Cryptocurrencies have been around since 2009 when the elusive and unknown Satoshi Nakamoto created the first digital currency, Bitcoin. Several payment methods utilise cryptocurrencies, and bridging the gap between customers and businesses has never been easier with the use of payment aggregators. Hashbon and Coinpayments are two of the most popular crypto payment gateways, but which is the best crypto payment gateway to accept Bitcoin? With the crypto infrastructure growing at a rapid rate, there is more adoption from businesses to use coins such as Bitcoin, Litecoin, Ethereum, and even Dogecoin as payment methods.
Why Businesses Should Accept Crypto Payments
The advantages of utilising cryptocurrencies as a means of payment are numerous. One of the main reasons is increased security. The decentralized Blockchain is a ledger within the digital world; every transaction remains anonymous as long as your identity is not connected to your digital wallet. This transfer of currency means an increase in security and less of a chance of fraud. Another plus with accepting Bitcoin payments is fees. There is no intermediary on the blockchain, nobody to charge a commission, the likelihood of a smaller fee is a plus, and the simplicity of the transfer and the absence of an intermediary makes it an attractive option for customers and businesses alike.
In a study conducted in the US regarding Bitcoin as a legitimate payment option, companies stated that they saw an increase of up to 40% in new customers; they spent twice the amount that credit card users would using fiat money. The reason is likely because of lower transaction costs when paying with crypto than with other currencies through a bank or payment merchant. Therefore, there are advantages for businesses to accept cryptocurrency, these are numerous and the 3 most beneficial are:
- Security
- Privacy
- Fees
Other statistic that support the wider acceptance of cryptocurrencies are numerous, some of them are noted below, such as;
- There are currently around 15,000 companies accepting Bitcoin with 5,000 crypto ATMs worldwide.
- 330,000 transactions are processed every day and this number continues to rise as more people adopt this new currency.
- Governments do not have any control over the decentralized nature of crypto, which means there are no regulations or rules to govern it. This allows for accessible and free movement of the currency around the globe without restrictions, which is beneficial to businesses looking to conduct trade overseas.
What Profitability Is There When Working with Crypto Payment Aggregators?
There are around 30 million people worldwide who own or hold some form of crypto token, and when a fraction of these people were prompted for a reason as to why they invest or hold, they stated that they are;
“Eager to own and use cryptocurrencies for making purchases in the future, going so far as to say that they would if more merchants accepted it.”
There are thousands of businesses that accept Bitcoin, and a growing number of notable and bigger companies are beginning to accept crypto payments now. Microsoft takes it for their Xbox platform, Paypal, Newegg, Starbucks, Tesla, and Home Depot are just some of the larger names that are utilising Bitcoin and other tokens. This is where a cryptocurrency payment gateway becomes a vital asset to businesses and individuals to process payments and act as a bridge between the consumer and the seller. Therefore, why is it profitable to work with a payment aggregator, and what advantages are there in doing so?
Rather than a business outright accepting Bitcoin, an aggregator will convert the digital currency into fiat money, this eliminates the volatility that is connected with the cryptocurrency market which tends to fluctuate at a rapid pace. Businesses are reluctant to accept Bitcoin payments because of its lack of stability compared to that of fiat. It saw an incredible rise of nearly 500% during the recent Bull Run from October last year to March of 2021, and then a drastic decline from $60,000 occurred between April and June.
This kind of changeableness can be damaging to a business, which is why a cryptocurrency payment gateway such as Hashbon and Coinpayments can be advantageous to companies looking to accept crypto. They can process the token into fiat quickly and efficiently which is important when a token can dip in value in a matter of hours. Another advantage is the speed of the transaction. Bitcoin transfers are not known for their quickness, and until the updated lightning network is active, this will not change. Paying a higher transaction fee speeds up the process but the cost can be high. A crypto payment processor will speed up some of these methods without the need for higher transaction fees.
Coinpayments and Hashbon: A Comparison of Payment Aggregators
| Coinpayments | Hashbon | |
| Transaction commission | 0,5 %
|
0 % |
| Conversion commission | coin TX fee + third party’s conversion fees | 1 % |
| Direct bank settlement | No1 | To bank account (SEPA), 1% |
| Volatility Risk for Merchants | yes | no |
| Supported coins | 2000+ | 30+ |
| Auto conversion | + | + |
| Massive payouts | + | + |
The most notable difference is the transaction. Hashbon features a 0% fee, which is advantageous to small and medium-size businesses and is not a feature many platforms can boast. It offers its users the option to choose whether the commission is passed on to the buyer or the merchant. The 1% currency conversion fee is also a great incentive for companies to use the platform. Coinpayments only accept settlements in fiat through third parties; this is for an extra fee, whereas Hashbon allows you to receive every Euro of what you charge. Hashbon is a Czech company, and the country has positive crypto policies in place, its inclusion of more than 5 languages and a user interface that’s simple and friendly to use helps Hashbon stand out.
Coinpayments remains one of the largest and most popular cryptocurrency payment gateways and this is evident with its support for 2000 coins. However, it’s important to note that most payments are made using Bitcoin, and support for the top 15 coins is ample enough for a business to accept crypto payments. What makes Coinpayments stand out is its large global user base, it is among the most popular and widely used crypto payment gateways, of which there are many. A top ten is listed here https://www.entrepreneur.com/article/371619. As is evidenced by the article, Hashbon and Coinpayments remain two of the most popular and widely used in 2021.
To Conclude
For a business to accept crypto payments is a step into the future of currency. Crypto payment gateways such as Hashbon are vital to ensuring that customers and merchants are satisfied with their ease of use, security, privacy, and transaction. Hashbon’s main attraction is its 0% transaction fee, which is a big advantage in the world of cryptocurrency, where transaction fees can be staggeringly high. As the world begins to lean more towards a digital currency. Hashbon.com is a platform that provides an important link between the business, customer, and the global market.
