Cryptocurrencies are quickly gaining ground. In America alone, the number of people who own cryptos has nearly doubled just over the last few years, and it’s expected to continue to grow in the years to come. Other countries across the globe are seeing similar trends. Considering the surging value of certain cryptocurrencies, their popularity may even surpass experts’ projections. 

In light of the growing value and popularity of cryptos, along with the many benefits they have to offer, more businesses are now accepting them as payment. If you’re considering doing the same, now is a great time to start. First, though, you’ll need to understand what a cryptocurrency transaction gateway is, how it works, and how to choose one. 

What Is a Crypto Transaction Gateway?

Let’s start by delving into what crypto transaction gateways are, exactly. In short, they act as bridges between businesses that accept cryptocurrencies as payment and their customers. Without a gateway, you won’t be able to accept cryptos. Some gateways will convert cryptos into conventional currency for you, but you can also choose to keep them in their original form if you want. 

How Do Crypto Transaction Gateways Work?

Not all crypto transaction gateways are identical. They have different features and benefits. In general, though, they all work in the same basic way. The process begins with a customer choosing to pay with cryptocurrencies at checkout. From there, your gateway will create a unique payment address for the customer. When the customer checks out, the gateway will watch the blockchain to ensure the transaction goes through. Once it’s verified, you’ll receive funds for the transaction, and your customer will receive a receipt. 

What to Look for When Choosing a Crypto Payment Gateway

Now, let’s cover some of the points you should consider when choosing a cryptocurrency payment gateway. Transaction fees are among the most important. They can range from 0.5 to 5 percent or more per transaction. Though it’s a good idea to choose one with lower transaction fees, that shouldn’t be your sole deciding factor. 

Look at the types of cryptos a payment gateway supports as well. Which ones do you want to accept, and which ones will most of your customers want to use? Be sure to choose a gateway that allows for them. Security is likewise a crucial factor. Consider choosing a gateway with cold storage solutions, multi-factor authentication, strong encryption protocols, and other security features. 

Furthermore, look deeper into how far different gateways will allow you to expand your reach. Some operate across the globe whereas others only work in specific countries. Consider payment processing times as well. Though many gateways give you instant payments, some may take a few days to process transactions. Of course, how difficult they are to implement and use should factor into the equation as well. Each of these points will help determine how well a gateway will meet your needs. 

Choosing Your Crypto Payment Gateway

An ever-growing number of consumers are getting in on the cryptocurrency craze. They’re excited to own cryptos and chomping at the bit to use them to make purchases. If you’re able to accept crypto payments, you’re sure to catch their attention and convert them into paying customers.

Choosing the right crypto payment gateway is the key to making that happen. Several options are out there, but not all of them are created equal. Keep the points mentioned here in mind to find the right one to meet your needs.