Accepting cryptocurrency payments online and at the point of sale is a goal of many businesses today. Companies who want to accept cryptocurrency payments need to locate a suitable crypto payment gateway solution.
It may be something pre-made or something built from the ground up, but either way, it would be a gateway for accepting cryptocurrency payments. It may also function as an all-channel platform that takes various currencies and cards.
The question then becomes how to most effectively accept cryptocurrency payments, optimize profit, and diversify income sources. In all likelihood, there isn’t a payment gateway for cryptocurrency option that works for every business. Nonetheless, a number of alternatives exist for your consideration.
Create Your Own Cryptocurrency Payment Processor Made from Square One
This method is the most time-consuming, but it allows for the most degree of personalization. As a result, you’ll need to create and code all the necessary logic to execute payments on the blockchain and back up smart contracts. One advantage of this sort of bespoke bitcoin payment gateway solution is that it enables you to forego any charges associated with making a purchase. However, it requires extensive work that many companies just cannot spare.
Advantages
- You will have complete power over all aspects of the procedure, including the way money is transferred and how businesses are run.
- You, as the creator of this crypto payment gateway solution, get to decide which MCC codes it will accept.
- There will be no transaction processing or gateway fees assessed to your account.
Gateway for Cryptocurrency Transactions Presented by an Outside Source
This method is commonplace in many firms. This requires using the third-party blockchain payment system’s API (API). You may accept bitcoin payments quickly with little initial costs. However, you must pay transaction fees for each transaction outsourced to use a third-party gateway.
Advantages
- It doesn’t take long to have everything set up and integrated (usually, a few weeks).
- Since the third party takes care of much of the integration, you don’t have to start from zero with your product development. Therefore, initial outlays are minimal.
- In the event of a smart contract exploit, the third party often takes on most of the responsibility for compensation.
Global, Crypto-Friendly Payment Processor
However elusive, this answer fits all of your needs. You may now accommodate the whole spectrum of desired payment options. Most businesses in the modern day need to take all types of payment, including in-app and mobile payments, bank transfers, and credit cards.
Again, integrating your platform with an omnichannel payment gateway solution requires using a specialized application programming interface (API). With this addition, you may take in any kind of payment than cryptocurrency.
Advantages
- Integrate once. After that, pick your payment option. Integration takes weeks, compared to months or years for a custom solution.
- White-label and third-party omni-channel systems offer low startup costs.
- The supplier is accountable for smart contracts or system hacks. It will offer you more power, but also more responsibility.
Conclusions
Omnichannel payment platforms have more functionalities than bitcoin payment processors. It accepts all major payment methods, including cryptocurrency gateways. With the correct integration and business connection, you have all these alternatives. If you operate a BitHide, retailers that take a variety of payment types will gravitate toward your service.
Keep in mind that with BitHide you can also use a white-label crypto wallet. Follow the link to learn more: https://bithide.io/white-label.
