If you own or manage a small to medium-sized business (SMB), it is important to grow and develop in ways that allow you to stay connected to consumers. This is why it’s vital to start accepting cryptocurrency payment in your business.
Over the past few years, tech startups from all over the globe have been launching various versions of cryptocurrency. At this point, thousands of cryptocurrencies exist, with some very similar to bitcoin, while others are nothing like it. Those cryptocurrencies that are not bitcoin are called “altcoin.”
With so many cryptocurrencies to choose from and the volatility of the market, many people feel overwhelmed when trying to choose one for their business. Furthermore, once you decide which cryptocurrency is best for your business, you are presented with a long list of cryptocurrency gateways. This article will list eight of the most popular cryptocurrency payment gateways.
From the CoinsBank website the company says, “The CoinsBank Wallet provides a simple way to manage your funds when and where you want. All it takes is the click of a button, the sending of an email or the swipe of your CoinsBank Debit Card.
“Your Debit Card and CoinsBank Wallet are perfectly united. Simply add bitcoins to your wallet and the card is ready for use. Whether you prefer to shop online or visit your local store, the card is accepted worldwide.”
CoinBank is a UK-based Bitcoin and Litecoin payment gateway, wallet provider, and exchange. Whether you’re operating an online shop or a brick and mortar business, CoinBank offers users instant invoice management through their application, allowing vendors and consumers to send and receive payments in both Bitcoin and Litecoin. CoinBank also allows you to withdraw your funds using numerous fiat currencies.
However, the author of this post thought it prudent to inform the reader that CoinBank has countless negative reviews with a star rating of no more than three. Complaints vary from frozen verification processes, high fees, to bad customer support.
From its about page, “Founded in 2014, Gourl.io is a global provider of online cryptocurrency payment solutions. Gourl.io is a payment platform where vendors and consumers can transact with each other, backed by the new bitcoin/altcoin payment protocols. We currently have over 18,000+ registered companies/vendors from all over the world and we are steadily getting more and more websites using our bitcoin/altcoin gateway every day. See WordPress bitcoin plugins compare.
“Our gateway is based on a different technology than standard gateways. It is fully able to integrate with Internet website pages, no external payment pages open (as other payment gateways offer) and is more friendly for use by end website visitors.
“The main attraction of our gateway is it is easy to use with detailed statistics, open source, reliable, website owners/vendors receive bitcoins directly in their wallets, no bank account needed, no conversion to fiat money. You can convert received bitcoins to USD/EUR/etc later. See instruction.
“As additional security, we do not keep any customer’s money (bitcoins/altcoins) on our servers. All received payments are automatically forwarded to the vendor’s external wallet addresses within the next 30 minutes. We use industry-leading technology (such as SSL encryption) to keep transaction information safe. This gives additional protection to our customers against hackers, etc.
“Gourl.io, Bitcoin Payment Gateway is managed by Delta Consultants Ltd (registration number #11755).”
As for the reviews, there are some good words here and there. However, as a writer who has written plenty of reviews, I know that reviews can be bought. This is why I like to read the negative reviews first. Some reviews found across Reddit claim that the gateway works but its support is very slow to answer emails if they answer them at all.
Gourl.io offers a payment gateway solution in partnership with WooCommerce on WordPress. Most of the natural-seeming reviews for that plugin seem fairly good.
But when it comes to surcharges, one reviewer stated on complaintsboard.com, “I used this company to process bitcoin payments on my website using Woocommerce. First, the charges started off at 2% and then increased with no warning or reason to 10%.
“Then after that, some of my bitcoin payments went missing. I know they arrived at GoUrl.io because I checked it on the blockchain and it went to their bitcoin address. They denied all knowledge of receiving them. I’ve since found other people they have scammed
“Absolute scammers, avoid at all costs.”
Here is what SpectroCoin’s about page says, “SpectroCoin is an all-in-one solution for Bitcoin. Services offered include a wide range of Bitcoin solutions, from exchanges to Bitcoin e-wallets. SpectroCoin builds its business policy on Bitcoin’s philosophy of making financing quicker, frictionless, and flexible.
“Our service provides a solution for each client’s needs instead of asking them to adapt to us. That includes every aspect of service, starting from the number of payout methods to the range of support languages available.
“SpectroCoin has successfully combined technological reliability, infrastructural comprehensiveness, relevant experience, and academically based financial knowledge. By balancing these key strengths, SpectroCoin is able to be flexible and provide the highest-quality service for clients.
The company has a business development office in the United Kingdom and a product development office in Lithuania. SpectroCoin also offers an Ethereum, NEM, Dash, and Bitcoin exchanged where you can buy, sell, and trade cryptocurrencies in seconds.
When looking at the reviews, again, they’re varying from two stars to four stars, depending upon the reviewers. When it comes to the negative reviews, people mostly complain about its high withdrawal fees.
According to its about page, Blockchain.info states, “We’ve raised $70M from the leading investors in Silicon Valley, Wall Street, and London.” Indeed, it’s backed by big names such as Lightspeed, Google Ventures, Lakestar, Virgin, Mosaic Ventures, and the Digital Currency Group.
Blockchain.info has been around for a while. It provides Bitcoin payment APIs for both personal and commercial purposes. However, since they lack ready-to-use plugins, it isn’t as straightforward to use as the others.
Other than that, they are the best and most trusted cryptocurrency gateway solutions for merchants looking to start accepting bitcoin and other cryptocurrencies. If you possess enough knowledge about certain programming languages or know someone who does, it’s simple to integrate Blockchain’s payment processor to your customers’ Bitcoin wallet, all of which is free of cost.
In its about page the company goes on to state, “Our users’ security and privacy are critical to our success and we will not forsake them in service of our ambition. Our customers should own their financial future so we empower them to “Be Your Own Bank”. Our users come first. We build connections with each other and our users by communicating frequently, authentically and openly and we build trust by doing what we say we’ll do.”
With that said, as for reviews, most everyone who uses Blockchain is a happy customer, including myself who also use it. I have never had a problem.
Coingate has a really user-friendly app that allows merchants to set up and monitor payments from their phones. It also has the added bonus that it supports some 40 other cryptocurrencies, meaning that merchants can massively boost the number of different payment methods that they offer just by using this payment gateway.
As if that wasn’t enough to grab your interest, Coingate offers a range of different plugins and even allows for the creation of bitcoin payment buttons on any website. Coingate charge a 1 percent fee on all transactions, which usually take about 1 hour. This is a lot better than some of those I listed above.
As for the reviews, most users give it four stars and there is little negative press about it online.
A really cool feature that BitPay offers is the ability to set withdrawal transaction speeds to whatever time frame is required. This feature is really handy for merchants who need or prefer withdrawals to occur at set intervals. Another nice feature is the two-factor authentication that helps make accounts even more secure.
BitPay is an easy and simple payment gateway to set up and operate. The whole process has been streamlined to make it as straightforward as possible for less tech-minded merchants.
This bitcoin payment gateway offers a free cap of $1,000 worth of daily transactions and $10,000 annual transactions before it levies a 1 percent transaction fee. This makes it an excellent choice for small businesses and startups. The only drawback is that BitPay currently only supports direct bank deposits in 38 countries. If yours is not lucky enough to make it to the list then you won’t be able to use it.
Shopify is one of the world most trusted bitcoin payment gateways. As a result, it is already being used by 1,000’s of merchants throughout the world to facilitate payments in bitcoin.
It is really easy to set up and has plenty of customer service support should you need any help. The platform is crammed with loads of good features, including APIs that allow integrations with Coinbase and other payment gateways that help make payment processing as easy and transparent as possible.
The only drawback with Shopify is that merchants are required to sign up for a Shopify merchant account in order to use the payment processing facility. Transaction fees vary depending on which payment processor a merchant chooses.
“The LitePay platform allows website owners, developers, and merchants to accept Bitcoin and Litecoin easily without the need of submitting any kind of identifiable personal information.” The fact that you can accept Bitcoin and Litecoin without being forced to submit any kind of personal info as a merchant and buyers is a huge plus.
The company writes on its website, “We believe that privacy has been greatly disturbed, especially nowadays. Trade and availability of personal information through private systems of interconnected companies, various organizations, and crypto-currency exchanges is at the highest level. The initial idea of Bitcoin was that the individuals involved in the transaction remain anonymous, but that doesn’t seem to be the case anymore with most publicly available payment gateways.”