Crypto Payment Gateway
Since Europe is the largest crypto economy in the world, the number of consumers willing to pay for products and services with cryptocurrencies is naturally growing, and having such a payment option in Europe can help businesses to increase customer conversion rates.
If you’re a forward-looking business owner, you should certainly consider allowing your customers to pay with cryptocurrencies which would expand the functions of your payment processing ecosystem and give you a strong competitive advantage. While you can use your personal crypto wallet to accept cryptocurrency payments, there is also a more efficient method – a crypto payment gateway – that can connect your online store with a payment processor.
A payment gateway is a client-facing type of software supplied by payment service providers, usually integrated into an online store or at the credit card terminal of a physical store, which enables merchants to either accept or decline credit and debit cards and other types of payments in a safe and secure way. A transaction can’t be processed without first going through the payment gateway.
In an online store, this is the section where a client is asked to select a payment method (credit or debit card or an online payment system such as PayPal) and enter the payment details. Many of today’s payment gateways allow customers to pay in cryptocurrencies and at the same time enable merchants to automatically have cryptocurrency payments converted into fiat money during the transaction process, which allows for the elimination of the volatility inherent to cryptocurrencies.
This means if you have reservations about storing cryptocurrencies or have no understanding of this new payment means, a crypto payment gateway can momentarily remove this perceived hurdle by using its own crypto wallet to complete every transaction between a customer and you and by instantly converting cryptocurrencies into the fiat currency of your choice.
If you prefer to store received cryptocurrencies in your crypto wallet instead of converting them into cash, there’s an increasing number of crypto payment gateway providers that facilitate direct payments to merchants’ crypto wallets.