Why every online business needs a crypto payment gateway

What is a payment gateway?

Traditionally, a payment gateway is a digital infrastructure that enables online businesses to accept payments through various methods, such as credit cards, bank transfers, and e-wallets. Acting as a bridge between customers and businesses, a payment gateway securely processes transaction data, ensuring that funds move smoothly from buyer to seller. 

Modern online businesses increasingly rely on sophisticated payment gateways to provide a seamless, secure, and user-friendly checkout experience. With growing consumer demand for multiple payment options, online companies must offer a range of methods to stay competitive. As a result, crypto payment gateways have become a vital component of online commerce, greatly contributing to user experience and directly impacting conversion rates.

The rising adoption of cryptocurrencies

In recent years, cryptocurrencies have gained a widespread presence, evolving from a niche technology to a mainstream financial tool. According to Bitfinex’s research, there were around 575 million crypto users worldwide in November 2023, and by the end of 2024 this number can rise to 850-950 million people.

With digital currencies like Bitcoin and Ethereum now being part of the daily transactions for millions, no wonder that global cryptocurrency transaction volumes have reached new peaks, as well. Per the Tokeninsight’s report, only the top 10 crypto exchanges had an overall trading volume of over $34 trillion, almost $10 billion every single day.

As cryptocurrencies become more integrated into the financial ecosystem, which was underscored by the acceptance of Bitcoin and Ethereum ETFs in the US earlier this year, their use is no longer limited to speculative investments. On the contrary, they represent a significant segment of economically active users who conduct purchases, remittances, and business deals.

Let us provide some data from one source to prove the point. The survey’s results published by Software Advice in June 2022 state that from 5% to 39% of respondents from different age groups were planning to increase their online purchases with cryptocurrencies, with the most active strat being 26-35 years old. And out of those who used cryptocurrency in the last year at the date of the poll, the overwhelming majority (90%) used crypto for buying goods and services, while 77% purchased membership or subscription.

Why crypto payments matter in the modern digital economy

As the number of crypto users continues to rise, so does the need for companies to adapt and offer cryptocurrency payment options. Unlike traditional payment gateways, which rely on interbank communication systems, crypto payment gateways operate on decentralized digital networks, blockchains. This means transactions occur directly on the blockchain, bypassing banks and reducing the delays associated with conventional banking systems.

Some advantages of crypto payments include:

1. No chargebacks. Once confirmed by a user, a cryptocurrency transaction is immutably written in the blockchain, preventing further disputes over funds.
2. Fast transaction times. Payments in most existing blockchains are faster than banks': they can be finalized in mere minutes or even seconds, while bank operations require days to settle.
3. Cross-border efficiency. Unlike slow and expensive SWIFT transfers, crypto transactions are completed rapidly, as blockchains are not limited by national borders, resulting in less costs.

These benefits make cryptocurrency payments an attractive solution for companies looking to streamline their finances and tap into a rapidly growing user base.

The need for dedicated crypto payment solutions

Although cryptocurrency payments offer clear benefits, implementing them in an online business setting is a complex, if not to say daunting task. This is where third-party providers come into play.

On one hand, blockchains are open digital systems that are usually open-sourced, making it possible to develop a proprietary solution for accepting crypto payments. But for businesses, the task of making, and then maintaining an in-house software would require significant expertise and resources, especially given the scarcity of skilled blockchain engineers. Such a gateway must also support the option to pay with multiple crypto assets across various blockchain networks. Furthermore, crypto payments involve more than just enabling transactions: they require secure storage, transaction monitoring, and regulatory compliance. All of that adds many intricacies to the equation.

By turning to a professional crypto payment gateway provider and processor, businesses can avoid all these challenges. These companies offer ready-made solutions that handle everything from transaction processing to regulation, solving the difficult puzzle of integrating crypto payments without the technical burden.

That is why the crypto payment gateways’ market has been developing by leaps and bounds: its total size is projected to grow from around $1.3 billion in 2023 to $4.8 billion by 2030, according to Future Market Insights.

Cryptonix: an emerging player in the crypto payment space

One of the most promising new players in the sector is Cryptonix. Its platform offers a complete package for businesses looking to start accepting cryptocurrency payments. The company's payment gateway is designed for an easy and fast integration into an existing website. Cryptonix also provides an API for more customizable solutions, so a business owner could tailor the gateway's design and functionality to meet his specific needs.

One of the standout features of Cryptonix is its crypto business wallet, built specifically for B2B users. This custodial wallet allows for managing multiple crypto assets, converting crypto to fiat currencies like US dollar (USD) or euro (EUR), and even setting up automatic conversion of all incoming cryptocurrencies to fiat. Companies can withdraw fiat funds directly to their bank accounts, making it easier to handle liquidity and cash flow.

To accommodate the diversity of cryptocurrencies, Cryptonix supports 15 assets, focusing on those most commonly used for crypto payments, including Bitcoin, USDC, USDT, and Litecoin.

Flexible invoicing and reporting of crypto payments

Another feature that sets Cryptonix apart is its crypto invoice generator, made specifically for B2B companies dealing with business customers. The platform allows a user to generate a unique crypto invoice in the form of a personalized payment page that remains active for a set period, such as one day or one week. An invoice generated by Cryptonix can be sent to a customer via email or a direct URL, providing a simple, convenient way to handle business transactions with B2B clients using crypto.

In addition, Cryptonix offers robust reporting tools, allowing entrepreneurs to generate detailed activity reports for accounting and taxation purposes. The platform is fully compliant with existing EU crypto regulations and holds all necessary licenses, ensuring businesses can use the service with confidence.

A gateway to new business opportunities

Incorporating cryptocurrency payments can provide a significant economic boost for your online business by expanding payment options and attracting new customers from the rapidly growing crypto community. And crypto payment gateways serve as a fast, secure, and cost-effective way for businesses to cater on this market.

With its distinctive features, easy integration, and full regulatory compliance, Cryptonix is well-positioned to help companies start accepting crypto payments and capitalize on the opportunities they present.