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 top 10 crypto exchanges had an overall trading volume of over $34 trillion, which is almost $10 billion daily.

As cryptocurrencies become more integrated into the financial ecosystem, which was underscored by the acceptance of Bitcoin and Ethereum ETFs in the US, 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. Transactions in most existing blockchains can be confirmed in mere minutes or even seconds, while traditional bank payments require days to settle a single payment.
3. Cross-border efficiency. Unlike slow and expensive SWIFT transfers, crypto transactions are completed rapidly, as blockchains are not limited by national borders, and without intermediaries, also resulting in less costs.

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

The Need for Dedicated Crypto Payment Gateways

Although cryptocurrency payments offer clear benefits, implementing them in an online business setting can be complex. This is where third-party crypto payment providers come in. 

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 about 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, a Lithuania-registered provider of crypto payment gateways and processors. 

Cryptonix’s platform offers a complete package for businesses looking to accept cryptocurrency payments. The company's payment gateway is designed for easy and fast integration into existing websites, allowing businesses to quickly enable crypto transactions. 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 business wallet, built specifically for B2B clients. 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 cater to cryptocurrencies' diversity, Cryptonix supports 15 assets, most commonly used for crypto payments. This list includes Bitcoin, USDC, USDT, and Litecoin.

Flexible Invoicing and Reporting of Crypto Payments

Another feature that sets Cryptonix apart is its crypto invoice generator, designed to streamline crypto transactions with business customers. The platform allows businesses to generate unique crypto invoices in the form of personalized payment pages that remain 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 for B2B clients to handle business transactions with cryptocurrencies.

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.

Crypto Payments: 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. Crypto payment gateways offer a fast, secure, and cost-effective way for businesses to tap into this market. 

With its robust 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.