STICPAY: International Cryptocurrency Payment Gateway

Cryptocurrencies offer numerous benefits to businesses and their customers. However, merchants have been struggling to accept digital assets from users due to the lack of proper crypto payment gateway solutions.

Fortunately, cryptocurrency payment gateway solutions appeared on the market in recent years, solving most merchant issues while offering businesses a convenient way to accept digital asset transactions from customers.

What Is a Cryptocurrency Payment Gateway?

A cryptocurrency payment gateway allows merchants to accept digital assets like Bitcoin from their customers.

The crypto payment gateway acts as an intermediary service between the customer and the business. In exchange for handling the transactions, the provider deducts a percentage-based fee (sometimes combined with a fixed charge) from each transfer.

After the customer picks the payment method, the service automatically converts the order's fiat value into crypto at a fixed or real-time exchange rate.

The crypto payment gateway solution also provides a wallet address and a QR code to the user. The customer then uses the wallet address or scans the QR code with a smartphone's camera to transfer the specified cryptocurrency amount to the merchant.

To limit the risks of merchants, the crypto payment gateway specifies the timeframe (usually one hour) in which the customer has to initiate the transfer.

After the cryptocurrency payment gateway processes the transaction, the service provider transfers the funds (minus the fees) to the merchant's account where the business can hold, withdraw, or convert the digital assets to fiat currency.

Alternatively, some cryptocurrency payment gateway solutions offer automatic crypto-to-fiat conversions to eliminate all volatility risks for merchants.

Why Should Your Business Use a Crypto Payment Gateway?

The crypto industry is growing at an exponential rate. According to Mordor Intelligence's study, the cryptocurrency market is expected to expand at a 60.2% Compound Annual Growth Rate (CAGR) between 2016 and 2025.

Yet, with over 7,500 digital assets and a nearly $400 billion market capitalization, the cryptocurrency market already presents great opportunities for businesses to take advantage of a fast-growing sector.

However, this wasn’t always the case.

A few years ago, digital assets sparked controversy due to a series of cyber attacks and fraud targeting the nascent industry. As a result, crypto possessed too high risks for enterprises to get involved in the space.

But now, as the industry matured and a working infrastructure was built around digital assets, the above issues have been solved. For that reason, an increasing number of businesses (such as Square, Microsoft, and Overstock) have started to see their potential and implemented blockchain-based payments into their products and services.

Furthermore, cryptocurrencies provide a multitude of benefits to merchants, including:

• Crypto transactions are processed on weekends and holidays when banks are traditionally closed due to the continuous operation of blockchain networks.
• Cryptocurrencies feature decreased transaction costs for both businesses and consumers as no middlemen are involved in the process. For the same reason, digital assets arrive faster (anywhere between a few seconds and an hour) to the recipient's wallet.
• A chance to attract cryptocurrency enthusiasts by offering the option to pay with crypto for products and services.
• Cryptocurrency payments are usually more secure than traditional solutions. In the blockchain networks digital assets use, data is stored on thousands of computers instead of a central server, and every transaction is encrypted via public-key cryptography.
• Crypto payments can't be reversed, there's no risk of chargebacks and related fraud. Once a digital asset transaction is confirmed, the network considers it as final.
• Crypto is an excellent choice for merchants with an international user base. Unlike bank transfers, cryptocurrency networks don't differentiate between local and overseas transactions. As a result, you don't have to pay an extra fee or wait longer to receive or send cross-border digital asset transfers.
• Digital assets offer high-risk merchants a way to accept payments for products and services that require discretion between the business and the consumer.
• Cryptocurrency payment gateways add a level of convenience to the process by automatically exchanging the order value from fiat to crypto.

At the same time, consumers benefit from a user-friendly checkout process where they receive all the details from the service provider to initiate the transaction.

The crypto payment gateway handles the merchant's risks and uses various security and anti-fraud measures to provide a secure solution where customers can make payments directly on the business' platform.

Furthermore, since crypto payment gateway solutions provide reporting features, there is no need for merchants to track individual crypto transactions and link it to the customers' orders.

How to Accept Crypto Payments on Your Website?

To accept cryptocurrency transactions, merchants can integrate a crypto payment gateway via an e-wallet solution like STICPAY.

Besides offering a way to accept fiat transactions, the award-winning e-wallet service STICPAY allows merchants to integrate a cryptocurrency payment gateway directly to their platforms.

STICPAY charges only 1% for crypto deposits and Ethereum and Litecoin withdrawals, with a 1.2% +$3 fee for Bitcoin withdrawals. Furthermore, the fintech solution features a competitive 1.8% fee for processing cryptocurrency transactions.

With a user base in over 190 countries and a strong presence in Asia, both end-users and merchants can utilize numerous payment methods to deposit and withdraw funds from their STICPAY accounts. STICPAY currently supports the following payment methods:

• Visa
• MasterCard
• UnionPay China
• Local and international bank wire
• Cryptocurrency (Bitcoin, Ethereum, Litecoin)

STICPAY's multi-currency feature allows merchants to accept cryptocurrency from customers on their website. Upon receiving the payment, businesses can choose to hold, spend, withdraw, or convert digital assets to one of the 29 supported national currencies.

Furthermore, STICPAY has partnered with financial institutions in multiple Asian nations to offer domestic bank transfers to its users. As a result, businesses can take advantage of STICPAY's local bank wire service to withdraw the payments they receive from customers in a fast and cost-efficient way.

Domestic bank transfers are currently available in the Philippines, Japan, Indonesia, Malaysia, Singapore, China, and South Korea. However, due to the increased demand for the service, STICPAY plans to expand the service's coverage to additional countries in the future.

STICPAY provides 24-hour customer service to answer the questions and solve the issues of both merchants and end-users.

To start accepting cryptocurrency, you have to first create a merchant account at STICPAY.

After filling out the form with your company's details, STICPAY will ask you to provide different Know Your Customer (KYC) and Anti-Money Laundering (AML) documents.

It's important to mention that, while STICPAY accepts licensed businesses from several industries to register, all companies have to comply with the appropriate regulations to successfully register a merchant account at the service (and operate crypto payment gateway). Since cryptocurrency policies vary by nation, STICPAY works together with its merchants to ensure that they comply with the relevant laws.

Upon acceptance, you will receive a single merchant ID, which allows your business to manage multiple currency accounts and integrate a cryptocurrency payment gateway directly to your company's website.

You can easily set up a crypto payment gateway at STICPAY via an open API connection. For more information, we recommend reading the corresponding documentation.

Accept Cryptocurrency Payments With STICPAY

With numerous benefits for merchants and consumers, cryptocurrencies provide an excellent opportunity for businesses to get involved in a fast-growing industry.

As an intermediary service, a cryptocurrency payment gateway allows businesses to safely, conveniently, and efficiently accept digital assets from their customers.

As part of an award-winning service, merchants can accept crypto transactions from their customers at competitive fees in over 190 countries with STICPAY's cryptocurrency payment gateway.

On top of that, via STICPAY’s e-wallet solution, both merchants and users can deposit, hold, convert (crypto-to-crypto and fiat-to-crypto), transfer, and withdraw crypto conveniently. Furthermore, the company’s smart algorithms monitor over five global exchanges to provide the best conversion rates for its customers.

Are you ready to set up a crypto payment gateway for your business?

Start accepting cryptocurrency with STICPAY now!

Have you liked us on Facebook yet? Are you following us on Twitter and Instagram? Join STICPAY on LinkedIn!