Every online business needs a reliable payment processor. When I started my freelancing career back in 2009, Paypal was the most reliable payment processor to send and receive payments. Since I am from the Philippines, it’s one of the countries that are supported by Paypal. It means that there is no problem for Filipinos like me to use Paypal in receiving salaries from their foreign countries.
It is common for us to use Paypal as our payment processor for receiving online salaries, eCommerce platforms, internet and affiliate marketing products and so on. However, there are problems that these merchants and customers are experiencing in using Paypal.
One common issue that we’re experiencing nowadays is the sudden freeze of account balances. It usually happens if we receive more than the average or having too many big transactions in a day or so. Hundreds of online businesses are losing money because of this issue until today. On top of that, Paypal has a fee of 2.9% + $0.30 per transaction.
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In short, we don’t have the control of our funds in Paypal. This is the problem that we have with centralized payment gateways like them. With the emergence of Bitcoin, it gives us the opportunity to take back the control of our funds. Due to it’s decentralized technology and running under the distributed public ledger, no third party would ever control our funds. Because of that, merchants and customers slowly transition to decentralized payment gateways.
Without further ado, here are the five decentralized payment gateways that you should check out for 2020 (arranged in random order):
1. SKYBIT – Crypto Payment Gateway
One of the promising decentralized payment gateways for this year is no other than SKYBIT. Although this is meant for Myanmar residents, it can be used worldwide.
Founded by CEO Philip Lim, SKYBIT’s mission is to make online business transactions easier for Myanmar residents. Paypal and other popular payment processors are not available for Myanmar residents, which results for SKYBIT to emerge.
Unlike Paypal, SKYBIT’s fee per transaction is just 1.00% for merchants. As for withdrawing Bitcoin, the fee is around 20k satoshis and between 200 to 500 Myanmar Kyat for fiat withdrawals. On top of that, the transactions are recorded on tamper-free disrupted blockchain technology. They also have ad pages for merchants and charity institutions to advertise locally and internationally. On top of that, they have an upcoming trading platform and ongoing token sale.
With SKYBIT, the ongoing problems of Myanmar online merchants and customers are finally over. It allows them to initiate cross-border payments without restrictions or third-party involvement. All I can say is that SKYBIT is an absolute game-changer to the country of Myanmar. Not just Myanmar, but they’re going to be slowly integrating to other countries worldwide. This is one of the must-seen decentralized payment gateways of 2020.
2. CoinsBank – Cryptocurrency Payment Gateway
Another payment processor that you need to check out for this year is no other than CoinsBank. Way back in 2016, Coinsbank was developed in the United Kingdom to be one of the most reliable payment gateways that include various blockchain services, merchant gateways, cryptocurrency debit cards, wallet services and a whole lot more.
However, their fees are kinda high when it comes to trading fees. For every trade you initiate in their platform, they charge you around 0.5%. For fiat currency deposits, the fee is 0.01%. When you are going to deposit Bitcoin and Litecoin, they are free of charge. However, withdrawal fees for traders are 0.5%.
When it comes to their security and safety, they’re in fact no question. On top of that, their customer service is top-notch and responding very well. The only features that I don’t like about CoinsBank is that their fees are extremely high and only supports limited cryptocurrencies.
Despite their limitations and drawbacks, CoinsBank still has ways to improve these challenges. No payment processor is perfect yet like CoinsBank, but this is something that merchants and customers should take a closer look for 2020.
3. SpicePay – Crypto Gateway
Another payment gateway that you might need to check out is no other than SpicePay. This payment gateway, processor and Bitcoin exchange has been around in the market since 2009. SpicePay started their business in Belize, but their developers are located in Ukraine.
The good thing about SpicePay is that I can withdraw my USD funds to Paypal and other money transfers on an immediate basis. SpicePay was developed by Bitcoiners who are highly-skilled and has involvement in this decentralized currency since 2009. You can exchange your BTC to USD instantly when there are new orders. However, they have an option for you to exchange it manually.
SpicePay has various plugins that can be used in various content management platforms (CMS) like WordPress, Magento, Zencart and a few more. If you are into referring new users into SpicePay, they have an affiliate program that offers 25% commission. Sad to say that in 2018, SpicePay was forced to close their credit card to Bitcoin wallet option because of issues that they have in the regulation side.
As for their fees, they are not more than 1% in terms of sending and receiving funds using SpicePay. However, I think that SpicePay for merchants isn’t free of charge. They have a 30-day free trial for merchants to use SpicePay for their respective businesses.
4. Coinbase Payment Gateway
One of the platforms that I have tried during my early days in cryptocurrency is no other than Coinbase. The centralised cryptocurrency payment gateway platform is currently one of the most popular out there for cryptocurrency enthusiasts.
Coinbase has started its business in San Francisco, California. It offers a wide range of services such as crypto wallet, exchange for cryptocurrency traders, commerce, custody and ventures for the business side. Not only that, but Coinbase also has its own stable coin called USD Coin. Apart from these features and services, Coinbase Pro has its own app that is available to download for Android and iOs users.
In the Coinbase platform, you can trade more than 20 types of cryptocurrencies. What I liked about Coinbase is that you can earn up to $158 worth of tokens (OXT, XLM, DAI, XTZ and EOS) for learning free courses from them.
They have three types of fees (spread, flat and variable). For the spread fees, it costs around 0.5% As for the flat fees, it ranges from $0.99 to $2.99. The maximum flat fee is applied if you are buying and selling cryptocurrencies between $50.01 and up to $200.00. For the variable fees, it’s around 1.49% (Coinbase US wallet and US bank) and 3.99% (debit or credit card).
I can say that until now, Coinbase is still one of the most convenient payment gateways for this year. It’s just that their fees are a bit high.
5. GoCoin – Free Cryptocurrency Gateway
Last, but not the least, is no other than GoCoin. This company has been around since 2013, and they are one of the established payment gateways up to date.
GoCoin has a limited number of cryptocurrencies in their arsenal (BTC, ETH, LTC, DASH, EOS and BCH). However, I’m kinda impressed with their merchant program. They are free to use and no contracts by just filling up the 3-step processing form.
On top of that, they have boutique support, custom dashboard and user interface, API solutions, hosted gateway, and have the expertise in this industry. For eCommerce platforms, their tools are now ready to be integrated into various websites on the go.
When it comes to their transaction fees, they’re just charging a 1% flat fee. However, this fee may be reduced if there’s a high transaction volume going on. Each cryptocurrency in their platform has its respective minimum payouts. If your payout is at least $10,000 or more, it’ll take up to 5 business days to process. For fiat withdrawals, the clearance method would be through wire transfer on a weekly basis.
GoCoin is one of the payment gateways you might want to try for this year. For sure, you won’t get disappointed in terms of their customer support.
Final words
I can honestly say that these decentralized payment processors are pretty much better than Paypal and other centralised payment gateways out there. I have moved away from Paypal in terms of business transactions (despite I still used them a bit for other purposes like travel tickets, etc.).
At least I have shared to you the five decentralized payment gateways that you should look out for this year. Every payment processor has its own unique and state-of-the-art features that would help both merchants and customers at the same time.
I hope you have learned something from my blog post for today. Kindly do not hesitate or think twice in sharing this to your friends, especially those who are into eCommerce, cryptocurrency and blockchain industry. Have a great day everyone!
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