With the recent surge in the popularity of cryptocurrencies, more and more companies consider accepting digital coins as means of payment along with traditional currencies. A couple of years ago, the integration of crypto processing services was a complicated process. But in 2021, connecting all necessary tools for accepting crypto has become relatively simple. The increased user-friendliness of these types of services further drives crypto adoption. It also opens new opportunities for businesses that seek to attract new customers by accepting additional means of payments.

Let's dive into the steps companies need to take to integrate crypto-fiat processing into their platforms through the examples of offers from popular services.

Step 1: Choosing a processing service

The market is full of companies, the experts of which develop instruments to organize crypto-fiat gateways. Though, not every company deserves attention. Let's take the most popular ones.

BitPay 

BitPay is one of the oldest crypto processing services on the market that had its start in 2011. In 2019, the platform received the security certificate Service Organization Control 2 (SOC2).

BitPay offers the tools needed to execute crypto-fiat transactions both from a business and a customer perspective. To sign up for their services,  companies need to create an account on the platform, indicate the planned turnover and other business-related details. Upon the email confirmation, the company verification and billing information input, the system offers its various integration options.

The service integration is realized via an API. BitPay supports various plug-ins that allow companies to adjust the crypto-fiat payment gateway to any  specifics the platform might have.

Unfortunately, BitPay has its downsides. For example, the platform has suffered some stability issues, as documented in some malfunction reports about BitPay found on the internet. Also, various complaints about shut-downs of certain platform's services taint their reputation..

#Bitcoin transaction fees can get expensive when everyone is using it + bad actors spamming + malicious companies like @Blockchain & @BitPay refusal to add #segwit + @BitMEXdotcom not properly batching. Other times $btc transactions are almost free... like right now: pic.twitter.com/nraPKYlvbd

— Tone Vays (@ToneVays) May 31, 2020

 

Despite these downsides, many big companies like Microsoft, Shopify, or AirBaltic opt to use their services.

CoinsPaid

Launched in 2014, CoinsPaid's security was proven by successful checks by Kaspersky Lab's well-known Enterprise Blockchain Security, and by 10Guards. The team behind CoinsPaid opted for a holistic approach to their work. The company provides its users with a whole ecosystem of services, including crypto payment gateway Cryptoprocessing by CoinsPaid, an exchange, an OTC-platform, and a hot wallets system. Having all these tools on one platform greatly benefits the clients by saving them time and money.

An important distinguishing feature of Cryptoprocessing by CoinsPaid is the availability of tools for various scenarios of accepting crypto-fiat payment. Among other the platform offers:

1. Payments by an invoice

The process assumes the transfer of a pre-defined sum. For example, a client wants to purchase a piece of jewelry that costs $10 000 and pay with bitcoins. To transfer the payment to the shop that accepts only dollars, a client needs the conversion available at Cryptoprocessing by CoinsPaid.

2. Asynchronous deposit process

In contrast to payments by invoice, during the asynchronous deposit process, the final sum is not determined by the salesperson. This scenario is suitable, for example, for utility service providers or gambling services.

The integration of CoinsPaid's technical solutions for crypto-fiat payments processing is organized, among other means, via API. Throughout the integration process, a personal manager supports the client.

This approach allows clients to save time on examining CoinsPaid's offers or ways to integrate them. Instead, a client can get all the necessary answers from a personal manager, who finds an optimum solution for the company in question.

CoinsPaid's webpage interface

CoinsPaid differs from competitors with its state-of-the-art security certificate and holistic approach to organizing the crypto-fiat payments processing. Currently, there are no reports on malfunctions or any other complaints about the platform on the internet.

The platform's competitive advantages in the crypto processing market suggest that other platforms' clients might switch to Cryptoprocessing.

CoinGate 

Even though CoinGate is one of the most popular processing services, it underperforms in comparison with competitors in a few areas. For example, there is no information on whether the service has outgone a security audit.

This being said, CoinGate sets itself apart with a non-standard approach to organizing crypto-fiat payments. One of the company's original solutions is the service for buying gift cards with cryptocurrencies that consumers can use in more than 300 shops around the world.

To organize crypto-fiat processing on your platform with CoinGate, a user needs a business account. Next, the system will offer to configure the process.

Print Screen of one of the steps to sign up for crypto processing at CoinGate 

There are a lot of negative comments about CoinGate on the web. Moreover, some clients accuse the company of fraud. In response to these allegations, CoinGate apologized and offered promises of repairs.

Step 2: Choosing tools and processing conditions

After the user has decided on a processing solution company, they will then need to choose a technical solution for how the crypto-fiat payment will be accepted. BitPay users need to select one on their own. The platform offers the possibility to contact developers via email. Unfortunately, this option can not guarantee a fast reply to inquiries. BitPay does not provide the service of personal managers.

CoinGate also doesn't provide any direct help when it comes to integration. However, some questions can be directed to managers on the platform's chat. CoinGate doesn't offer full support as well.

The integration is easiest for CoinsPaid's clients. The service offers a wider range of tools  than competitors and an opportunity to receive all the necessary consultations with a personal manager, who fully supports the client during the integration process.

Step 3: Plugging in  

In the case of BitPay and CoinGate, the process to integrate technical solutions for organizing crypto-fiat payments processing is done without assistance. CoinsPaid's clients, as mentioned above, are wholly assisted by personal managers in all steps of the integration. The professional support saves businesses time and costs of using third-party services by offering all the necessary tools in one place.

Summary

The review of the three popular processing services has shown that the offers of each platform significantly differ. Interestingly, the popularity of the service does not guarantee quality.

Among the presented services, the best offer for organizing crypto-fiat payment processing comes from CoinsPaid. The company's managers support clients in all stages of the integration, while the platform offers a whole ecosystem of contributory services. A lack of complaints against CoinsPaid on the internet sets the company apart from its two closest competitors. The service's good reputation allows for the conclusion that their technical solutions are indeed effective.