Bridging Crypto and Traditional Payment Ecosystems
Beyond transfer services like BitPay and CoinGate that provide merchant services for acceptance of crypto payments while converting them either to U.S. dollars or any other local fiat currency- thus mitigating risk from volatility, cryptocurrency companies require payment gateways that can easily convert between the respective fiat currency and theirs. Centralized payment gateways typically support the major currencies- Bitcoin, Ethereum, and many stablecoins- while automatically converting from crypto to fiat currency as per the prevailing exchange rate. The best solution incorporates instant fiat settlement to convert any cash deposits into bank transfers in hours. Other features include tax management of crypto and accounting report generation. Other processors also offer fiat-crypto onramps besides engaging in two-way operations, that is customers can buy digital assets using either credit card facilities or bank transfer facilities.
Implementing Crypto Payments Securely
Cryptocurrency payment processing needs a lot more security and consideration than traditional payment gateways. Processors should provide more ways to protect against hackers, such as using multi-signature wallets and cold storage. Ideally, they will offer address whitelisting and withdrawal delay in order to guard against unauthorized transfers. API integrations should allow for webhook notifications, enabling payment status updates to be received in real time, which is important for order fulfillment. Since cryptocurrency transactions cannot be reversed, chargeback protection functionalities are offered by most cryptocurrency payment processors. Some gateways offer localized crypto payment to global users, showing the price in their local currency but settling in cryptocurrency to reduce friction.
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