Hashbon and Coinpayments are two of the best cryptocurrency payment gateways to accept bitcoin payments. But which one is better?
Why Should Businesses Accept Crypto Payments and What Are the Advantages of Having a Cryptocurrency Payment Gateway?
- Lower transaction fees
Processing payments on credit or debit cards can cost around 3%, with Paypal payments costing up to 6%. But the transaction cost for bitcoin payments is around 1% to 0%. So, business owners who handle large volumes of goods and high-value products can benefit immensely by using a cryptocurrency payment gateway.
- More customers
Bitcoin users are growing every year. In particular, clients knowledgeable in technology and young people are starting to accept crypto payments. Businesses that accept crypto payments will open their business to a new younger generation of bitcoin users. Not only this, but bitcoin users can be anywhere in the world, therefore businesses can widen their customer base even more.
Payments made by credit and debit cards can take around 3 to 5 days to clear. This delay can sometimes cause cash flow problems for businesses. However, crypto processing is instant. Crypto payment processors allow payments to be made in minutes, so businesses can accept bitcoin payments faster than ever.
- Fraud protection
Chargebacks are one of the ways fraudulent activities take place. Cryptocurrency payments are irreversible once finalised. In addition, the transaction has to be approved by the buyer and seller before it goes through, and approved transactions become permanently marked on a public ledger. So, businesses that accept cryptocurrency can reduce the chance of fraudulent chargebacks taking place.
- Modern branding image
Bitcoin is talked about more and more around the world. It’s always popping up in the news and slipped into casual conversation as part of modern day life. If your business accepts bitcoin payments, it will be seen as a modern brand that is keeping up with new trends.
Why Is It Profitable to Work with Payment Aggregators?
Imagine if you had to set up a separate account with every payment provider. This would take time, effort and could involve more costs. Payment aggregators allow a business to accept multiple payment providers without having to set up separate accounts with banks, payment service providers, and card companies.
Essentially, a payment aggregator does all the work of integrating with all payment providers. It provides a single system for all payment acceptance. So if businesses are interested in saving time, effort and money then payment aggregators are a great all in one solution.
Comparison between the Best Crypto Payment Processors, Coinpayments and Hashbon
|Transaction commission||0,5 %||0 %|
|Conversion commission||coin TX fee + third party’s conversion fees||1 %|
|Direct bank settlement||No1||To bank account (SEPA), 1%|
|Volatility Risk||High||Zero price volatility2|
1 Coinpayments can provide settlements in Fiat only through the third parties for EXTRA fee
2 Hashbon lets you get every single Euro of what you charge
A quick glance at the comparison table will reveal that Hashbon beats Coinpayments in nearly all areas. So let’s look at it in detail.
Hashbon is based in the Czech Republic and focuses on delivering products for individuals and businesses interested in accepting and paying out cryptocurrencies.
Hashbon has 0% transaction commission and only 1% conversion commission. It also offers to its merchants the possibility to choose whether the commission can be passed on to the buyer or to the merchant. The 0% commission applies to all received transactions and all withdrawals processed via cryptocurrencies.
Hashbon also has a much easier verification process compared to other crypto payment processors. The identity verification process takes less than 5 minutes. So buyers can quickly complete the verification process and become eligible to buy products or pay for services with cryptocurrencies.
With 5+ languages localization and intuitive interfaces, the Hashbon interface is much more user-friendly. It has provided a multilingual platform and a platform for new users to test its APIs and features. KYC and AML requirements are fully satisfied as well. This means the source of cryptocurrencies is verified to prevent money laundering.
Hashbon currently supports 30 cryptocurrencies including Bitcoin, Ethereum, and Litecoin. It can be integrated within a day. Payments can even be accepted via a simple payment link via email or WhatsApp. So you don’t even need a website to accept cryptocurrency.
Similarly to Hashbon, Coinpayments looks to simplify crypto processing payments. According it’s website, it serves over 70,000 businesses with easy-to-use and real-time crypto settlement and payment infrastructures. Businesses can set up this cryptocurrency payment gateway easily on e-commerce websites, like Shopify and WooCommerce. It has a small 0.5% processing fee. However, this is in addition to the network fees.
Coinpayments supports over 2000 coins and fiat is supported, so it is one of the most robust cryptocurrency payment gateways available to merchants. In line with its versatility, the platform supports 12 languages other than English.
However, today most of the payments are made in BTC. So, if you can support 10 to 15 of the most popular crypto coins, this is enough for any business to experience the real benefits and profit of accepting crypto payments.
Of course, Hashbon and Coinpayments are not the only crypto payment gateways available. An article in the Entrepreneur looked at ten of the best crypto payment gateways and it ranked Hashbon as number one. To find out more about who Hashbon beat to be ranked number one, click on the link below.
Final Thoughts on Who Is the Best Cryptocurrency Payment Gateway
Lowering costs is a key factor for businesses to maximize profitability. Hashbon is clearly the winner in terms of lowering the cost of accepting bitcoin payments.
As we can see, the main advantage Coinpayments has is that it supports 2000 coins, whereas Hashbon supports 30. But because most bitcoin payments are made in BTC, if you can support 10 to 15 of the most popular crypto coins, Coinpayments main advantage is not enough.
For it’s 0% transaction commission, lower conversion commission, zero price volatility, and offering direct bank settlement, the best crypto payment gateway to accept bitcoin payments is Hashbon.
To find out more about Hashbon click on the link below.