The use of crypto payments is becoming common. There has been quite an increase in the number of merchants willing to accept crypto as well as customers interested to pay with it. I know there are people who would argue that crypto payments are only good for some kinds of businesses but I believe as long as you are selling something and people are paying you, there is no reason to not offer crypto as a payment method. With this thought I started searching for some payment gateways and came across different names like Coinbase Commerce, Coingate, CapitalWallet, Utrust, Nowpayments etc. When I compared the fees, transaction speed and other features with fiat payment gateway, I was so impressed. The transaction fees with crypto payment gateways is approx one-third that fiat gateways charge. Even if you are keen on getting fiat payments in your bank account, you will be better off if you accept payment in crypto and then convert in fiat. What do you think? Also, apart from the fee’s standpoint, what is important to check in a payment gateway? Which crypto gateway do you think is best?
This is a very good question!
First what I have to say is that I got ripped by team called Uforce so Utrust sounds unsafe for me (without testing)
A good way to check out crypto providers are working is to withdraw some coins from them and then look into a blockexplorer.
Is the transaction proceeded in the way it was promised?
Does the coins really come from my address the service provider given to me.
Does the fee match with the calculations from the website?
Has it connections to FTX?
Does the provider running his own nodes or just using 3rd party stuff?
This are important stuff I think.
@Falx That’s a bad experience but I think Utrust and Uforce are different entities.
By the way, thanks for sharing all these tips for choosing a gateway. What do you think about looking into cryptocurrencies that a gateway in question offers. I have already started my research about the gateways that I mentioned. I see Coingate and CapitalWallet offer so many coins. Should it be worthy of any merchant’s consideration?
As merchant u could adopt litecoin for small payments actually. In point of the less fees.
That could be a good argument.
Should litecoin hit $10k someday the fees starting to possibly reach 1 cent border.
Would reverse that argument slowly.
About giving u an advice which wallet you should use… Well that’s not easy.
1st should be a own node on a raspberry or something. I upgraded my to an API so I can easily build dapps everywhere.
2nd I’m using wirex, giving me the option to pay with coins everywhere visa is accepted.
I hope this helps you a bit
@Falx I do prefer litecoin. It’s a faster and cheaper alternative to bitcoin. By the way, what kind of dApps do you build?
I’m still focused on improving my API.
first dapp is my maingate, more a testarea for the api functions then a product but allrdy yet useable and useful.
Another idea is a small game.
sadfrogltc.art he started working with liteworlds allrdy.
We are open for cool ideas.
And ohh to step in is free
O yes merchants accept but buyers decline. As a trader coin people eye the highest price possible. Say if you give them 100 per LTC you surely can use LTC as the agreed upon payment choice. You need to have big pockets and live in the US to make good use of losses.
Though fee is an important factor but I think usability is something that’s very underrated. The gateway should be easy to integrate, scalable and responsive. Most providers also offer dedicated merchant accounts these days. This is where you manage your incoming payments, refunds, financial data, withdrawals. So, basically you are going to spend a lot of time there. Make sure that merchant account is helpful in letting you organize the cash flow.
@Retrogress That’s sage advice. I didn’t consider this aspect. How can I check the interface and usability without trying it on my own?
I think that paying in crypto would also benefit payers since they are not required to provide their credit card details while transacting in cryptocurrencies
If I am not wrong you can run an integration test. I would advise you to first check other features, shortlist a few good options and then connect with the gateway provider regarding testing.
Why do you make the process more complex? I tried severall gateways and all collect fees.
You can talk to your client and take Litecoin over your wallet directly. Crypto is here to make easy the dreaded crossborder payments. It actually helps in the creation of a sales funnel if the buyer has some crypto knowledge.