Unlike regular cryptocurrency transfers, crypto payment platforms are hybrid systems that bridge the gap between decentralized money and fiat. Thanks to their benefits, more individuals are switching to cryptocurrency payment gateways. Although this innovation is enticing, it is important to know that they offer various value propositions, and some are better/worse than others.
This article will outline mistakes individuals and business owners must avoid when selecting their preferred crypto payment platform.
What is a Crypto Payment Platform?
A crypto payment platform is a service provider that enables businesses and individuals to easily spend, send, and receive blockchain tokens like Bitcoin, Ethereum, Tectum, Emission Token, and USDT. Working as intermediaries, these digital service firms provide better ways to use and manage cryptocurrencies more efficiently.
Some crypto payment gateways focus on seamless crypto-to-fiat and fiat-to-crypto conversions. Others focus strictly on simple, direct, and efficient cryptocurrency transfers that do not require fiat.
Key features of crypto payment platforms can include:
- Payment Processing: The platform enables merchants to accept crypto payments from customers, either through online stores or in physical retail settings using QR codes or other point-of-sale tools.
- Currency Conversion: Many platforms offer automatic conversion between cryptocurrencies and traditional currencies (like USD or EUR), making it easier for businesses to handle cryptocurrency transactions without worrying about price volatility.
- Transaction Management: Users can track payments, view transaction history, and often generate invoices for crypto payments, simplifying record-keeping.
- Wallet Integration: Some crypto payment platforms include built-in wallets for storing digital assets, while others allow integration with third-party wallets.
- Security and Compliance: To protect users, platforms often include security measures like encryption, two-factor authentication, and compliance tools to help meet regulatory requirements.
By streamlining crypto transactions, these platforms enable businesses to tap into the growing demand for crypto payments, expand their customer base, and offer alternative payment methods with low fees and fast processing times.
Features of a Good Cryptocurrency Payment Gateway
There are certain “general attributes” a cryptocurrency payment platform must have. These characteristics are distinct from its unique selling point or value proposition.
Here are some features of a good cryptocurrency payment gateway:
- Payment Methods: It would be ineffective to have a cryptocurrency payment platform that still uses the typical public address as the only payment method. A proper crypto transaction solution must have “modern” and simpler forms of sending and receiving blockchain tokens like QR codes, usernames, credit cards, contactless payments, etc.
- Efficient Payment: Cryptocurrency payment platforms must improve traditional Bitcoin transaction speed and fees. There is no point in using a said crypto solution if it does not scale the existing options. These platforms must offer faster transfer speed and reasonable fees.
- Secure and Compliant: While nobody can restrict cryptocurrency usage, blockchain companies have to operate within the laws of where they are domiciled. This explains why Tectum chose to locate its headquarters in a crypto-friendly nation.
- Transaction Monitoring: Besides sending and receiving money, people should be able to track their expenses easily. There should be a transaction history section to let people properly manage their accounts.
- Integrated Wallet: People should have an in-platform storage wallet, which offers users access to their funds. The storage medium should cover all available payment methods and currencies.
Mistakes to Avoid When Choosing a Cryptocurrency Payment Platform
Now that we’ve established the features of a good crypto payment platform, let’s examine mistakes to avoid when selecting one. As mentioned earlier, different cryptocurrency solutions have diverse systems and unique value propositions.
Before letting any enticing offer sway you, here are mistakes you must avoid when choosing a crypto payment platform for your business or personal use:
- Poor Understanding of the Fee or Commission Structure: It is not uncommon for crypto payment solutions to have underlying fees and commissions that they do not always mention. People only get to learn about these additional charges after using the platform. It is in your best interest to read the company’s terms and conditions to ensure a comprehensive understanding of their services.
- Failing to Check Supported Cryptocurrencies: In truth, no crypto payment platform can offer all cryptocurrencies, especially with new tokens emerging daily. Nonetheless, these service providers must have certain coins like Bitcoin, Ethereum, and USDT to be considered decent options. Failure to confirm the availability of these cryptocurrencies on these platforms could significantly affect your ability to send and receive crypto.
- Not Confirming Global Reach: Just like supported cryptocurrencies, certain crypto payment platforms do not offer services to individuals in certain regions. While this may not be a problem, it can become a challenge when you want to send or receive tokens from those restricted countries. Therefore, it is vital to confirm the reach of any payment gateway you want to use.
- Disregarding Customer Support: Every service is perfect until it isn’t. No matter how impeccable a service provider is, prospective clientele must confirm the efficiency of its customer service. Meanwhile, customer support is more than just using bots and claiming to listen. Read reviews from actual people to learn how quickly they resolve pending issues.
Tectum SoftNote – The Best Crypto Payment Platform
Are you looking for a perfect crypto payment platform that ticks the right boxes? Say no more, Tectum SoftNote is the best crypto solution for both individuals and business owners.
Here are some reasons you should use SoftNote for your business and personal cryptocurrency payments:
- Global Availability: SoftNote is available all over the world. From the depths of the Amazon Jungle to Antarctica, you can send and receive SoftNote Bills anywhere.
- Impeccable Customer Support: We also have a team of round-the-clock customer service officers and dedicated developers always on hand to solve any challenges you have.
- Ever-Expanding Token List: So far, SoftNote supports Bitcoin, Ethereum, Tether USD (USDT), and Tron Coin. The team is working to integrate the Solana network and its supported tokens.
- Cheap and Straightforward Fees: Tectum charges between 0.5-1% commission for receiving crypto through SoftNote as a merchant. There are no underlying fees and hidden charges. Instead, our team will provide technical support and promote your business through multiple marketing campaigns.
What are you waiting for? Sign up for the best blockchain payment gateway to grow your customer base today.
