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How to choose the best Cryptocurrency payment Gateway?
There are some aspects to consider when accepting cryptocurrencies as a form of payment.
At first, you must check if cryptocurrencies are allowed as a form of payment into your country, then, you should figure out how to handle them. Are you going to convert them completely or are you going to create a reserve of value for the company, as an asset? In this case, have you already planned a change into the company’s statement and/or a resolution from the shareholders.
Just to say that accepting cryptocurrencies is not a one-stop-integration and it requires some optimization. Potentially even for company’s procedures.
BUT, what should we look for when evaluating a cryptocurrency payment provider?
At first: are there applications fees?
Some providers requires an application fee for the companies requesting access. We are talking about fees from 500$ to 1500$ just to evaluate if the applying company is suitable to accept cryptocurrencies as a form of payment.
Secondly: the verification for the company is necessary.
Company’s verification is necessary, since this check will increase the credibility of the service provider, that has to take care about the UBO (Ultimate Beneficial Owners), the type of business carried out, volumes expected, origin of funds, origin of customers and providers.
If a company wants to integrate a crypto payment provider should be transparent in what is done with such company. Off-shore jurisdictions offers coverage to companies and shareholders that does not guarantee transparency at all. This is the reason why some Crypto Payment processors have a double structure: a regulated one and a non-regulated one for companies from non-regulated/off-shore jurisdictions.
How much is the fee?
Be careful, because some providers will try to make you believe that there is no fee in using their services. Well, there must be some spread, somewhere. So, if Bitcoin is at 40.000$, your customer will pay like if Bitcoin was at 41.000$, and this would be a 2.5% of spread. So, it’s like a 2.5% of fee. This fee is usually charged both to the customer and the merchant.
Let me tell you one thing. I am both a merchant and a customer. The fees that I dislike the most, are the hidden ones. They are like “I am trying to f**k you and I am pretending that you will not notice it”. So when the counterpart notice it, well, it will not be a very professional situation.
That is why I prefer platforms that do not charge spread to customer/merchant and they tell clearly and explicitly how much each payment would cost, in terms of percentage.
Since cryptocurrencies are particularly suggested for international and inter-currency payments, an overall fee lower than 2.5% is acceptable. With overall I mean the commission for the payment receipt + automatic fiat conversion and bank payment settlement.
And what about the jurisdiction of the payment provider?
A transparent jurisdiction with clear regulations for cryptocurrencies exchange and cryptocurrencies custody is necessary to avoid later problems of the service, that may suddenly interrupt the service provision because of controls from authorities.
In my experience, cryptocurrency payments gateway should be in the same financial area of the companies accepting payments. For example, an Italian company can find a cryptocurrency gateway in the European Economical Area, where we can see for example Estonia, well-known for the chance of the crypto-licence, allowing service providers to become exchange and intermediaries for crypto payments.
Last thing: how many cryptocurrencies are accepted?
I know: with Bitcoin and the Lightning Network all transactions, even the smallest, can be made with no commissions. BUT, Lightning Network is not so popular yet, neither among merchants, nor among customers. This is why I suggest payment providers that allows the use of Litecoin and other altcoins particularly suitable for payments.
Have you ever thought about inserting cryptocurrencies in your business?