Selecting a Bitcoin Payment Provider: What You Need to Know

Bitcoin payment gateways are changing how customers and merchants interact, helping both parties to make the most of digital transactions through the power of blockchain technology.

There are several leading gateway options in the industry; selecting one impacts how you enjoy the service. Find out what you should be looking for before choosing a Bitcoin gateway provider.

Criteria for Selecting a Bitcoin Payment Provider

When choosing a Bitcoin payment gateway cryptoprocessing service, simply glossing over the advantages may not cut it because they share basic similarities in technical operation. Considering other intrinsic qualities is the right way to choose the best option. Here are the criteria to consider:

1. Supported blockchain and cryptocurrencies: Blockchain technology is the driving brain behind crypto-based transactions; the blockchains, therefore, impact the speed and stability of the solution. Get a firm that offers at least two of the mainstream blockchains, like Bitcoin, Tron, and Ethereum, and also supports dozens of coins, including BTC, ETH, USDT, LTC, BCH, etc. The more coins your provider supports, the greater flexibility you and your clients have when sending and receiving money.
2. Security: Ensure your preferred company takes security seriously and complies with the highest security standards. The company should also allow the integration of secondary security protocols and apps to maintain system integrity.
3. Customer support: 24/7 access to support improves customers’ and merchants’ experiences. Choose a firm that is always on hand to resolve potential issues and provide quick updates on situations. Excellent customer service can unlock your business’ potential, pushing boundaries and reaching new clients.
4. Fees: Merchants pay some money to implement the solution, from setup to transaction fees. It is important to choose a firm that is transparent with its pricing policy. There should be no hidden charges or recurring fees. Your provider should also prioritize low blockchain fees through strategies like bundling, Segregated Witness (SegWit), and off-peak processing.
5. Stability and availability: One characteristic of blockchain technology is that it is available 24/7. However, individual blockchains may be off due to maintenance, making them unavailable for transactions. Ensure your service has a plan in place, such as switching to other blockchains.
6. Integration options: Whether you prefer an API, self-hosted app, or cloud operations, your preferred firm should offer multiple options that best fit your needs. Self-hosting is the best option, so ensure you use a company that provides that for your business.
7. Payouts: Use a company that allows auto withdrawals to fiat currencies like GBP, USD, and Euro. This enhances flexibility with fiat-based institutions.

Overview of Top Providers in the Market

There are many Bitcoin payment processing solutions, but the top companies are:

Bithide.io: 

• Services: Bithide is the world’s first 100% anonymous crypto platform supporting over 100 coins.
• Features: They offer crypto-crypto and crypto-to-fiat transactions, crypto settlements, instant balance conversions, and crypto-to-fiat payouts to bank accounts.
• Integration: Bithide provides various integration options, including plugins, self-hosting to e-commerce, forex/CBD, gambling, merchants, etc.
• Customer service: Clients and merchants can access it easily.

CoinGate:

• Services: CoinGate is a comprehensive crypto gateway and processor that allows businesses to accept Bitcoin and over 70 cryptocurrencies.
• Features: They offer crypto transactions and settlements.
• Integration: They provide other features, plugins, email billing, transaction buttons, and point-of-sale solutions.
• Testimonials: Users have reported increased conversion rates and expanded customer reach through crypto with CoinGate.

BitPay:

• Services: Crypto processing, allowing merchants to settle and receive funds in crypto and fiat.
• Features: Over 100 coins supported, excellent customer support, and easy integration with e-commerce platforms.

Integration Tips for Seamless Transactions

To ensure a seamless сryptoprocessing process, you should ensure that your provider:

1. Prioritizes security.
2. Streamlines operations and solutions.
3. Uses advanced technologies.
4. Offers multiple methods and coins.
5. Prioritizes user experience.

A seamless transaction enhances user experience and keeps both parties satisfied, so go with a firm with a focus on excellence.

Real-world Success Stories

As cryptocurrencies become mainstream and related technologies become popular, more merchants are adopting them. For example, AT&T became the first major U.S. mobile carrier to accept cryptocurrency. Microsoft started accepting Bitcoin in 2014 as its crypto payment solution.

Shopify and Overstock are also worthy of mention as companies that use crypto-based payment solutions.