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Pieshk

Cryptocurrency payment gateways?

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Hey guys,

I own an ecommerce shop and I've been looking for ways to improve business. For the last week or so I've been hunting for info about payment gateways. What I'm interested in is cryptocurrencies, as they seem to be the buzzword these days. My criteria are simple: to accept cryptocurrencies and receive good ole fiat into my bank account. Here's what I've gathered so far:

  • The variety is bigger than I'd expected. I was able to find like five payment gateways, and my search was by no means exhaustive.
  • The fees range from 0.5% to, I believe, 1.5%. Some companies have the same fees for all the coins, while others differentiate. So quite a bit lower than Paypal or traditional payment providers. In addition, none of them really have monthly fees and seem to be making money on transactions.
  • Another one of the selling points seems to be fast transactions and real-time exchange. They're supposed to protect from price fluctuations and put money into your hands quickly. Though I'm not sure how it'd work in real life.
  • Integration options also differ, but most of them work with PrestaShop, which is good. 
  • Companies try to find ways to differentiate themselves. For instance, CoinPayments accepts a cartload of tokens; Paybear doesn't charge anything during the beta (??), and Monetha advertises a trust and reputation system to boot. 
     

I'm personally enticed by the prospect of reaching a new market. From what I've heard, it's in a bit of a rut right now. But it nevertheless amounts to $200B, give or take–nothing to scoff at. 

All in all, there's a lot of choice and it's kind of confusing. But separate providers aside, what do you guys think about the concept as a whole? Is it worth to start accepting crypto payments, would they bring enough value? What's your opinion about it?

Thanks!

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7 hours ago, joseantgv said:

Interesting. But does anybody really uses cryptocurrencies to pay?

Not sure. But if websites like Expedia and Microsoft accept Bitcoin, I suppose they do. Crypto evangelists (and the payment providers themselves) quote numbers of merchants in the thousands; I haven't found any hard data to back that claim. 

What draws me towards the idea is knowing that it wouldn't cost me anything. If there's no subscription or initial charges, what's there to lose? Perhaps it would draw new people just for being a novelty. Of course, I would like them to actually use the gateway. 

Edited by Pieshk (see edit history)

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