Digital assets have radically changed the financial and banking system. As the world slowly accepts cryptocurrency, different ways of integrating these assets into payment systems are emerging and attracting attention.
What are the crypto payment solutions?
Crypto payment solutions allow people to buy and transact in cryptocurrency. They facilitate seamless payments through different secure apps / websites which can also be integrated with businesses. Once these solutions are integrated, customers can easily transfer funds to merchants and vice versa.
- Non-custodial services → This allows users to fully manage their funds, transactions and information. The private keys will be given to users once their account is opened. These keys are made up of mnemonic phrases containing 12 to 24 characters and will not be stored in the wallet.
- On-call services → This type of service has servers that have access to user information. Before making a transaction, users are required to first notify their custodians. Additionally, if users forget their private keys, servers can help retrieve their wallet details.
What crypto payment solutions are people using?
Atomic Pay is a non-depository payment solution that caters to seven digital currencies, namely:
- Bitcoin Cash
- Bitcoin Gold
- Stellar (XLM)
Atomic Pay is an ideal crypto payment gateway if you want to use your funds to make purchases in physical stores. It has API integration which can generate its own payment invoice in seconds. In addition, the application only requires transaction fees of 0.7 to 09%.
CMM Pay is another non-depository payment solution that only accepts Bitcoin transactions. However, the company said it looks forward to expanding into more digital currencies in the future.
What makes this payment gateway attractive to users is that it offers 24 hour customer service and an interesting merchant dashboard feature where you can view crypto sales, your wallet balance and different metrics such as crypto conversions. CMM pay has a 1% transaction fee for its services and is quick and easy to set up.
8Pay is an encrypted payment system that operates on the Ethereum network. It has an on-demand payment gateway between buyer and seller, which makes transactions easier for both parties. It can also be used to create a subscription type payment method for various products and services.
8Pay only accepts Ethereum, ERC20 tokens and stable coins. According to 8Pay, the goal is that their network is only designed for smart contracts and cannot be supported by other cryptocurrency networks.
Coinbase Commerce is a user-friendly, non-custodial solution that accepts Bitcoin Cash, Bitcoin, Ethereum, Litecoin, and USDC transactions. Currently, over 2,000 merchants around the world have integrated Coinbase Commerce into their payment system.
Blockonomy is a BTC-only encrypted payment system. With its intuitive interface and user-friendly design, this payment gateway is easy to navigate. It offers a diverse selection of eCommerce plugins that can create instant invoices after every transaction. What makes Blockonomics special is that users can link it to their existing wallets for extra protection and create P2P invoices every time you make a purchase.
Bitcoin cash register
Bitcoin Cash Register is a payment gateway compatible with Android and iOS applications. If you already have a Bitcoin Cash wallet, you can use it to create an account in Bitcoin Cash Register. Currently, BCR only accepts Bitcoin Cash transactions.
CoinGate is a crypto payment solution that accepts multiple crypto-assets such as Bitcoin, Litecoin, Ethereum, Ether, and 50 other digital currencies. This user-friendly payment gateway includes API, shopping cart plugins, and payment buttons that can adapt to different types of businesses. Several e-commerce platforms and retail stores have integrated CoinGate into their payment system.
Pay by bit
Bitpay is a payment gateway that supports at least 22 e-commerce stores. With its user-friendly interface, it is easy to navigate and use for sellers and buyers. What makes Bitpay more attractive is that it has a Visa card that can be used for any type of transaction. Additionally, this payment gateway is linked to Skrill, allowing users to easily switch from Bitcoin to fiat currencies.
Why use crypto payment solutions?
Cheaper transaction fees
Before cryptocurrency payments were an option, people were plagued with endless (and expensive) fees such as ATM, checking account, merchant, debit / credit card, and credit card fees. check that sometimes cost more than the transaction.
By using crypto payment solutions, these fees are eliminated. Payment gateways like Bitpay and Coinpayments only charge a 0.5-1% fee per transaction, which is lower than the 2% fee for regular banks and wire transfer services.
You can follow your transactions in real time
You can see the status of your transactions inside the server when using crypto payment solutions. Moreover, once finalized, you will instantly get a record of your transactions.
Crypto payment solutions are accessible on any device. Plus, if you have any concerns about your transactions, Digital Asset Solutions has responsive chat agents who will respond to you immediately.
Instant transaction settlements
Sending funds through crypto payment solutions won’t take long to complete. Since cryptocurrencies pass through the blockchain, sending and receiving is not blocked by any third-party presence. You just need your device and the internet and you’re good to go.
Safe and anti-theft
The ledger used for crypto payment services performs routine verification of funds held by the user. Inside this ledger there are nodes that ensure that all transactions are encrypted and tamper-proof.
Different uses of cryptocurrency payment solutions
Cryptocurrency payment solutions can be used to pay bills such as rent, gas, electricity, and water. However, before sending your funds to pay your monthly contributions, be sure to check if this service is available in the payment gateway you are currently using.
- Dash. To
Many stores are slowly accepting Bitcoin and other cryptocurrencies for payment.
- Whole foods
- New egg
- Try Lolli
- CVS Pharmacy
Learn more about cryptocurrency and their benefits here on Bitcasino.io!