The estimated global rate of crypto ownership for 2023 so far is 4.2%, with over 420 million individuals worldwide using cryptocurrency. Offering cryptocurrency payment options allows businesses to tap into a growing market, and by incorporating platforms that can optimally change crypto to fiat, merchants can cater to diverse customer preferences.
With more companies accepting cryptocurrencies than ever before, merchants must consider various payment solutions that cater to their specific needs to remain competitive. In this article, we’ll outline the top 5 crypto payment solutions for businesses, helping you choose the best solution for your business.
1. Swapin
Swapin is an EU-regulated payment processor that offers a suite of products that allow customers, both individual and enterprise, to off-ramp crypto from the blockchain to their SEPA bank accounts. Swapin offers multiple products, but SwapinCollect is a must for any UK and EU-based business looking to accept cryptocurrencies without the worry of token volatility.
SwapinCollect enables businesses to accept a wide variety of supported cryptocurrencies, such as Bitcoin and Ethereum, while providing the flexibility to receive funds in either EUR or GBP directly to their bank accounts.
In addition, all Swapin products, including SwapinCollect, offer:
- Fast payouts: SwapinCollect offers real-time payouts, allowing businesses to receive their funds promptly, with 95% of transactions completed within 5 minutes.
- Locked Exchange Rates: With Swapin, the exchange rate between fiat and crypto is locked for 30 minutes. When customers pay in crypto, businesses receive the exact invoiced amount in their preferred fiat currency or EUR or GBP.
- No Chargebacks: Crypto payments cannot be reversed, offering businesses a payment solution with added security free from fraudulent chargeback concerns.
How SwapinCollect works
SwapinCollect streamlines the process of accepting crypto payments for businesses. After registering and providing company information, businesses can create a custom payment link that enables customers to pay using their preferred cryptocurrency. Once the payment is made, SwapinCollect exchanges the crypto and sends the invoiced amount to the business’s bank account.
2. Coinbase Commerce
Coinbase Commerce is a distinguished crypto payment solution designed to assist businesses in accepting a wide range of cryptocurrencies. This platform enables a smooth and efficient transaction experience for both merchants and their customers. As an extension of the highly regarded Coinbase exchange, Coinbase Commerce upholds a solid reputation for reliability, security, and user-friendliness, making it an attractive option for businesses venturing into crypto payments.
Key Features
Coinbase Commerce offers a user-friendly interface, making it easy for businesses to set up and manage crypto payments through an intuitive dashboard. The platform integrates with popular e-commerce platforms such as Shopify and WooCommerce, allowing businesses to expand their payment options effortlessly. Coinbase Commerce enables companies to customize their checkout options, allowing for a tailored and professional customer experience that aligns with their brand identity.
Pros:
- Versatile payment options
- Supports a large number of cryptocurrencies
- Point of sale solutions for brick-and-mortar stores
Cons:
- Limited availability of Coinbase-managed accounts: Merchants outside the United States may not have access to a Coinbase-managed account, potentially restricting the full range of features and benefits for non-US businesses.
- Necessity of a Coinbase account for payouts: To receive payouts from Coinbase Commerce, merchants must have an active Coinbase account, which may be inconvenient for those who prefer other crypto exchanges or wallets.
- Restricted e-commerce integration: While Coinbase Commerce supports some popular e-commerce platforms, the range of integrations may be limited compared to other crypto payment solutions, potentially hindering businesses that use less common platforms.
3. BitPay
BitPay, founded in 2011, is one of the industry’s first crypto payment solutions. It has gained a reputation for reliability and security, offering businesses an easy way to accept various cryptocurrencies as payment.
Key Features
BitPay offers direct bank deposits by converting cryptocurrency payments into local currency and depositing the funds into the merchant’s account. The platform supports many cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and several stablecoins. BitPay allows payment processing through email invoicing, payment buttons, and integration with several e-commerce platforms.
Pros:
- Long-standing presence in the crypto payment industry
- Wide range of supported cryptocurrencies
- Seamless integration with e-commerce platforms
Cons:
- Higher fees compared to some competitors
- Limited customer support options
- Strict requirements for account verification
4. CoinGate
CoinGate is a versatile crypto payment solution that enables businesses to accept various cryptocurrencies. CoinGate offers a comprehensive range of features to make crypto transactions easy for both merchants and customers.
Key Features
CoinGate supports over 50 cryptocurrencies, making it a versatile option for businesses catering to diverse customer preferences. The platform provides a point-of-sale app for brick-and-mortar businesses, facilitating accepting crypto payments in-store.
Pros:
- Wide selection of supported cryptocurrencies
- POS app for physical stores
- Integration with e-commerce platforms
Cons:
- Fees can be higher than some competitors
- Limited options for fiat currency payouts
- Customer support may not be as personalized as some other solutions
5. Crypto.com Pay
Crypto.com Pay is a crypto payment solution from Crypto.com, a popular cryptocurrency exchange platform. With a focus on providing a seamless and user-friendly experience, Crypto.com Pay aims to make cryptocurrency transactions more accessible for both merchants and customers.
Key Features
Crypto.com Pay is known for its diverse cryptocurrency support, accepting many popular options such as Bitcoin, Ethereum, and the platform’s native token, CRO. Crypto.com Pay offers incentives and rewards to both merchants and customers through its loyalty rewards program, encouraging increased adoption of cryptocurrency payments. The platform ensures merchants receive funds quickly by providing fast settlements.
Pros:
- Broad cryptocurrency support
- Loyalty rewards program
- Fast settlements
Cons:
- Relatively new player in the market
- Limited e-commerce platform integration
Bottom Line
Optimising your choice of payment solutions is crucial for businesses aiming to capitalise on the growing adoption of cryptocurrencies. By carefully selecting the most suitable solution, your company can streamline crypto payment acceptance and enhance the customer experience, thus expanding your reach to a wider audience. To thrive in the contemporary market, businesses must meticulously evaluate their payment alternatives and opt for a solution that aligns seamlessly with their objectives and needs.
