There’s an increasingly high demand to send and receive money with fast, stable, and secure methods, especially as more regions of the world become connected by the internet. Modern companies are fast adopting cryptocurrencies to get their benefits and drive economic development through enhanced innovation, accessibility, and tailor-made solutions.
Basics of Crypto Payment Gateways
A crypto payment gateway is an online tool, an API, app, or software that bridges businesses and their customers and blockchains, enabling both parties to send and receive money using coins like Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and USDT. In this way, crypto users can spend their digital assets without converting them into fiat money, and companies can receive money directly as coins and convert it into fiat if they wish. This win-win option presents a better dynamic to guarantee online digital transactions, benefiting all parties by combining aspects of traditional finance and blockchain technology to achieve anonymity, security, speed, and stability.
How It Works
The workflow of a digital gateway looks like this:
- Customers initiate transactions.
- The API verifies the transaction details from the customer and merchant.
- The API interacts with the underlying blockchain to initiate a debit and credit process.
- The customer’s wallet is debited while the merchant receives the funds.
- Once verified, the customer gets a receipt and can move to the next stage (receiving what they paid for).
These happen quickly, typically within a few minutes, as blockchain transactions are fast and inexpensive.
Advantages of Gateways
Companies that integrate a gateway can enjoy the following benefits:
- No AML and no KYC crypto wallet requirements.
- Tailored solution for business.
- White-label solution for brand customization.
- Access to global markets without limits.
- Reduced risks of chargeback fraud.
- Faster processing and settlement.
- Low transaction fees.
- Dozens of coins, ensuring flexibility for both customers and merchants.
- Account management features.
- Auto withdrawal and conversion to fiat currencies like USD and EUR.
Comparing Top Crypto Payment Gateways
The top providers are:
- Bithide.io: Bithide is the first 100% anonymous solution offering crypto payment gateway without KYC transactions, supporting over 150 coins and self-hosting to accomplish complete control. They also provide commercial plugins for Forex/CFDs, gambling, ecommerce, and other niches, self-generated reports, multi-account and multi-access management, and auto withdrawals. Bithide is a white-label solution that companies can customize under their brand. Low setup and transaction fees and 24/7 customer support
- CoinGate: CoinGate supports Bitcoin, stablecoins, and over 70 coins. They offer ecommerce plugins, email billing, transaction buttons, and point-of-sale solutions.
- CoinPayments: With over 100 accepted coins, this firm provides a flexible platform for withdrawals and deposits, with fiat withdrawal options and automated conversions.
- CoinsPaid: CoinsPaid offers instant settlements with no technical integration required. Supports 20+ coins and provides a brandable, ready-to-use business solution.
Integration Challenges and Solutions
Integrating a gateway into your business requires getting backend access to the software and customizing it to suit your needs. The first step is to consult your provider, discuss your unique requirements, and then receive a quote. Next, you accept the API keys and software and set up a crypto wallet without KYC. Although this process is straightforward, some challenges may arise, such as technical compatibility, regulatory compliance, reliability, user experience, security concerns, and downtimes. Gateway providers assist merchants in the setup process and are always available to help where necessary.
Future Trends in Crypto Payments
Although sending crypto without KYC and other features such as client-focused privacy are exceptional, the future of blockchain-based transactions is exciting! The emergence of Central Bank Digital Currencies (CBDCs) will impact the industry and how people pay with digital assets. Buy Now Pay Later (BNPL) services with assured settlements will also become mainstream. Finally, the adoption of blockchain globally and the surge of Decentralized Finance (DeFi) may see a dominance of blockchain-based digital payment systems.
Get Started with Non KYC Wallet Gateways
Bithide.io offers a modern payment solution that helps your company stay ahead of the curve, leveraging the benefits of crypto no KYC wallet. Take the leap and position your company to leverage DeFi, navigate the dynamic world of digital payments successfully, and unlock new possibilities for your business.
