The uptick in the use of cryptocurrencies as a payment option has presented a new challenge for businesses: selecting the right crypto payment gateway.
The selection process can be overwhelming, especially when considering the various payment options available in the market. To help businesses navigate this challenge, San Francisco Download conducted a study that evaluated five different cryptocurrency payment gateways for major e-commerce platforms, WooCommerce and Shopify, to determine the best option in 2023.
The study provides valuable insights into the strengths and weaknesses of each payment gateway, making it easier for businesses to make informed decisions that align with their specific needs and requirements. As more businesses consider integrating cryptocurrency payments into their e-commerce platforms, studies like this one can serve as a useful guide to help them navigate the selection process.
One shop involved in the study expressed skepticism towards PayPal and Shopify/Stripe, as they believed these companies did not fully understand blockchain technology. Executives at major American firms have voiced similar sentiments, leading some to distrust PayPal and Shopify/Stripe due to their limited cryptocurrency functionalities.
Although BitPay offers the advantage of automatic conversion of sales into local currency without fees, the study found several drawbacks. Users reported confusion with the conversion process, an unclear reporting dashboard, and concerns about the security of assets due to BitPay’s dual role as a payment gateway and custodian. The study also highlighted slow customer support response times, which raised concerns among businesses that require timely assistance.
Coinbase received high ratings in terms of ease of use and trust, benefiting from its strong brand recognition and association with the most trusted American cryptocurrency platform.
Despite being less recognized initially, NOWPayments ranked highest in the study. Businesses found installation effortless, praised the clarity and user-friendliness of the dashboard, and appreciated the ability to accept payments directly into their existing wallets. Customers also expressed satisfaction, describing NOWPayments as the most seamless solution for both e-commerce shop owners and customers alike.
San Francisco Download’s study claimed NOWPayments and Coinbase were the clear winners in their post-study survey.
To conduct the study, ten San Francisco-based e-commerce shops were selected, and they were given limited guidance to install and configure the crypto payment gateway. The process included placing an order with cryptocurrency and obtaining feedback from the businesses on the entire experience, from setup to fund receipt.
Businesses seeking to integrate cryptocurrency payments into their e-commerce platforms should refer to this study as well as other sources of information to make informed decisions about the most suitable crypto payment gateway for their specific needs and requirements.
SF Download, a leading technology research firm, has released a study on crypto payment gateways. The study explores the growing popularity and adoption of cryptocurrencies in online transactions. It highlights the benefits of utilizing crypto payment gateways, such as enhanced security, faster transaction speeds, and lower fees. The report aims to provide valuable insights to businesses considering integrating crypto payments into their platforms, showcasing the potential advantages and considerations for successful implementation.
