Cryptocurrency has revolutionized the way people pay for goods and services online, and this trend is set to continue in 2021. While traditional payment gateways have served their purpose well, the introduction of crypto payment gateways has taken e-commerce to a whole new level, creating an efficient and secure system that offers users a range of options when it comes to purchasing items online. But what exactly are crypto payment gateways? And how do you get started with them? In this blog post, William Schantz discusses all aspects related to these revolutionary digital payment methods and takes an in-depth look at some of the most popular crypto payment gateway solutions available today.
William Schantz Discusses Crypto Payment Gateways
Crypto payment gateways provide a digital financial service that allows merchants to accept cryptocurrency payments. According to William Schantz, the gateway acts as an intermediary between the buyer and seller, handling the transaction and taking care of the exchange process. Crypto payment gateways are beneficial to both buyers and sellers because they make it easy to pay with cryptocurrency in a secure, reliable way.
The technology behind crypto payment gateways is based on blockchain technology, which is a decentralized, distributed ledger system. This means that transactions are securely stored on the blockchain and are difficult to alter or delete. Furthermore, crypto payment gateways can be used for transfers between individuals within countries or across borders since transactions happen in real time without having to wait for bank transfer times.
One of the most popular crypto payment gateways is Coinbase Commerce. This gateway allows merchants to accept payments from users in more than 30 countries and can be integrated with a variety of online stores and e-commerce platforms. It also provides customers with access to cryptocurrency wallets so that they can easily store and manage their digital currency holdings. Furthermore, Coinbase offers its own APIs for developers who are looking to integrate it into their own existing applications or build new ones.
Benefits of Crypto Payment Gateways
Crypto payment gateways offer a secure and cost-effective way for merchants to accept digital payments. By using these payment gateways, businesses can protect themselves from rising transaction fees, chargebacks, and other risks associated with card payments.
One of the most significant advantages of crypto payment gateways is that they are built on blockchain technology. This makes transactions fast, secure, and immutable—meaning the transactions cannot be reversed or tampered with in any way. Furthermore, these gateways never store sensitive customer data like credit card numbers or bank account information. Instead, they store only an encrypted token which helps keep buyer information safe and private.
Another benefit of crypto payment gateways is that they offer lower transaction fees than traditional payment methods. Credit card transactions can cost up to 3% of the total transaction value, while cryptocurrency payments can cost as low as 0.5%. This makes it significantly cheaper for businesses to process payments and helps them save money on fees in the long run. Additionally, since these gateways are decentralized, there is no need for intermediaries such as banks or other financial institutions, which further lowers costs for merchants.
Finally, crypto payment gateways provide an efficient way of doing business on a global scale, says William Schantz. By using cryptocurrencies such as Bitcoin or Ethereum, businesses can easily accept payments from anywhere in the world without worrying about currency conversions or exchange rates.
William Schantz’s Concluding Thoughts
Crypto payment gateways provide both buyers and sellers with an easy way to transact securely using cryptocurrency. They enable fast, secure payments while eliminating the need for third-party intermediaries such as banks or financial institutions, resulting in lower transaction fees. Additionally, these services, as per William Schantz, help to reduce the risk of fraud associated with traditional payment methods. As such, crypto payment gateways are becoming increasingly popular among merchants who want to accept cryptocurrency payments from their customers.