In the present world of digital currencies like Bitcoins and more, have a basic knowledge about the Bitcoin Payment gateways is always appreciated.
Well, this blog gives out a list of the Top 10 Bitcoin Payment Gateways that we have right now!
Why do we need actually Payment Gateways?
In the past, all the cash transfers for various purposes take a lot of time to be credited to the beneficiary account. And as a result, the bulk orders were only processed after a long time.
But now it can all be done within a much faster time compared to the traditional methods. Cryptosoftwares is the ultimate solution for all cryptocurrency services.
Payment gateway systems have made it all easy by acting as a perfect platform for conducting transactions online. It's also highly secured with higher authentication factors.
What is Bitcoin?
A Bitcoin is simply a digital currency which can be used for making online transactions. Such digital currencies are altogether called as cryptocurrencies.
Some of the famous cryptocurrencies that we have today like Bitcoins, Ethereum, etc.
The Bitcoins are encrypted and made secure using the Blockchain Technology and it functions in a completely decentralized format.
Decentralization means there are no third parties involved in the monitoring of the transactions, it is based on computer algorithms and hence more secure and reliable!
What is Bitcoin Payment Gateway?
A Bitcoin Payment Gateway is an online transaction platform which allows different businesses to accept or receive payments in Bitcoins.
Almost all the major payment processors do support the buying and selling of Bitcoins or other cryptocurrencies. Since the Bitcoin market is volatile it's normally advisable to liquidate the money as soon as possible.
Do you like to know more about White Label Bitcoin Payment Processor Development
Benefits of Accepting Bitcoin Payments
Adding Bitcoin Payment Methods by the business have a lot of benefits for the business owners and they are discussed below:
The processing fees charged are very less compared to the other forms of payment and they are usually collected from the buyers.
The people who have business across the globe can try integrating their business with the Bitcoin Payment Methods so that they have to face the complexities of conventional forex trading and the high fees associated with it.
It provides a new option for the existing customers to pay for the goods and services purchased.
Bitcoin as of now does not charge any additional subscription fees, which is not the case with the conventional payment processing methods.
Even some of the traditional payment limit the maximum number of transactions that can be conducted every single day or month. Bitcoins does need not to fulfill such formalities.
Since all the payment transactions are stored in a Blockchain Ledger the chances of getting compromised are very less.
The confirmation of the transaction will be completed within less time compared to the traditional methods.
They are highly secure since they are all done using Blockchain technology and also has a lot of computing power, which supports Bitcoin storage.
Top 10 Bitcoin Payment Gateways
Let us check out the list of top 10 Bitcoin Payment Gateways that we have now!
Coinbase is one of the biggest Bitcoin Exchange Platform that we have today and it is undoubtedly the largest in the United States of America. They do have a really good number of customers and all the facilities to act as a safer platform for Bitcoin payment.
Coinbase is also one of the most reliable and sought after bitcoin payment gateways. It acts both a payment gateway as well as a normal exchange.
Coinbase also helps to liquidate the Bitcoins quickly and does not require a withdrawal request from the merchants.
One of the major disadvantages of this Bitcoin Payment Gateway is that it only operates in a few countries in the world.
Coingate payment gateway not only supports the Bitcoin transactions. It also supports over 40 plus altcoins. They support the liquidation of Bitcoins into USD as well as Euros in a speedy manner. Coingate also accepts the payments in altcoins and can be converted into Bitcoins if the participants in the transaction required.
Coingate also has a full-fledged mobile app so that it helps the business persons and individuals to deal with payments and other transactions through their phones. They only charge a transaction charge of 1% and it would be processed within less than an hour!
Alfacoins supports not only payment transactions through the Bitcoins (BTC). It also supports Litecoin(LTC), Ethereum (ETH), etc. They charge a transaction fee of only 0.99%.
They deliver their services in almost all the major countries of the world. Also, the Bitcoins can be liquidated anytime in the currencies of Euros or USD.
Shopify is another service provider who supports the transactions in Bitcoins. They are considered a highly reliable payment gateway that we have today. They do have a really wonderful customer support team and is completely easy to set up.
The merchants will be required to register an account in the Shopify if they need to use their payment platform. The Application Interface of the payment gateway is completely user-friendly and has a lot of additional features associated with it. It allows the integration of the other payment gateways like Coinbase etc.
Bitpay payment gateway is known for its security features while conducting transactions. They follow a two-way authentication mechanism and hence the dealings done through the platform are totally secure.
Another really wonderful feature of the BitPay is that it provides the utility of setting the withdrawal transaction speeds to the timeframe that we are comfortable with.
Bitpay charges a transaction fee of 1%.
One drawback with BitPay is that it supports the transactions in only 38 countries around the world.
Gocoin is one of the most preferred Bitcoin Payment gateways used by the developers since it provides a very interesting API to use. They also offer a lot of additional plugins so that they can be used with various online shopping platforms.
They charge a transaction fee at 1%. The Bitcoins can be liquidated into only US Dollars.
BitcoinPay is the Bitcoin Payment Gateway that offers the cheapest transaction fees at a rate of just 0.8% on every transaction conducted through their payment gateway platform.
The company began its operations in the year 2014 by mainly concentrating on the European markets. They support the payout in various currencies like Euro, PLN (Polish Zloty), ESD, etc.
The funds can be withdrawn at a faster rate through this payment gateway platform. They also provide the services of plugins for various online commerce stores like WooCommerce, Magento, OpenCart, etc.
Gourl will be the best option you can try if your business does not have a bank account. They support almost all major Bitcoin wallets and debit cards, even the one offered by BitPay.
Moreover, the real attractive feature is that the company offers a high level of anonymity, which is a requirement for most of the Bitcoin users.
Their other services include a WordPress Plugin and is considered as one among the best plugins that we have today.
The payments will be credited just within 30 seconds of conducting transactions.
Gourl also has certain drawbacks. Major one is that they do not support direct bank transfers.
Also, their transaction fees are a little higher compared to the other payment gateways.
Spicepay offers a transaction rate of 1% on every transaction. They also offer free transactions for a limited period for new customers and works in favor of the businesses that depend on the online payment system of PayPal.
Their website clearly mentions out the procedures involved with the Payment Gateway, things like how it conducts transactions or how it really works.
Spectrocoin helps in conducting speedy transactions of Bitcoins into the favored currency option by the merchant.
This option will be a great relief for the customers since helps out to cut the risk of volatility involved with cryptocurrencies like Bitcoins etc.
Their website can also be used for multi-purpose. This payment gateway allows the customers to own a Bitcoin Debit card or a Bitcoin mobile wallet.
Also, they offer the payment gateway integration through electronic cart plugins. Here is the Top 10 Predictions for Future of Blockchain Technology.
Vishnu Narayanan K is a Senior Content Writer at Infinite Open Source Solutions LLP. He is a vivid reader and immensely passionate about writing anything under this sky! Although an IT graduate, he likes to be engaged more in the creative world and to write about multiple topics in real simple words.