fiat payments through their e-commerce websites. NOWPayments gives merchants the option to charge shoppers in traditional currency and get paid in cryptocurrency, or the other way around. NOWPayments differentiates itself from competitors by supporting payments in obscure coins and integrating with a large number of e-commerce platforms. Retailers can integrate NOWPayments into major CMS solutions, like WooCommerce, Magento 2, Zencart, OpenCart, and WHMCS. Or, retailers can use a cryptocurrency API for customized integration of the NOWPayments payment service into their websites, platforms, and mobile apps. NOWPayments’ fees for fiat-to-crypto operations are 4%, and fees for crypto-to-fiat cash out are 0.5%.
ALFAcoins is a flexible electronic payment system for retailers that want to accept Bitcoin and other cryptocurrency payments. Retailers have the option to install a “Pay with Bitcoin” button on their websites or bill customers directly using an ALFAcoins API. ALFAcoins charges a lower transaction fee than many of its competitors, at 0.99%. Businesses have the option to make the fee included (paid by the customer) or excluded (paid by the merchant). Merchants also have the ability to transfer cryptocurrency into their own wallets without additional fees.
B2BinPAY’s payment gateway promises to reduce costs and increase conversions for merchants that accept digital currency payments. Retailers have the ability to accept — and withdraw — funds in dozens of currencies, and they can easily accept payments in crypto and withdraw funds in fiat. The company says it charges businesses no recurring fees, and its processing fee is just 0.5%. For larger companies, B2BinPAY also provides cryptocurrency wallets with advanced real-time reports and a secure API.