In this digital era, many changes have been experienced in the way we live our lives. At some point, the introduction of online shopping seemed like the most significant change. However, new payment methods like online payment and how to buy cryptocurrencies have recently been introduced. Crypto is a digital currency that is currently taking the world by storm. Cryptocurrencies like bitcoin are fast going mainstream. Various stores and brands are presently accepting crypto for their products and services. For instance, you can buy gift cards with cryptocurrencies.
Whether buying gift cards or any other products, e-commerce websites are working towards making it easy for their clients to use crypto payment. Therefore, most of these websites have to get a suitable crypto payment processor.
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What are crypto payment processor sites
A crypto payment processor’s role is to accept crypto payments. It is software on top of a Blockchain-based network to facilitate the transfer of crypto assets. There are two types of crypto payment processors; custodial and non-custodial. Custodial processor sites offer features like conversion of crypto to local currency. They also enable transactions through a wallet. The wallet keeps your private keys and provides backup for your assets.
On the other hand, non-custodial processor sites allow a range of crypto payments and lightning payment transactions. They allow transactions through third-party wallets. Thanks to the private keys, this allows you total control over your assets.
Ways to vet a crypto payment processor site
When choosing an ideal crypto payment processor site for your e-commerce website, you must vet it to ensure it is the best option. The following are some ways to vet a crypto payment processor site;
Consider its credibility
The easiest way to vet the site is by checking its credibility. You can find out how many other merchants are also using it to process their crypto transactions. Naturally, the more people use the payment processor site, the more credible it is, and vice versa. It would also help to look into the company behind the payment processor site. Ask questions like “is the company reputable and well-established?”
Consider its reliability
When vetting a payment processor site for crypto, the next thing you must do is its reliability. It would be wise to consider technically reliable options. This way, you need not worry about technical issues during the payment processing. More often than not, these issues cost a lot of money and influence your customer retention. You may also want to consider how long the site can function without experiencing technical issues, especially if you have a lot of traffic on your e-commerce website.
Consider the fees
A good crypto payment processor site should help you save on fees to a significant extent. This is one of the primary advantages of accepting crypto as a payment technique in e-commerce. You get to enjoy lower fees on your earnings compared to credit cards and other payment methods. The payment processor site should also offer a similar benefit. The best crypto payment processor sites, like CoinGate, only charge 1% transaction fees.
Integration and flexibility
The ease at which you can integrate the crypto payment processor with your website is also worth considering. Its flexibility will also help determine how it suits the different features on your e-commerce site.
Many people currently buy bitcoin and buy cryptocurrencies because they are becoming an acceptable payment method. According to research, more than 10% of americans are currently trading crypto. Therefore, it makes sense for e-commerce websites and companies to accept crypto payments. Crypto assets will soon be taking banks and credit card networks out of business. However, a few issues like the instability and volatility of the crypto market are still holding it back from going 100% mainstream.