Why do I need a payment provider if I want to accept crypto?
Businesses generally have two possible ways of integrating cryptocurrency payments. Specifically, they can either accept payments directly or rely on a payment provider. Both approaches have their strengths and weaknesses, yet the latter is still preferred by the majority of companies. Check out the article to find out why you may actually need a crypto payment gateway to accept Bitcoin and other cryptocurrencies.
- Crypto payment providers process cryptocurrency payments.
- Providers facilitate the payment process.
- Businesses can accept crypto payments using NOWPayments.
What is a crypto payment provider? What is its purpose?
A crypto payment provider, or a crypto payment gateway, is a service that processes payments for businesses and thus facilitates the entire payment process for them and their clients. Crypto payment gateways can offer extra features, including the automatic conversion of crypto payments to fiat. These services work as intermediaries between companies and their clients.
Why can’t I just accept crypto without payment gateways?
You may ask, why would anyone use an intermediary when they can simply get paid in crypto directly. Crypto payment gateways provide companies that partner with them with a variety of advantages. Here are some of them:
Automatically updating prices
The volatility of crypto prices is a major concern for all businesses that decide to feature crypto payments. Due to decentralization, cryptocurrencies are completely exposed to market forces which makes their prices unstable. Businesses that accept crypto directly cannot control the current market price of cryptocurrencies manually every second, which can cause them to lose money.
Crypto payment gateways have special technology which automatically adjusts prices in crypto according to the latest information from exchanges. As a result, businesses that rely on crypto payment gateways always receive their payments in full and do not lose a cent.
Ability to easily manage dozens of crypto payment methods
The key to getting more clients willing to pay with crypto is to feature as many cryptocurrency payment methods as possible. While it is possible for a company to manage a couple of crypto payment options, it gets exponentially harder to deal with all of them as the list grows larger. This is particularly difficult for online businesses that need to track every single purchase and personally communicate with every customer wanting to buy with crypto.
Crypto payment gateways remove this problem by allowing businesses to feature an unlimited number of payment options and automatically process all of the payments. Basically, with the help of gateways, you can add any number of cryptocurrencies as payment methods and let the processor do the rest.
User-friendly tools for accepting payments
In order to make the payment process as seamless as possible, crypto payment gateways design special tools which enable your clients to easily navigate them. For instance, NOWPayments’ plugins for eCommerce stores offer a simple way of paying with crypto to consumers. All they need to do is to choose the preferred crypto from the list, scan a QR code, and make the transactions.
How to accept crypto using NOWPayments
NOWPayments offers multiple tools for featuring crypto payments, here are all of them:
- eCommerce plugins: These plugins are compatible with PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware.
- Crypto invoices and a PoS terminal: Businesses can use crypto invoices and a virtual Point-of-Sale terminal.
- Subscriptions: Some companies may deploy special subscription-based payments.
- API: NOWPayments’ versatile API enables businesses to create custom crypto payment solutions.
- Donations: There is also an option of deploying coin donation widgets, buttons, and links.
- Payouts: You can send mass payouts as a salary, bonus, reward, or rebate automatically to as many addresses as you wish.
NOWPayments is a crypto payment gateway that enables businesses and individuals to feature over 100 cryptocurrencies as payments.
Read this article and more in the NOWPayments blog: Why do I need a payment provider if I want to accept crypto?
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Why use NOWPayments.io?
NOWPayments is the easiest way to accept online payments in a wide variety of cryptocurrencies. This service is custody-free, has competitive fees, and is available worldwide.
- Over 150 cryptocurrencies are accepted on the platform with an in-built exchange feature;
- API, widgets, plugins, links, and buttons are all easy to integrate;
- It is a non-custodial service ensuring the security of your funds;
- A very simple setup