A crypto payment gateway is a processor enabling online businesses to accept cryptocurrencies as a form of payment, even if it originally was made in a traditional fiat (e.g., dollar, euro) currency or another cryptocurrency. It also allows you to do vice versa: accept cryptocurrency payments and get fiat currency.
Respectively, there are crypto-to-fiat, crypto-to-crypto, and fiat-to-crypto gateways. All of them can be installed as ready-made solutions on your company’s website to modernize it and make payments more convenient for your customers.
How does a cryptocurrency payment gateway work?
So let’s look at the payment processed by the cryptocurrency payment gateway step-by-step:
Step 1: The customer makes a purchase and chooses a payment method
After the customer chooses the product they like, they may pay in fiat or crypto currency. The exchange rate will be frozen according to the one relevant at the moment of the transaction beginning.
Step 2: The payment is converted into your preferred currency
Your cryptocurrency gateway immediately converts the customer’s finances into your pre-selected currency.
Step 3: The money is deposited into your e-wallet
The transaction is finished, and you can either store or withdraw the received currency.
How to install a profitable cryptocurrency gateway?
The cheapest and quickest way to install the preferred cryptocurrency gateway is to become a partner with a provider of such solutions. While choosing the one, you need to ask them the next questions:
- How much do they charge for the transaction?
- Do they accept the digital assets you want to use in your business?
- What is their customer support like?
After you find a provider, which has answered all these questions in accordance with your requirements, you will easily diversify the payment methods for your customers. Not sure where to find the one? AB Exchange has a great team of developers and a friendly support team, ensuring pleasant and successful cooperation.