As the popularity of cryptocurrency and blockchain based online checkout services continues to increase, so too does the competition among the many different service providers, in particular those of online Payment Aggregators otherwise known as Cryptocurrency Payment Gateways. This article takes a look at two of the main payment gateways of this type; Hashbon and Bitpay and asks Which is the best crypto payment gateway to accept bitcoin.
Common Cryptocurrency Payment Gateways are:
- Apple Pay
- Google Pay
The above examples are essentially ‘a service provider that allows merchants to process mobile or e-commerce payments’ and choosing the right digital financial gateway for your online business is essential. In the continually evolving, inter-connected and increasingly cash-less digital world it is absolutely imperative that any modern business is able to accept these types of payments, in particular to accept revenue in bitcoin.
The continued adoption of online checkout processors and blockchain based payment applications give online merchants the opportunity to make significant revenue process savings via digital processing. This in turn essentially results in the reduction of transaction times and friction costs and negates the impact of currency arbitration.
Hashbon Company Background
Hashbon was founded in 2016 and ‘provides cryptocurrency payment services for business and individuals’. Its aim is to ‘operate the most modern and user-friendly’ digital ‘payment processing system’ whilst continuing to develop ‘a fully-fledged crypto payment processing service with the highest tier security and convenience for the User’.
Hashbon offers a ‘complete payment solution for online business’. This is essentially achieved by providing ‘a secure, swift, reliable and easy to integrate system which helps businesses to operate worldwide, decrease costs and reach new markets using cryptocurrency processing methods’. Furthermore, the business wallet ‘allows you to buy and sell cryptocurrency using your bank account and make auto payouts’. The world of commerce is indeed changing.
The product is split into three distinct areas:
- Crypto payment acceptance.
- Crypto invoicing.
- Auto payout in digital currency.
Through the use of a multifunctional API Hashbon accepts Bitcoin as well as 30 other leading cryptocurrencies. This frictionless and efficient revenue collection method is proven to increase client adoption and a subsequent rise in revenue and profit all through a straightforward and easy to follow method of integration. Crypto Payouts and Crypto Invoicing mean anyone anywhere in the world can be paid near instantaneously at a fraction of the cost of traditional methods of business.
At a personal level Hashbon allows wallet holders the ability to buy, sell, exchange or simply hold up to 30 different digital currencies currently available. Easy to follow and hassle free on-boarding processes take the pain out of anti money laundering and know your customer requirements, while a dedicated online technical support function is available 24 hours a day to resolve any questions or queries the customer may have.
For further information regarding the products and services offered by Hashbon be sure to check out their website at www.hashbon.com
Hashbon and Bitpay: A Comparison
One of Hashbon’s closest competitors is Bitpay and as you can see from the data table below there isn’t much to choose between the two. Bitpay and Hashbon each charge a low to zero processing fee to merchants who then have the choice whether they wish to pass on this discount to their consumers.
|Transaction commission||1 %||0 %|
|Conversion commission||0 %||1 %|
|Direct bank settlement||To bank account (SEPA, ACH, FPS), 0%||To bank account (SEPA), 1%|
|Volatility Risk||Zero price volatility||Zero price volatility|
However, as you can see, Hashbon clearly accepts and supports many more digital currencies than Bitpay’s sole use of Bitcoin. This makes Hashbon a much more attractive proposition than almost all of its closest competitors. As it stands, most commercial revenue collections of this type are currently either made in Bitcoin or Ethereum. However, until the high cost of transaction fees and slow network transaction times associated with the top two cryptocurrencies are resolved, many people are wary of the use of these currencies for payments. The wide range of cryptocurrency available through this service makes the app an enticing prospect and places it a step above the nearest competition.
Other product features unique to Hashbon include a simple and efficient verification process taking care of all Know Your Customer and Anti-Money Laundering regulation with minimal fuss. Indeed, in less than 5 minutes users of this platform are ready to buy a variety of products and accept a wide range of cryptocurrency, a process which may take their closest competitors days or even weeks to finalize. For more information concerning other competition in the Crypto Payment Gateway market be sure to check out this article https://www.entrepreneur.com/article/371619.
In the increasingly competitive marketplace for Cryptocurrency Payment Gateway, current financial conditions for many service providers are roughly the same. However, Hashbon stands out by appealing to European based small to medium sized enterprises through its ability to offer alternative forms of digital payment other than the largest and most expensive methods such as Bitcoin and Ethereum.
The straight-forward and efficient verification process is hassle free and attractive to novices or those who may be nervous about adopting this revolutionary payment technology. Furthermore, the 0% commission fee and the ability to pass on this fee to the consumer place Hashbon in a very competitive position in the Cryptocurrency Payment Gateway market.
The wide range of digital currencies which this service offers its clients suggest that the development team understand and anticipate future market developments, which makes Hashbon well placed to take advantage of industry developments in the short to medium term.
Be sure to check out www.hashbon.com for further information.