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Here’s How A Crypto Payment Gateway Works

2022-03-03

Main Takeaways:

  • As crypto becomes increasingly popular, more businesses are also accepting crypto as a form of payment.

  • This can be done with the help of crypto payment gateways like Binance Pay.

  • Binance Pay is a borderless and secure crypto payment technology for businesses all around the world.

  • Merchants who are interested in accepting crypto payments can read this to understand what kind of crypto payment processors would work best for your business.

As customers become more crypto-savvy, more businesses are embracing crypto payments. Find out how you can do the same with the help of crypto payment gateways like Binance Pay.

With the cryptocurrency space evolving and maturing, we have come a long way from Bitcoin Pizza day, a day where the remarkable milestone of the first known physical purchase with bitcoin was reached. And as crypto becomes a viable option for payments, merchants who wish to embrace crypto payments to adapt to their customers’ preferences can now do so with the help of a crypto payment gateway like Binance Pay. In this post, find out how crypto payment gateways work and how you can accept crypto payments with Binance Pay.

Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance to let people all over the world pay and get paid in crypto. With Binance Pay, anyone can have that crypto lifestyle with ease. Find out how now.

What is a Crypto Payment Gateway?

Cryptocurrency payment gateways are transaction facilitators between merchants and customers. Business owners use them to accept and process digital crypto payments. Besides giving companies like Microsoft and Starbucks a competitive advantage, crypto payment gateways enable crypto-friendly companies to reap other benefits including protecting their business from chargeback fraud.

The Crypto Payment Journey 

Here’s the typical crypto payment flow. Users shop on crypto-friendly online shops and make crypto payments from their crypto wallets at check-out. Once users have selected their choice of payment, the crypto payment is instantly sent to merchants. Then, merchants can receive, process and use the received crypto payment, all with the help of an efficient crypto payment gateway.

How Binance Pay Works

Binance Pay is one such crypto payment gateway that allows businesses to accept payments from customers in crypto. Binance Pay can be set up in your physical store for a contactless, secure crypto payment experience just by displaying your store’s unique QR code, or integrated in your online store for a borderless transaction process, offering a wider range of payment options for your customers. Once you’ve integrated the payment solution, customers can scan a unique QR code to open their wallet on their Binance App and pay you instantly anywhere they are.

Binance Pay Products

Binance Pay offers a range of products that allow you to design, develop and simplify the integration of accepting crypto payments. Be it branding, customer experience or conversion, Binance Pay products can provide you the tools to give your company a competitive advantage.  One such way is to offer a wide variety of payment options for a superior customer experience and reduced cart abandonment. Find out how you can offer even more with our Binance Pay products below.

Payment APIs

Our Payment APIs allow you to handle 100% of your front-end interactions. Use our APIs and build your own checkout page with full control over your design.

Mini Programs

Develop mini programs (JavaScript with REACT) in Binance DevTools and manage or deploy your mini programs in our Mini Program Portal. Mini programs allow you to set up shop directly in the Binance App, allowing you to reach millions of users worldwide and gain exposure to the most passionate crypto community in the world.

Payout 

Binance Payout provides your business with an instant and secure way to send mass crypto payouts to your customers and suppliers all over the world.

Check out our Payout API documentation here.

Payment Links

Create Single or Multiple Payment links according to your business needs and send the Payment Link to your customers through WhatsApp, SMS, email, chat or any channel to complete the transaction.

*Please note that Payment Links is only available for direct integration merchants.

Checkout Page

Simplify your integration by using our hosted checkout page. Redirect your customers to a Binance hosted checkout page which dynamically adapts to your customer’s device to increase conversion.

Check out our Payment API documentation here.

App SDKs

Accept Binance Pay in your iOS or Android app using our mobile Software Development Kits (SDKs). For more information about the integration, check out Binance Pay’s iOS SDK and Android SDK.

How to Accept Crypto Payments With Binance Pay

There are two ways to accept payments with Binance Pay. You can be a Merchant or get a Channel Partner to help you.

Be a Merchant

As a business owner who is part of the Binance Pay Merchant Program, you will be able to accept crypto payments for your businesses. Simply set up your Merchant account and you can proceed with the Direct Integration of crypto payments via Binance Pay.

Apply via a Channel Partner

Merchants who do not have tech resources can integrate crypto payment methods via Binance Pay with a Channel Partner. Channel partners are licensed financial institutions or third-party agencies that can help merchants accept Binance Pay. If you know of a viable Channel Partner, request for them to apply to be a Channel Partner to help you integrate crypto payment methods. 

Conclusion

Thanks to blockchain and other technologies, merchants have started accepting debit card, credit card, e-wallet and crypto payments to provide more payment options for their customers. Get access to millions of potential customers worldwide and instantly accept crypto payments when you sign up as a Merchant on Binance Pay.

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