Crypto Payment Gateway

May 17, 2023 | Gateway

A crypto payment gateway is an online tool that allows you to accept cryptocurrency as a form of payment. With a gateway integration, you give customers the option of paying with crypto. As a retailer, you can then convert the coins into USD or keep them in a cryptocurrency wallet

If you sell goods or services online and want to offer customers the ability to purchase items with bitcoin, ethereum, dogecoin, or other popular currency, you’ll need to install a crypto payment gateway.

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What Does a Crypto Payment Gateway Do?

A crypto payment gateway organizes the exchange of secure payment information from buyer’s and seller’s crypto wallets. It’s just like a gateway for standard payment processing but it works through secure coin-based companies. In order to make the exchange, a customer must have funds in their crypto wallet which are then transferred as payment.

The gateway also provides a payment interface on both ends of the transaction. It may be connected to an existing API like one through a Shopify cryptocurrency payment solution. Alternatively, it can have its own custom interface. Depending on what you want in a tool, some gateways are made to be updated by developers on the front-end. Meaning, you can make your crypto gateway appear however you want on your website.

Steps to Set Up a Crypto Payment Gateway

If you want to set up a crypto payment gateway, follow these steps:

Search for a crypto gateway solution that works with your business
Download and install the API to your website
Connect your wallet to the gateway tool
Test the purchasing interface to validate the transaction
Convert coins to USD in your wallet (optional)

How Does Cryptocurrency Work with My Current Payment Provider?

Depending on your provider, you may need to look for new solutions to accept bitcoin and altcoins as a form of payment. Cryptocurrency is considered “high risk” in the payments world which means only certain companies will open accounts in this industry. Find a high risk payment processor who will connect your gateway to your existing service.

Most current payment providers existed before the surge in coin-based payments. Therefore, many of them have partnered with new wallets and gateways that emerged. Your best bet is to call your provider and see if they have a crypto solution. Otherwise, seek out modern gateways like TUNL, which has integrations built-in, and partners with a secure provider.

Cryptocurrency for Agents in Payment Processing

As the demand for crypto expands, payment processing agents look to extend their expertise to the trending sector. An agent in payment processing assists merchants with merchant account and payment gateway setup. They also connect merchants to the right payment provider that will give them the best rates and solutions.

As an agent, you want to be able to monitor multiple merchants at once and make sure each has a functional gateway. The interface should be smooth and state-of-the-art. Signature Payments TUNL Gateway is a customizable, white-label gateway that’s equipped with modern CRM capabilities for agents, and a fleet of solutions to help agents efficiently organize merchants.