What Is a Cryptocurrency Payment Gateway?
Cryptocurrency payment gateway is a dynamic platform to let vendors generate multiple crypto addresses for their invoices and securely accept crypto payments. When it comes to businesses, cryptocurrency gateways are required to support:
- real-time mode of crypto currency payment processing
- full anonymity of payers
- multi-merchant management system
- KYC/AML compliance standards on request
- (optional) white-label branding
BitHide meets all the above requirements, so it can be considered one of the best crypto payment processing solutions for businesses that require total anonymity of transactions. With BitHide, you store transaction data on your private servers, so only you are its owner. This means that it’s only up to you whether to pass the AML and KYC procedures. You get complete control over your funds.
Advantages and Disadvantages of Payment Gateways
Payment gateways advantages
Payment gateways allow your business to receive and send payments within 24 hours after setting up your account.
BitHide example: the installation process takes up to 24 hours. Afterward, you can easily use your account and accept payments.
Most payment gateways compete in the commission fee and the funds' withdrawal conditions, which makes these processing tools quite affordable for the final user.
BitHide example: since BitHide is a payment processing for crypto, its fee depends on the processed turnover and is more affordable than for non-crypto solutions. Moreover, BitHide allows for auto-withdrawal of funds, which means that the tool looks for better commissions on the money withdrawal.
By working worldwide, many gateways allow for accepting payments from most countries of the world.
BitHide example: storing BitHide on your private servers, you are the only owner of the transaction data. Only you decide whether to process AML and KYC procedures. This means your business can accept any payments that align with your policy.
If you’d like to manage several merchants from one account, you need to choose gateways developed for business needs. However, even here not all the options fit.
BitHide example: being developed for businesses, BitHide allows for adding many merchants to one account. This way, all the merchants will have their wallets that will be operated from one account. Reporting and pivot balance sheets are available.
Payment gateways disadvantages
Although most payment gateways claim anonymity of the data they process, in reality, they are more pseudonymous than anonymous. First, many gateways are cloud-hosted, so they have access to your data and must share it with third parties upon official request. Second, even crypto gateways using regular data encryption cannot hide the transaction path, which means that a transaction source can be detected.
BitHide example: the solution guarantees full anonymity for its users. First, being stored on private servers, it disables access to data for any third parties. Second, with the Dark Wing technology, BitHide completely anonymizes the transaction path. With VPN, gateways access the blockchain nodes. With TOR, the physical address is hidden.
Advantages of Cryptocurrency Payment Gateways
If your business needs to accept crypto payments, you are required to use cryptocurrency payment gateways. However, not all cryptocurrency gateways are the same. Some of them are cloud-hosted, and others are installed on private servers. The encryption for various gateways differs, which affects their security and anonymity parameters. Moreover, different gateways have different functionality.
At the same time, major advantages of cryptocurrency gateways include the following:
- Crypto payment processing
- More anonymity of transactions compared to the non-crypto solutions
- More affordable transactions
- Elimination of the transaction costs
- Instant transfers
How Can BitHide Help?
BitHide is the first crypto gateway that gives customers 100% anonymity and full control over their cryptocurrency. Start using BitHide if you’d like to enjoy its major advantages over other crypto payment gateways:
Being developed for business needs, BitHide allows one to generate multiple payment crypto addresses and add as many merchants to one account as required.
Built on top of blockchain, BitHide doesn’t need any intermediaries to process the transaction. This means zero transaction costs for a final user.
Although all payment transaction data is subject to KYC and AML control, BitHide allows eliminating it if required. Being stored on your private servers, BitHide allows you to consider whether your data is subject to verification.
BitHide makes your transactions untraceable thanks to the Dark Wing technology, a 2-stage encryption process. First, TOR hides your physical address. Second, since TOR encryption doesn’t allow access to the blockchain nodes, VPN encryption is used here.
Since BitHide is privately stored, you can get assured no third parties can access your data without your allowance.
If you are the owner of multiple businesses, you can easily add them all to one BitHide’s account. This way, reporting and creating the pivot balance sheets won’t be your headache anymore.
To keep your key and transaction data safe, BitHide allows for data backups. This guarantees the safety of your data and coins regardless of software or hardware failures.
Since the withdrawal commissions for cryptocurrency payment gateways vary depending on many factors, BitHide calculates the withdrawal fees in real time. With the auto-withdrawal approach, users can considerably minimize their commission fees and withdraw money when it’s cheaper
The bigger your company becomes, the more users can access your crypto solution. BitHide allows distinguishing the access rights so your data will be safe 24/7.
With BitHide, you can automate and schedule the withdrawal process by using API.
BitHide’s technology allows for the detection of transactions coming from suspicious accounts. You will be warned in case of any. To ensure the impeccability of your account, you will be able to quarantine such funds in another account and withdraw them separately.
For the user’s identity verification, BitHide provides a two-factor authentication, with the Google Authenticator tool as one of the steps.
If you are just looking for what cryptocurrency gateway to choose, invest your time to investigate the possible solutions and make your choice. There are many solutions on the market, but they are not the same. Pay attention to the product features and functionality to choose the best.
TRY BitHideFAQ
What are cryptocurrency payments, and how do they outperform legacy payments online?
Cryptocurrency payments are receiving or accepting digital currency and exchanging it for other goods or fiat currency. One of the main advantages of cryptocurrency payments is anonymity, as you do not need to share your payment details with third parties, and payment processing takes less than 10 seconds.
How does a cryptocurrency payment gateway work?
The cryptocurrency gateway acts as a transaction facilitator between merchants and customers for processing payments. First, instead of the invoice, a merchant creates a cryptocurrency payment address and shares it with a customer. Once the customer pays off, the information about this transaction instantly goes through the gateway directly to the payment processor to confirm the transfer. Upon confirmation, the payment processor returns the positive response to the gateway, and the latter confirms the transaction to the customer. In the case of BitHide, it delivers not only the cryptocurrency gateway functionality but also a crypto wallet that stores the transaction data.
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