Embracing Crypto Payment Solutions for SaaS Businesses
Just when you thought the world of SaaS would not be changing any time soon, the groundbreaking new shift to crypto payment solutions hit SaaS businesses like a bus full of bricks. Despite their current status as a relatively uncommon payment option in global e-commerce, accounting for less than 0.2% of transaction value in 2022, the adoption of cryptocurrencies and stablecoins by companies like Ferrari and PayPal signals a potential growth in the market.
In this blog, keeping the suddenness with which crypto has taken the world of SaaS by storm, we will be answering the following questions:
- What exactly is crypto payment processing?
- What are some of the top crypto payment gateways & which of them is the best crypto payment gateway?
- How does SubscriptionFlow let you integrate with a cryptocurrency payment gateway to offer your end consumers the option to pay via crypto?
Read more: Offer Crypto Payment Processing: Coinbase Integration with SubscriptionFlow
What Exactly is Crypto Payment Processing?
Crypto payment processing involves utilizing a financial service that enables individuals and businesses to buy and sell in cryptocurrencies. This involves paying for goods and services through crypto wallets and accepting payments inside merchant accounts tied to crypto-wallets. If we were to explain it simply for those who may still not have gotten the hang of crypto, it is exactly like “real” money i.e. the money in your bank account or digital wallet; the only difference is that this is a 100% digital currency. (There are no ATMs owned by CoinBase in which you go to dip into your savings account to buy that lamp that is suddenly on sale at the thrift store.)
Understanding the Benefits & Features of Crypto Payment Solutions
The reason why people are attracted so much to offering crypto payment solutions is because of their efficiency and protection against price volatility. Let us dig into what this means.
1. Faster Transactions:
Such a digital payment method has rapid transaction times and lower fees compared to conventional banking systems. The reason behind this is that crypto, unlike your regular banking systems, relies on decentralized networks that eliminate the need for having any intermediary through which the payment needs to be processed. The quickness of transactions is a huge reason why those businesses in the SaaS world such as those offering advanced software as their product or service have begun using crypto since their clientele is tech-savvy enough to figure out how crypto works. (This is why offering your clients the option to pay via crypto is something a newspaper will not find that attractive because most of their clientele is not tech-savvy enough to have crypto all figured out. As a result, shifting to crypto will be an investment with limited (if any) benefits for them.)
2. Less Currency Volatility for Some:
Hear me out. Yes, it is true that cryptocurrency is touted to have insane volatility as the currency’s value has fluctuated as much as double-digits in a single day, but many cryptocurrency payment gateways have attempted to circumvent this problem by offering to instantly convert your cryptocurrency into fiat currencies of your choice (out of the currencies available to them).
Doing this protects merchants from price fluctuation. So, as a merchant, you may only want to stick to those payment gateways that offer such protections. If you leave yourself vulnerable to the volatility of cryptocurrency’s price fluctuation, there is a high chance you may end up getting as little 70% of the payment that your end consumer made!
3. Unlocking Global Markets:
Cryptocurrency has increasingly become a widely accepted form of payment (especially for those who are more tech-savvy), and so by sticking to it you prepare yourself for the future and all the technological challenges that it will bring.
You have done your part.
Let SubscriptionFlow take it from here!
subscription management software.
Integrating with a crypto payment gateway will also ensure that your business has a global reach as this way you will avoid the hassle of currency conversion or delays associated with international bank transfers. Additionally, the transparency of blockchain technology will also provide to you an auditable and tamper-proof transaction record that is crucial for regulatory compliance across various territories.
What are Some of the Top Crypto Payment Gateways & Which of them is the Best Crypto Payment Gateway?
Now, after having understood how crypto works, let us dig through some of the market-leading crypto payment gateways to help you discern which you ought to choose for your business. In this section, we will be listing each payment gateway and telling you some of its best features or selling points to let you decide which among these is the best crypto payment gateway.
1. Coinbase:
One of the leading cryptocurrency payment gateways in the market these days is Coinbase. It is a robust payment gateway that offers secure and efficient transactions for all its users. This payment gateway helps merchants all over the world by processing their payments simply and securely with no need of any other third-party application in-between. Some of the key highlights of Coinbase that many of its users find especially attractive as are follows:
- Instant settlement
- Low fee for transactions
- Protection against volatility by automatically converting crypto payments into stablecoins (e.g. USDC)
Another one of its best functionalities is the endless list of software, including SubscriptionFlow, that it integrates with.
How exactly does the Coinbase and SubscriptionFlow integration work?
If you’re looking to see how exactly the Coinbase and SubscriptionFlow integration work, look no further because this is it! This integration lets businesses accept payments in cryptocurrencies like Ethereum which offers them the chance to offer the latest, most up-to-date payment method for their consumers. This integration has been specifically tailored to allow third-party software (like those that offer CRM and services pertaining to data storage) to also be integrated to further help your business.
That said, let us now see how you go about setting up this integration and some of its key features:
- Firstly, you set up a Coinbase payment gateway inside SubscriptionFlow’s administration settings. You should connect it using the API keys.
- Once the integration has been activated and goes live, the system will begin its handling of all subscriptions and even one-off payments that your end consumers make before drafting invoices for them.
- You can even activate useful features like push notifications and tools regarding dunning management to help collect your cryptocurrency payments smoothly and efficiently.
2. CoinsPaid:
This is a payment gateway that offers support for high-volume transactions. Due to its proven track record of reliability, it also instills confidence in businesses relying on consistent performance and scalability.
A major reason why a lot of people who are new to crypto prefer CoinsPaid is due to its intuitive user-interface and its comprehensive support system. In addition, CoinsPaid also simplifies the onboarding process and minimizes learning curves, making it a great option for businesses venturing into crypto for the first time.
3. PayPal:
As a household name in digital payments, PayPal caters primarily to personal users. Its widespread recognition and seamless integration into existing financial ecosystems make it a trusted choice for individuals seeking convenient and familiar payment methods.
4. BitPay
BitPay distinguishes itself with its comprehensive support for various digital currencies, enabling businesses to accept payments in multiple cryptocurrencies effortlessly. Additionally, its measures to mitigate price volatility provide stability and confidence in transactions, safeguarding businesses against sudden market fluctuations.
5. NOWPayments:
All things said and done, customization is something that also plays a huge role in today’s world. For this, NOWPayments stands out for its emphasis on customization and flexibility. It offers tailored solutions that cater to businesses with unique needs, thereby allowing for personalized integration and adaptation to specific operational requirements, fostering a seamless payment experience for both merchants and customers.
6. Confirmo:
Confirmo prioritizes transaction speed, offering rapid settlements that expedite the payment process. This efficiency is particularly beneficial for businesses requiring swift access to funds or prioritizing timely transaction completion, enhancing operational agility and customer satisfaction.
Key Factors to Keep in Mind While Choosing the Best Crypto Payment Gateway: A List
Several critical factors influence the selection of a crypto payment gateway. These factors are important because they impact operational efficiency, cost-effectiveness, and overall business performance. Three of the most important amongst them are as follows:
1. Transaction Fees:
Competitive rates, like NOWPayments’ fees as low as 0.5%, help businesses retain more earnings, enhancing cost-effectiveness and profitability.
2. Global Reach:
Payment gateways with extensive operable ranges facilitate seamless global operations, enabling cross-border transactions and expanding market reach for businesses.
3. Suitability for Different Business Sizes and Industries:
Platforms such as BitPay and Coinbase Commerce offer comprehensive features suitable for businesses of all sizes. Specialized gateways like Crypto.com Pay cater to specific needs, such as invoicing for B2B transactions or detailed payment records, ensuring businesses find tailored solutions aligned with their unique operational requirements.
Read more: Clash of the Payment Titans: Authorize.Net vs. Square
How does SubscriptionFlow let you integrate with a cryptocurrency payment gateway to offer your end consumers the option to pay via crypto?
The team behind SubscriptionFlow has made it quite effortless for businesses to accept cryptocurrency payments through the software’s seamless integration with leading cryptocurrency payment gateways like Coinbase. What this wordy sentence means is that because of SubscritpionFlow, your customers can now choose to pay with popular cryptocurrencies like Ethereum, and Dogecoin due to SubscritpionFlow’s integration with popular payment gateways that accept and process payments in these currencies (among others(. Having such wide acceptance and ease of integration with all these digital currencies helps with securing all types of transactions (such as one-time purchases and/or recurring subscriptions).
Now, before we move on, let us first understand by way of example how such an integration will work with, say, a payment gateway like Coinbase.
What you do is that you set up a crypto wallet linked to your Coinbase account. This allows you to straight away collect crypto payments in a completely hassle-free manner. Plus, since SubscritpionFlow is so incredibly flexible that it smoothly integrates with multiple payment gateways, it also gives your end consumers a range of payment options.
That said, now let us go over two of the most important advantages of integrating SubscriptionFlow with a crypto payment gateway like Coinbase:
1. Support for a Diverse Array of Cryptocurrencies:
As mentioned earlier, SubscritpionFlow’s support of popular cryptocurrencies such as Ethereum and Dogecoin offers the end consumers of its client flexibility in their payment options for both one-time purchases and recurring subscriptions. This flexibility is proven to be especially helpful in the beginning when things are still getting organized and your consumers are getting used to the kind of payment options that are available.
2. Secure Payments:
By integrating with SubscritpionFlow, businesses can ensure that all the transactions being made will be as secure as they can be. This is important because security is arguably the biggest selling factor in the marketability of any payment gateway, as users mostly flock to that payment gateway that they know will ensure that neither their own money or the money of their end consumers is compromised in any way.
Conclusion
One thing is clear: the rise of crypto payment solutions is rapidly reshaping the SaaS landscape. Many of these changes, as discussed above, are prompting businesses to adapt swiftly as well. This is why it is important for your business to adhere to these changes and make sure that you do not jump on the bandwagon till it is too late.
This is why it then becomes important for all SaaS businesses to look for subscription-management software like SubscriptionFlow that has already factored in this newfound demand for cryptocurrency when tailoring their subscription-management solutions. With SubscriptionFlow’s seamless integration with leading gateways like Coinbase, businesses can unlock the benefits of crypto payments effortlessly.
Book a demo with SubscriptionFlow now and find out for yourself not only how robust of a software it is at managing your subscriptions for you, but also how well it handles all payments made in various cryptocurrencies!
