Picking the Right Cryptocurrency Payment Processor
Which cryptocurrency payment gateway do you think would be the most suitable for your company? Numerous options for accepting bitcoin payments are available. However, these services are tailored mostly to merchants. Your options are more limited if you are a shopping cart or SaaS platform owner rather than a regular retailer. What benefits retailers may not be optimal for platforms due to the complexity of platform requirements. A platform’s implementation of a solution designed for retailers may lead to long-term architectural issues.
Let’s pretend a business is debating how to implement crypto payment processing. Depending on the nature of its company, it may use one of two conceptual approaches. What follows is a breakdown of the methods used.
The optimal plan of action for a business to create a cryptocurrency payment gateway
Consider a business that operates only on the Internet and relies on the acceptance of credit card payments (among other methods of payment). Now, it has to expand its accepted payment options to include digital currencies. What are the fundamental procedures to follow?
- Learn about the many cryptocurrency payment gateways available from different service providers and choose the one that best suits your needs.
- Proceed with the Know Your Customer (KYC) procedure with the service provider of your choice. To continue accepting credit card payments, the business must submit the same standard document package it did before.
- Add the crypto gateway solution to the website either via a plug-in or a bespoke API.
- Create a separate user ID and password for access to cryptocurrency transaction reporting data (in addition to logging in for credit card transactions).
What is the most effective method for a website to set up a cryptocurrency payment gateway?
Also, consider the shopping cart industry, which functions as a hub for several independent stores. As platform can’t take a merchant-focused approach since it oversees several retailers at once. This requires accurate reporting, clear underwriting, and fast financing for merchants. Both card and crypto payments rely heavily on these features.
That’s why an application programming interface (API) is essential for a platform to be able to do things like underwrite businesses, accept bitcoin payments, and provide consolidated statements. Accordingly, a platform strategy should focus on the following.
- Check all your options to choose the best crypto payment gateway. The best answer would cater to the requirements of the platform’s users (i.e., retailers) effectively.
- If you’re a platform that needs to take cryptocurrency payments on behalf of merchants, you’ll need to go through the Know Your Customer (KYC) procedure.
- Harmonize with the path of action taken. Once again, a single API built specifically for your needs is the best choice here.
Using this theoretical approach, the system might enroll merchants, process payments, and compile useful statements.
Bitcoin, Ethereum and other prominent blockchains are gaining traction. Therefore, a strategy for integrating Ethereum and Bitcoin payment gateways is required if you want to accept cryptocurrency payments.
The optimal course of action is integration with an omnichannel system that is crypto-friendly. It’s a payment gateway that works with both cryptocurrencies and traditional currencies. You should also consider an untraceable bitcoin wallet.
BitHide is one of the finest crypto payment processing options for companies that need complete transaction privacy since it satisfies all the aforementioned conditions.