It’s safe to say, since its creation in 2009, bitcoin has been on a wild ride. The original cryptocurrency was initially created to be a peer-to-peer payments tool. But it never really caught on, definitely not as quickly as those behind the idea hoped for. Many in the industry said its transaction fees were simply too high and slow. Plus, its price was too volatile.
Fast forward to the pandemic, everything changed. Early last year, the price of one bitcoin surged to over $60,000 – an eightfold increase in just 12 months. Then it fell to half that value a few weeks later. Values of other cryptocurrencies like Dogecoin also experienced sharp increases and declines.
Now, that’s all starting to change as payments processors and merchants begin to see the value and demand for it. Customers today are increasingly wanting to pay with blockchain-based currencies. Bitcoin and other cryptocurrencies are gradually moving into the financial mainstream, and U.S. consumers are jumping on board.
This shift is likely due to the pandemic. Consumers have changed the way they shop and how they pay for their purchases. As lockdowns and social distancing became the temporary norm, they started utilizing contactless payment methods more and more. Merchants and customers alike became more open-minded than ever seen before, especially when it came to payment processing options.
If you’re business is considering crypto payments as a payment processing option, check out this list of providers you should keep your eye on:
BitPay – Founded a decade ago, BitPay has years of experience in the payments industry. This provider offers businesses a wide variety of tools for payments, including hosted payments and checkout tools – ensuring merchants can accept a variety of cryptocurrencies directly.
CoinPayments – Known for providing easy-to-use merchant tools, CoinPayments stands out the most for its impressive payments support. It currently accepts 2,300 different cryptocurrencies.
CoinsBank – This broad platform has always focused on being an all-in-one platform for blockchain services. For example, tts merchant platform is focused on online commerce with flexible payouts and includes hardware wallets, an exchange for advanced traders, consumer debits cards and more.
Stripe – Many merchants are familiar with Stripe. This provider actually pulled out of crypto in 2018, but recently announced that it is closing in on returning to the market.
All in all, the key is to do your research. Make sure the provider you choose is familiar with your industry and the challenges it faces. Then research and compare your options to ensure you choose the best provider for your small business.
Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of crypto payments. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.