In this article we will explore which is the best crypto payment gateway to accept bitcoin, the payment service provider, Coinpayments, or the Coinsbit listed, Hashbon. Of course, both methods have their merits, but we will provide an in-depth analysis of each system to fully establish the best choice for you.
Why Does My Business Need to Accept Bitcoin Payments?
Security is the main reason businesses are encouraged to accept crypto payments, as it provides anonymity, with no personal data transferred following the transaction. This means the occurrence of fraud is virtually impossible, unlike credit card payments which are very susceptible to wrong-doings.
This is why more and more customers feel extra confident when making online purchases with cryptocurrencies.
Why Is It Profitable to Work with Payment Aggregators?
Using the services of a payment aggregator allows businesses to accept multiple payment options in a single set up. Without an aggregator, the online business would need to set up a series of online payment systems which would have to be associated with a merchant account, linked to a bank or credit card.
As such, using a payment aggregator can “save a considerable amount of time, allowing you to manage other aspects of your business.”
Some platforms also allow for the commission to be passed on to the merchant, which ultimately creates an additional revenue stream which increases depending on the volume of transactions.
Comparison of Coinpayments & Hashbon
Coinpayments has established itself as a popular crypto payment gateway, but this does not necessarily mean it is the best. Newer systems which are dedicated to a smaller number of cryptocurrencies can provide an improved service, with a range of benefits which can make a big difference.
Choosing the ideal payment gateway can depend on factors such as transaction fees, exposure to volatility and bank settlements, which is why thorough research is required before committing fully to a new system.
Below is a comparison between Hashbon and Coinpayments, highlighting the main factors which set them apart from each other.
|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 for Merchants||yes||no|
1 Coinpayments can provide settlements in Fiat only via a third party for an additional fee.
2 Hashbon allows the merchant to receive every Euro of the transaction.
User Benefits of Hashbon
In addition to the above table, Hashbon also has a much more simplified and user-friendly verification process, which has proven very popular with online merchants. The ease of use and accessibility also extends to the system itself, with an extremely intuitive interface which is available in over 5 available languages. Reasons such as this make it difficult not to favour the Hashbon system as an overall product.
Another, major unique selling point (USP) of Hashbon is the option to choose whether commission is passed on to the buyer, or the merchant. This flexibility is seldom offered by other payment gateways and allows merchants to increase profits, or reward customers, making it one of the most versatile systems available.
- Very user friendly
- Easy verification
- Ability to pass commission on the merchant or the buyer
- Supports major cryptocurrencies, including Bitcoin
User Benefits of Coinpayments
Coinpayments is a long established, secure and respected global crypto payment gateway, which makes it a sensible choice for many merchants who do not have the time to research alternative platforms.
Coinpayments supports over 2,000 coins, with even the latest cryptocurrencies available on the system. However, it is worth acknowledging that it is highly unlikely customers will be making purchases with fledgling crypto tokens and this wide support focuses more on niche systems which may use a specific coin for a small-scale project.
- Long established platform
- Supports over 2,000 crypto coins
Choosing between Hashbon and Coinpayments for crypto processing obviously depends on your specific needs, but both platforms can enable a swift and secure way to accept Bitcoin payments.
But which one do we prefer?…
Based on the intuitive and extremely accessible platform, it is hard to look past Hashbon as the more impressive system. When dealing with online purchases and financial transactions, a stress-free, user-friendly experience is paramount to ensure customers return time and time again.
Although Coinpayments is not a poor user experience, it just lacks the simplicity and performance of Hashbon – a common occurrence when using large gateways which support a huge amount of users.
In terms of the ability to pass commission onto the merchant and the zero-to-minimal transaction/ commission fees, it is easy to see the benefits of using Hashbon from a financial point of view. The option to make an additional profit on any transaction is sure to be an appealing feature for many traders who are looking to maximise revenue.
If you are developing a niche project which aims to use smaller, unestablished crypto coins, then the appeal of Coinpayments is obvious. But as we are focusing on Bitcoin transactions, this factor is somewhat null and void. As previously mentioned, Hashbon is fully supported by over 15 of the major cryptocurrencies, including Bitcoin, with development on-going.
We hope this article has helped to provide further information and specifications of both cryptocurrency payment gateways so you can decide which platform is the ideal choice to accept Bitcoin payments and take your business to the next level.