As cryptocurrency becomes increasingly popular worldwide, more and more businesses are embracing and accepting crypto as a form of payment. The mode of payment evolves from physical currencies to digital money to cryptocurrency and with that in mind, it’s time for you to adopt a seamless payment system.
A decentralized cryptocurrency payment gateway has emerged to resolve these issues and provide merchants with the ability to exchange crypto on a transparent network. Powered by blockchain, crypto payment processor is a perfect example of innovation among digital payment alternatives and therefore, enterprises are adopting it on a large scale.
Now let’s discuss more to understand how crypto payment gateway works, its benefits, and decide which works best for your needs.
What is a Crypto Payment Gateway?
It is a comprehensive payment processing system that enables merchants or vendors to accept payments in multiple cryptocurrencies, including Bitcoin, Litecoin, Dogecoin, Fantom, Ripple, and Algorand. From the user’s perspective, it facilitates direct payment from one cryptocurrency wallet to another without risking security. With more businesses seeking secure and fast payment modes, this payment processor is incredibly adopted in organizations of all sizes and industry verticals.
It is built on a blockchain ecosystem that provides various benefits like transaction transparency and immutability of records. It also eradicates intermediaries like a bank, which increases transaction speed and shorten payment processing steps.
How does a Crypto Payment Gateway Work?
Understanding the working principle and fundamentals of crypto payment gateway isn’t tough for those who are familiar with traditional payment systems. Powered by blockchain, replacing the credit card with a digital wallet that requires a merchant to open an account to facilitate cryptocurrency and fiat money exchange. The transaction takes place on a decentralized peer-to-peer network where nodes exchange payment data and perform validation.
Below are the steps to explain how it works in real-world scenarios:
- When a user places an order, the app records payers’ information such as wallet address, encrypts it and sends details to the merchant’s web server via SSL connection.
- The merchant scans the blockchain where nodes validate and perform the transaction.
- Once confirmed, coins are transferred to the merchant account and the system will send notifications to both parties regarding the success of payment.
- It also allows merchants to convert coins into fiat anytime at a real-time value of the currency.
Benefits of Crypto Payment Gateway
- No Chargebacks – Once a crypto payment is processed, it doesn’t give a chargeback or refund. This feature mainly attracts entrepreneurs who run high-risk business ventures.
- Fast processing – It takes less than 10 seconds to make a crypto payment. It allows merchants to accept crypto and quickly exchange fiat money at any time.
- Privacy – It neither asks for registration nor KYC for verification purposes. Instead, it lets users join a secure network. It is beneficial for vendors who sell digital assets and are concerned about confidentiality.
This way, merchants accept different types of cryptocurrencies and deposit funds to their accounts in a variety of fiat currencies.
Poof – Accept, Track, and Transfer Crypto Across All Major Networks
Poof is the fastest web3 infrastructure for crypto and fiat money movement that performs all payments at one click, be it credit cards, digital currencies, crypto, or web3 payments. It is comprised of self-serve payment tools like an e-commerce payment gateway, crypto wallet API, and fiat banking rails.
It is a secure BNB payment gateway that accepts BNB payments in the most convenient manner. Simply, add BNB and other cryptocurrency payments to your site and convert from BNB to USD in less than three minutes. Not only BNB, but also accepts other popular cryptocurrencies, including:
So, get started with Poof and create your own payment flow with crypto payments, wallets, and payouts.
Adopting a crypto payment processing system that is designed best to your needs can be quite valuable for your business. Organizations planning to expand their scope of operations should integrate the blockchain-based crypto application for secure transactions, high security, and fiat money movement.