A crypto gateway is a processing software that allows businesses to accept crypto payments without the customer converting to fiat currency. Since Bitcoin’s inception, users have been hungry for ways to spend their crypto. Any business that starts accepting crypto payments will draw attention from the crypto world, and with the user base growing daily, this is a smart move for any business. If you have no desire to hold crypto, you can instantly convert any crypto you receive into fiat currency using the gateway.
Benefits of a crypto gateway
Aside from drawing crypto users into your customer base, there are many benefits that businesses will enjoy when using a crypto gateway. Companies that have started accepting crypto praise it for its safe and irreversible payments. The cryptography on the blockchain secures your records and provides you with data protection and security, therefore ensuring your online safety. In addition, Crypto payments are irreversible, further protecting businesses that operate through digital transactions such as PayPal, credit cards, or bank transfers. These standard payment methods can all be reversed, or the purchase amount can be changed after the product has been provided. As a result, businesses can avoid losing revenue by allowing crypto payments.
Companies and individuals alike are starting to prefer crypto payments for their industry-low transaction fees. You can pay anywhere from 2-4 percent in transaction fees at a traditional financial institution compared to the 0-.5 percent fees you pay using a crypto gateway. This can save significant amounts of money if you have a business that typically makes large transactions. Suppose you are a company that is doing most of its business internationally. In that case, this becomes even more beneficial as the transaction fees with crypto don’t fluctuate between local and global transactions. International transactions are also processed instantly through crypto, where a bank could have you waiting weeks to access your money.
How to set up your Magento gateway
So now that your business has decided to start accepting crypto payments, you’ll need to set up the gateway. If your business is already using an e-commerce platform such as Magento, this can be as simple as downloading an extension for your browser. To accept crypto on Magento, you will need to first create your business account if you haven’t already. There are two versions of the Magento extension so once you determine which one you need, follow the instructions for the download that is right for you. Once you have the extension installed, you can go in and edit the settings to fit your preferences. The final step is to enter your Merchant ID and your IPN Secret into the extension settings to complete the integration. And just like that, you are ready to start accepting cryptocurrency payments through your Magento gateway. Welcome to the future of online transactions!
