How does a cryptocurrency payment gateway work?

15 Feb 2022 By PAYCEC

Merchants can take payments in the form of a variety of cryptocurrencies on their website using a crypto payment gateway, just like they would a credit card or bank transfer. Customers can then use Bitcoin, Ethereum, USDT, and a variety of other cryptocurrencies to pay for their purchases.

A cryptocurrency payment gateway, similar to payment processors, portals, and acquiring banks for credit cards and debit/prepaid cards, is a payment processor for digital currencies (Eg. Bitcoin, Ethereum, USDT, etc.). Cryptocurrency gateways allow you to accept digital payments and instantly get fiat currency in return. Cryptocurrency payment gateways act as transaction facilitators between merchants and customers for processing payments.

Flow of Payment

The following workflow is carried out in terms of processing:

  1. At checkout, your consumer chooses to pay in cryptocurrencies (in-store, on the web, or in-app).
  2. They pay you the fair market value of the digital currency at the moment of the transaction.
  3. The cryptocurrency payment service converts your payment into the currency you specify in real time.
  4. The funds are added to your provider's account and deposited into your designated bank account at intervals determined by your service contract.

Unique operation of a cryptocurrency payment gateway

One of the core ideas of cryptocurrencies is that it eliminates third parties from financial transactions. While this may seem great to those who welcome and understand change, it may not be acceptable to others. Cryptocurrency is a new notion, and it's difficult to grasp in a society where actual goods have long had exchangeable value. Only lately have industrialized countries adopted a financial model in which the majority of their transactions are conducted via credit and debit cards, with no possibility of exchanging actual currency.

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