16th November, 2021
A Bitcoin payment gateway enables a vendor or a business to receive payments via this digital currency.
Bitcoin and other virtual currencies’ introduction has marked a significant shift in the global monetary policy.
Many people lauded Bitcoin because it was the first virtual currency. However, Bitcoin sparked the introduction of many digital currencies.
Today, the world has many digital currencies, but Bitcoin remains the most popular.
Business owners and their customers continue to learn and acknowledge the many benefits of this digital currency by the day.
Consequently, more companies are looking to add this virtual currency as a payment method for their businesses.
In most cases, online businesses need a payment gateway to receive Bitcoin payment.
What is a Bitcoin Gateway?
A Bitcoin payment gateway is a software that enables a merchant to authorize Bitcoin transactions.
A Bitcoin gateway can also convert this virtual currency into fiat money. Thus, you can use this software to sell Bitcoin and receive the payment in dollars or other traditional currencies.
The best gateways feature numerous flexible options and tools that enable you to do this flawlessly.
What’s more, some gateways allow users to access other altcoins. Thus, you can use a gateway to access Ethereum, Litecoin, Ripple, and other cryptocurrencies.
How Bitcoin Payment Gateways Work
A cryptocurrency payment gateway allows the user to select the payment to accept depending on their business models.
For instance, a payment gateway can enable you to take over 1000 coins found on crypto exchanges like immediateprofit.app.
What’s more, the software can provide functionality for a business that allows customers to pay for services and goods using Bitcoin only.
Some cryptocurrency payment gateways do not provide a non-custodial wallet. However, they can offer a crypto exchange or conversion services.
If you have wallets for different cryptocurrencies, you can connect them directly to bypass exchanges and save money in the long run.
For instance, if a company decides to take different cryptocurrencies for payment of services and goods, it can use non-custodial wallets to store the funds until it converts them into fiat money.
The company can transfer the funds to its corporate account later.
Essentially, a payment gateway facilitates a connection of the wallets to enable customers to purchase goods using Bitcoin.
And the merchant or business sends Bitcoin to the provided wallet automatically without exchange to CAD.
Benefits of Bitcoin Payment Gateways
Modern businesses need Bitcoin payment gateways for varied reasons. For instance, Bitcoin payment gateways simplify the consolidation of funds.
They also facilitate the setting up of transfers and conversions.
Using a Bitcoin payment gateway can also bring in new customers. That’s because some people prefer paying for services and products using Bitcoin.
If your business doesn’t provide this option, such people could go elsewhere.
Therefore, it’s in your business’s best interest to use a Bitcoin gateway.
This software could be even more helpful than credit cards because it doesn’t increase costs for users.
What’s more, Bitcoin payment gateways enhance privacy because they don’t require customers to provide personal details.
Modern businesses have several reasons to use Bitcoin payment gateways.
However, the essential thing to consider is whether this option will serve your business better.
With the increasing acceptance and adoption of cryptocurrencies, a Bitcoin payment gateway is crucial for a modern business.
Essentially, having a Bitcoin gateway is necessary if you want your business to attract more new customers.
If you fail to take Bitcoin payments, your competitors could steal customers from you.
bitThus, you need a Bitcoin payment gateway if you want your brand to remain competitive.