Finding the Best Crypto Payment Processor in 2024

Cryptocurrencies, specifically Bitcoin, have been making headlines since the start of 2024 as their transaction volumes continue to rise and reach unprecedented heights, with major institutions such as BlackRock joining the game with spot ETFs, paving the way for increased adoption and use of digital currencies. 

As a result, more and more people are considering cryptocurrencies as a reliable means of payment for everyday transactions.

Businesses and merchants who are new to crypto are now faced with the need to find a reliable crypto payment processor that can handle their transactions securely and efficiently. But with the growing number of options in the market, how can one find the best crypto payment processor in 2024?

Key Takeaways

• Cryptocurrency payment processors offer benefits such as fast transaction processing, enhanced security measures, and cost efficiency compared to traditional payment methods.
• These payment processors cater to both businesses and individuals, providing solutions for online stores, billing, donations, and more.
• Many crypto payment processors offer multi-currency support and automatic conversion options, making it easier for users to transact in their preferred currency.
• Security is a top priority for these platforms, with features such as cold storage, 2FA, and non-custodial services to protect user funds.

Crypto Payment Processors Explained

A crypto payment processor, often referred to as a cryptocurrency payment gateway, is a service designed to facilitate transactions using digital currencies. 

These processors enable businesses to accept payments in cryptocurrencies such as Bitcoin, Ethereum, and others while immediately converting and depositing fiat currency into the merchant’s account. 

As a result, businesses are able to engage with the growing number of crypto users without the need to manage or hold cryptocurrencies themselves, reducing exposure to the volatility associated with these digital assets.

Advantages

Crypto payment processors offer several benefits, including:

• Fast transaction processing, often completed within minutes.
• Enhanced security measures to protect against fraud and unauthorised access.
• Cost efficiency by reducing transaction fees compared to traditional payment methods.
• Global reach allows merchants to accept payments from anywhere in the world.

Considerations

Despite the advantages, there are potential drawbacks to be aware of:

• The volatility of cryptocurrencies can affect the value of transactions.
• Scalability issues may arise as the number of transactions increases.
• Regulatory challenges, as the legal landscape for cryptocurrencies is still evolving.

Types of Crypto Payment Gateways

Businesses can select between custodial and non-custodial gateways:

• Custodial gateways manage the cryptocurrency funds, providing an additional layer of security but also introducing potential risks associated with third-party control.
• Non-custodial gateways allow businesses to have direct control over their cryptocurrency funds, offering greater autonomy but requiring them to manage their own security.

Keep in mind that a provider should adhere to the highest security standards, for example, the Payment Card Industry Data Security Standard (PCI DSS) and regulations like the General Data Protection Regulation (GDPR) in the EU.

Top 10 Crypto Payment Processors in 2024

Let’s explore the top 10 processors that have gained prominence in the market:

1. BitPay

Founded in 2011, BitPay is among the first providers to offer cryptocurrencies as a payment method for webshops. BitPay offers fast and secure payment solutions that make Bitcoin transactions more accessible for businesses and individuals worldwide.

Today, Bitpay continues to lead the market as the world’s leading payment gateway for cryptocurrency. Offering a safe and secure system with over $5 billion processed so far, Bitpay has gained the trust of merchants and customers alike.

Bitpay offers volatility protection, ensuring that all exchange rates are locked at the time of sale so merchants receive the expected value. All sales are bundled and deposited to the merchant’s bank account at the end of each day, eliminating the need for merchants to handle any crypto themselves. However, there is an option for merchants to be paid out in cryptocurrencies.

Key Features:

• Open-source plugins for easy integration with popular e-commerce platforms
• Provides in-built crypto wallets for convenient storage of funds
• Offers two-factor authentication for enhanced security
• Real-time transaction notifications through email and messages
• Supports bank deposits in over 38 countries

2. B2BinPay

B2BinPay offers a comprehensive range of crypto payment solutions for businesses and investors. It is one of the first processors to merge merchant and enterprise accounts, providing a single account that combines the functionalities of both wallet types.

B2BinPay has been gaining popularity among Forex brokers, e-commerce businesses, online merchants, and cryptocurrency exchange platforms due to its advanced technology and user-friendly interface. The platform offers gateways, wallets, and integration solutions for transacting with BTC, BCH, LTC, USDT, USDC, DAI, FRAX, TUSD, EUROC and more.

Key Features:

• Offers hundreds of currency options for crypto payment gateways
• Provides API integration for customisable payment solutions
• Supports multiple blockchains, including Bitcoin, Ethereum, Polygon and Avalanche networks
• Offers intuitive UI and flexible cost structure for easy management of crypto wallets
• White-label solutions for businesses to create their own customised trading platforms using a simple turnkey solution.

3. Coinbase Commerce

Coinbase Commerce is the crypto payment processor and merchant solution of Coinbase, a leading US-based crypto exchange, catering to businesses of all sizes. It supports a wide range of supported currencies, including Bitcoin, Bitcoin Cash, Litecoin and more.

It offers an easy onboarding process and a broad integration capability, which makes Coinbase Commerce popular among merchants. Its flexible fee structure and settlement system make it easier for businesses to manage invoices, payouts, and settlements.

Additionally, Coinbase Commerce provides deep liquidity options, thanks to its large network of liquidity pools, tier-1 banks and multinational financial corporations. This ensures merchants have fast settlement times and stable conversion rates.

Key Features:

• Low transaction fees for cost-effective payment processing
• Fast and efficient transfer of payments
• No PCI compliance is required for merchants
• It can be used on multiple devices, including tablets, PCs, and mobile phones
• Secure and transparent transactions through the trusted platform of Coinbase

4. Coingate

Coingate is a user-friendly crypto payment processor that supports over 100 cryptocurrencies. It offers a mobile application for convenient monitoring of crypto payments. 

The company’s multi-product platform allows customers to not only make Bitcoin payments but also buy and sell crypto-assets with ease. Options like credit/debit cards, SEPA bank transfers, and mobile balance make it convenient for customers to purchase cryptocurrencies.

Coingate provides plugins for various e-commerce platforms, making it easy for merchants to integrate the payment gateway into their websites or applications.

Key Features:

• Offers permission-based account management for secure transactions
• Provides fiat payouts directly to the merchant’s bank account
• Offers multiple options to integrate crypto payments on websites and physical stores
• An easy-to-use platform for buying and selling crypto-assets

5. CoinPayments

This Canadian-based payment processor was founded in 2013 and has since become one of the most comprehensive multi-cryptocurrency platforms. It offers merchants the ability to accept over 1860+ altcoins in their store, making it one of the most versatile options in the market.

CoinPayments also boasts a user-friendly interface with easy-to-use plugins, APIs, and POS interfaces for merchants to integrate into their online stores. It has over 3 million user accounts and merchants across 200+ countries, making it a popular choice for businesses of all sizes.

Besides offering payment solutions, CoinPayments has an asset conversion tool that allows users to quickly and efficiently convert their digital assets within their wallet. This eliminates the need to transfer funds to exchanges, making it a convenient option for merchants.

Key Features:

• Low transaction fees of only 0.5%
• Asset conversion tool for quick and efficient conversions
• Global payment gateway accessible to businesses and individuals worldwide
• Secure and reliable with a large user base and merchant trust

6. Coinsbank

Coinsbank offers a comprehensive range of blockchain services, including exchange services, wallet services, crypto cards, and merchant gateways. 

Founded in 2016 with headquarters in the UK, Coinsbank is regulated by the International Financial Services Commission (IFSC) of Belize and FinCEN Belize.

The platform boasts unlimited free fund transfers between users, multi-currency accounts with major fiat and cryptocurrencies, and a robust security system. Coinsbank also offers a user-friendly interface for trading and detailed reports for transparent transactions.

Key Features:

• Regulated by reputable financial authorities
• Multi-currency accounts with major fiat currencies and cryptocurrencies
• Mobile app for convenient management of cards, payments, and transfers
• Offers corporate services for businesses in various currencies

7. Alfacoins

Alfacoins is a modern and secure crypto processing service that aims to make cryptocurrency payments convenient and safe for merchants and buyers worldwide. Along with Bitcoin, Alfacoins supports popular cryptocurrencies like Bitcoin Cash, Litecoin, Ethereum, Dash, Tether ERC-20, and XRP.

Alfacoins offers a multifunctional payment system that enables merchants to accept and send crypto payments with low fees, no volatility risks, and easy integration options. The platform also provides secure cold storage for storing digital assets and offers 2FA for enhanced security.

Key Features:

• Provides real-time exchange rates for convenient transactions
• Multiple integration options, including API, payment button, and shopping cart plugin
• Offers a fixed exchange rate for 15 minutes after invoice creation
• Minimal fee of 0.99% for all transactions
• Fast and secure worldwide payments with no additional fees

8. NOWPayments

NOWPayments provides a non-custodial service that allows businesses and individuals to accept over 50 cryptocurrencies on their websites, online stores, and social media accounts. The company’s mission is to make crypto payments accessible for all by providing an easy-to-use payment gateway.

NOWPayments offers flexible solutions, such as the automatic conversion of received crypto assets into the user’s preferred currency, powered by their own crypto exchange service, ChangeNOW. Additionally, donation widgets and buttons are available for fundraisers, making it easy for users to accept cryptocurrency donations.

Key Features:

• Non-custodial service with no storage of user funds
• Supports over 50 cryptocurrencies for payment acceptance
• Offers conversion of received crypto assets into desired currency
• Provides donation widgets and buttons for easy fundraising
• Easy integration with popular e-commerce platforms through plugins

9. SpicePay

SpicePay is a blockchain payment platform based in Belize that supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. With a focus on the South American, East European, and South Asian markets, SpicePay offers affordable and convenient payment solutions for merchants worldwide.

SpicePay’s wallet provides a secure space for users to manage all their crypto transactions and exchanges in one place. The company also offers automatic exchanges for USD, EUR, GBP or CAD and supports various withdrawal options such as wire transfers, SEPA, and PayPal.

Key Features:

• Mobile-friendly platform with a user-friendly interface
• Offers low transaction fees and no chargebacks
• Supports multiple payment gateways, including wire transfer and PayPal
• Provides online retail, eCommerce, billing, and donation tools for businesses of all sizes
• Compatible with major operating systems, including Android, Windows, and iOS

10. GoURL

GoURL is an automated payment processing system that allows merchants to accept various cryptocurrencies. The provider offers a unique gateway that integrates seamlessly with website pages, providing a user-friendly experience for end customers.

This crypto payment gateway is used by over 18,000 registered companies and vendors from all around the world. Its popularity stems from its easy-to-use interface, detailed statistics, open-source technology, and direct transfer of funds to the merchant’s wallet.

GoURL also prioritises security by not storing any customer funds on its servers. All received payments are automatically forwarded to the vendor’s external wallet address within  30 minutes. This ensures the safety of both merchants and customers from potential hackers.

Key Features:

• No external payment pages open, ensuring a seamless payment experience
• Detailed statistics and open-source technology for easy integration
• Funds are directly transferred to the merchant’s wallet, eliminating the need for bank accounts
• Additional security measures, such as SSL encryption to protect against hackers

Key Features to Look for in a Crypto Payment Processor

When selecting the best crypto payment processor for your business, it’s essential to consider several key features that will ensure efficient, secure, and user-friendly transactions. Here are the primary factors to look for:

Fees and Cost Structures

• Transaction Fees: Expect fees to range from 0.5% to 3%, with some providers charging additional costs for currency conversion.
• Pricing Model: Evaluate the pricing model carefully, including subscription fees, transaction fees, and any one-time licence fees.
• Cost Transparency: Look for competitive and transparent cost structures to manage expenses effectively.

Processing and Settlement Times

• Speed: Processing times can vary; some gateways offer instant conversions, which can be a significant advantage.
• Settlement: Consider how quickly the processor settles transactions and converts cryptocurrency to fiat.

Deployment and Integration

• Ease of Deployment: Some options include low-code solutions and APIs for custom integration.
• E-commerce Integration: Ensure compatibility with shopping carts and other e-commerce platforms for seamless setup and operation.

Security Measures

• Data Protection: Robust security measures, such as advanced data encryption and fraud prevention tools, are vital.
• Secure Storage: Secure storage of cryptocurrencies through methods like cold wallets is emphasised for safety.
• Compliance: Adherence to security standards and regulations is crucial for ongoing operations and regulatory adherence.

User Experience

• Payer Experience: The user interface should be intuitive and easy to navigate for users.
• Customisation Options: Look for customisation options for the dashboard and checkout process to enhance the user experience.

Support and Scalability

• Customer Support: Strong customer support is crucial for addressing issues and providing guidance.
• Scalability: The processor should be able to accommodate your business growth without compromising performance.

Additional Features

• Multi-Currency Support: Support for multiple cryptocurrencies is essential for broad market accessibility.
• Automated Tax Calculations: Features like automated tax calculations can simplify the accounting process.
• Reputation: A good reputation and track record indicate the reliability and trustworthiness of the crypto payment provider.

Closing Thoughts

Selecting the best crypto payment processor should not be a hasty decision but rather a strategic move that can substantially benefit a business in the long term. Assess the distinct advantages and services of each provider and make an informed choice, tapping into the growing market of digital currency users. 

For a seamless integration of cryptocurrency payments that can enhance your business’s financial operations, consider exploring the diverse options available to find the perfect match for your specific requirements.

FAQ

What advancements can be expected in cryptocurrency payment gateways?

The future of crypto payment solutions is anticipated to bring exciting advancements, such as the integration of smart contracts, the application of AI in fraud detection, and the facilitation of smoother cross-border transactions.

What is the outlook for the cryptocurrency market in 2024?

The outlook for the cryptocurrency market in 2024 is bright and promising, especially for Bitcoin. In March of 2024, Bitcoin reached its all-time high, surpassing its previous record set in November 2021 on the heels of significant inflows from spot Bitcoin ETFs. 

Additionally, the highly anticipated Bitcoin halving event scheduled for April of 2024 is expected to have a positive impact on the market, potentially driving up prices even further.

It is important to note that this information should not be taken as financial advice. Cryptocurrencies are highly volatile, and their market performance can never be guaranteed.

Which cryptocurrency payment method is most widely accepted?

Bitcoin is the most widely accepted cryptocurrency payment method. Notable companies that accept Bitcoin include:

• Wikipedia, through donations.
• Microsoft, which allows Bitcoin to be used to add funds to your Microsoft account.
• AT&T, for their services.
• Food chains like Burger King, KFC, and Subway.
• Retail companies like Overstock.
• The streaming platform Twitch.