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Crypto Payment Processing

Get started with Crypto payment processing. It's never been easier to accept payments for any type of business.

Cryptocurrency Payments - How to Accept Bitcoin and Other Crypto Payments?
Wednesday, February 15 2023

The cryptocurrency industry is booming, with over 1.1 million transactions per day through Ethereum alone. And even though most retailers are still wary of accepting bitcoin payments, the list of companies that accept cryptocurrency payments is growing continuously.

As more and more online and offline brands start accepting cryptocurrency payments, the number of people willing to use it increases as well. You can, too, start receiving crypto payments from clients around the globe. But first, you should know how it works, the potential benefits and drawbacks, and how you can start accepting bitcoin and altcoin payments on your website and physical store. Let's discuss all of that and more below.

What Are Crypto Payments?

It's exactly what it sounds like; using cryptocurrency to make payments for services and goods. However, it should be noted that crypto has not yet become a legal currency anywhere around the globe except El Salvador, which only accepts bitcoin payments. Nevertheless, you can trade crypto in most countries as if you're trading a property.

You can trade Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero, etc., on exchanges like Coinbase, Kraken, Bitfinex, Coinmama, and Binance, etc. Still, many online and offline merchants accept cryptocurrency payments, including AT&T, Microsoft, KFC, Starbucks, Namecheap, Whole Foods, NewEgg, and so on.

Since cryptocurrencies are typically designed for easy peer-to-peer transactions, receiving cryptocurrency payments is as straightforward as sending coins from one wallet to another. The customer can use their phones to scan the QR code or copy the hash code of the merchant's wallet and make a transfer without involving any intermediary.

Pros and Cons of Accepting Crypto Payments:

Before we discuss how to accept bitcoin payments on your website, let's first understand the benefits and potential drawbacks of accepting crypto payments.


  • It Might Be The Future: The trend of merchants shifting to accepting bitcoin and altcoin payments is growing continuously, and we believe its worldwide adoption is inevitable.
  • Lower Fees: Although the fee can be a little high on some blockchains like Ethereum and Bitcoin when the number of transactions is high, crypto payments can still be lower than credit card and payment processor fees.
  • Worldwide Transactions: Crypto knows no boundaries, and that's precisely why it's incredibly easy to send anyone any amount around the globe and pay the same network fee.
  • Secure Transactions: Since there are no intermediaries in crypto because of decentralization, you don't have to put trust in banks or processors when taking payments. You deal directly with customers.
  • No Hardware Mess: All you need is an internet connection to send or receive cryptocurrency payments.
  • Future Innovations: A lot of pretty cool projects are being launched in the crypto space attempting to solve problems in current financial systems, so the future is all about future improvements.


  • It's Decentralized: Since blockchain is decentralized, there's no governance or presence of regulators. This increases the risk of fraud, filling the market with many scam projects and only a few legitimate ones. This leaves very little recourse in case something goes wrong.
  • State-Wise Regulations: Only a handful of states are considered 'crypto-friendly,' including Wyoming, California, Colorado, and so on. Even among these states, the regulations for crypto use are different. Although this shouldn't affect the use of crypto for simple payments, you can still face some resistance when cashing out certain crypto coins.
  • No Dispute Resolution: With the use of crypto, you don't have to worry about chargebacks. However, there's also no system in place to solve any disputes that may arise with customers.
  • Uncertainty & Taxes: While IRS has provided a lot of information regarding the use of crypto, it can be challenging to navigate through it. Every day, the federal government issues threats to pass laws regarding crypto, but there's still no clear picture of this virtual currency's future.
  • Volatility Risk: The crypto market changes incredibly fast, and that means the risk volatility is high in this space. This is both a pro and a con depending on how you use the cryptocurrency paid by customers. If you use a crypto payment processor, then they will quickly exchange it into fiat currency, providing you with the exact value of the goods sold. However, if you hold on to the cryptocurrency, it can either rise or decline in value, even within hours.

Let's Look at a Few Common Cryptocurrencies:

There are over 10,000 cryptocurrencies out there as of 2022, but you don't really need to know about all of them. Let's talk about some of the major players of the game, as most people will be using them to make crypto payments.

  • Bitcoin: The cornerstone of the crypto space, Bitcoin started the blockchain revolution in 2009 and currently holds the highest value in the entire market. Whenever this undisputed king of the decentralized land experiences a hiccup, all other cryptocurrencies face a bump as well. Some enthusiasts in the crypto community have even dubbed bitcoin as digital gold.
  • Ethereum: If bitcoin is the Alfa of the crypto pack, then Ethereum is the beta. It's the second-biggest blockchain, and instead of having a similar blockchain concept as bitcoin, ETH came up with its own; smart contracts. It also introduced dapps, which are regular mobile or web applications but without any single party controlling them; they're decentralized apps. The NFT craze also started with Ethereum.
  • Cardano: Ethereum brought a revolutionary concept of smart contracts, but it lacks governance and scalability (which are being solved with Ethereum 2.0). Cardano is a cryptocurrency with smart contracts and an active and passionate community working hard to solve these issues.
  • Solana: Solana is directly competing with Ethereum by providing smart contracts and NFTs with faster speeds, lower fees, and big investors.
  • Polkadot: Many projects are now focusing their attention towards the internet of blockchain that includes Web 3.0 and Metaverse in the pipeline. Polkadot is one of the prominent coins focusing on the internet of blockchain.

Some more coins that are commonly supported by most payment gateways include Dogecoin, Bitcoin Cash, and Litecoin, to name a few.

How to Start Accepting Bitcoin and Cryptocurrency as Payments?

Alright, now's the part where you get what you're most interested in; how to start raking those virtual coins from customers? Well, whether you're a physical or an eCommerce store, there are two main ways to do this; let's check them out below:

1. How to Accept Crypto Payments as a Business?

As a physical retail store, you have two options to receive cryptocurrencies; directly or via crypto merchant services provider; let's take a gander at both of them below:

Accepting Cryptocurrency Payments Via Merchant Services:

You can start accepting bitcoin payments or other virtual currencies through a payment processor. A merchant services provider will help you set up the POS system of a processor where your customers can pay using a wide range of cryptocurrencies.

The cryptocurrency will automatically convert into fiat currency, which will be deposited into your bank account at intervals decided in your contracts.

  • Pro: It's the most convenient way to receive crypto payments even if you don't know anything about blockchain. You'll just get the currency exchanged into fiat and deposited into your bank. Plus, since there's a 3rd party involved (your payment processor), you'll have a layer of security as you won't be directly receiving payments from anonymous customers.
  • Con: You will have to pay the payment processor's fee, and your transactions will not be completely anonymous as they'll go through a 3rd party; your payment processor.

Accepting Crypto Payments Directly:

If you don't want a payment processor and would prefer to receive altcoin and bitcoin payments directly to your crypto wallet, you can deal with customers directly. You will need a few things:

  • Wallet: You will need a crypto wallet where you'll store the cryptocurrency payments you get from customers. They'll transfer crypto from their wallets to yours.
  • Public Key: You will need to provide customers with a hash code (a string of numbers like that of a bank account number) or a QR code that customers can scan and send the payment.
  • Crypto Exchange: Once you receive crypto payments into your wallets, it's not very secure to keep them there, especially if you have a hot wallet (online wallet). You either need a cold wallet (offline wallet like USB storage to store your coins). or quickly exchange the cryptocurrency into fiat money using a crypto exchange like Binance or Coinmama. Then you'll transfer that money from the exchange into your bank account.

As you can guess, accepting payments on your own can be quite a hassle. You will be doing all the work just to save a few dollars on fees. Plus, as the number of transactions increases, a lot of your time will be spent in handling them instead of focusing on handling customers.

2. How to Accept Bitcoin Payments on Your Website?

If you've got an e-commerce store and don't know how to accept crypto payments, then don't fret; it's not that difficult. Here are two ways to do it:

  • DIY: If you want to avoid using the services of any third party like a payment gateway, you'll have to generate a wallet address (public key) for every sale. The customer will use that address to send you the payment. The only problem here is that you will have to build a checkout system around crypto payments on your own and handle invoicing.
  • Payment Gateway: Over the years, crypto payment gateways have matured more than you may expect. A wide range of service providers is available, including Coinbase, NOWPayments, Bitpay, and Coingate, to name a few. They can accept a massive range of cryptocurrencies. Whether you have a Shopify or a WooCommerce store, you can easily integrate them into your payment system.

If you don't mind paying a small fee to handle your crypto payments, using a payment gateway is the most reliable and convenient way to start accepting bitcoin and altcoin payments on your website.

How Can You Set Up Crypto Merchant Services?

You need a crypto payment gateway to start accepting bitcoin and altcoin payments more conveniently and securely. A crypto merchant service provider will help you set up the payment gateway, including online payment processing and POS hardware.

Tip: Make sure to find POS terminals that process both NFC/EMV cards and receive crypto payments; it’ll make your life a lot easier.

Cryptocurrency merchant services are available in both Custodial and Non-Custodial forms. The former refers to those service providers through whom the cryptocurrency payments pass. So they first take control of the currency, exchange it and then send it to your bank when it's time for a payout as per your contract.

The latter one (non-custodial) refers to those who never take possession of the crypto payments, so you own the funds once they go through the payment gateway.

Both types of merchant services have their pros and cons. However, if you want the process to be secure and want your merchant services provider to be more involved, custodial is the better option.

Should Your Business Accept Crypto Payments? Here's How to Tell:

Crypto payments are one of the most exciting developments in the physical retail and e-commerce industry, and the future is only looking brighter with every passing day. If you're on the fence regarding the adoption of cryptocurrency payments, here's how you can tell if it's right for you:

  • You Have Interest in Crypto: If you already follow the crypto market and have made a few investments, accepting bitcoin and altcoin payments might be the right step. You can broaden your customer base to crypto enthusiasts and accumulate cryptocurrencies to hold or trade.
  • Your Customer-Base is Young or Tech-Savvy: Crypto might be the future, so young people may eventually start using it to pay for their purchases. So if you're catering to such a market, maybe it's a good idea to jump on this bandwagon right now.
  • You Want to Add More Payment Methods: If you're tired of paying hefty credit card fees, maybe it's time to experiment with crypto payments; they're typically not as high as credit card fees.

What's The Cost To Receive Cryptocurrency Payments?

There are two variables here that affect the cost; network fees (the fees charged by blockchains to facilitate the transactions). This fee is mostly paid by the person sending the money, so your customers may be the ones paying it.

The second fee is the payment gateway transaction fee that, which, right now, is around 1% per transaction. Some payment processors may also charge a small fee to transfer cash or crypto into your business or personal accounts.

Parting Words:

With the steep rise in traditional payment methods' costs, it's not a bad idea to look for alternatives that are cheaper and equally, if not more, convenient. These virtual currencies can prove to be the future of how we pay for goods and services.

However, there's always some risk with accepting Bitcoin and altcoin payments, which we've addressed above in the drawbacks sections. But if you can take this leap of faith, you may stumble upon a much better and lower-cost way to receive payments from anyone and anywhere in the whole wide world.

What's a Crypto Payment Gateway? Do You Need One?
Thursday, February 09 2023

With the worldwide acceptance of cryptocurrencies at physical retail stores, thanks to the rise in bitcoin payment gateway providers, one must wonder, what is a cryptocurrency payment gateway?

More importantly, as a merchant, what's in it for you if you set up a crypto payment gateway? Is it safe? Do you have to know a lot about crypto to use a payment gateway? Read on to find out:

So What's a Crypto Payment Gateway?

Simply put, the crypto payment gateway does exactly for cryptocurrencies what the regular payment gateway does for fiat currency. The function of any payment gateway is to accept payment from the customer, process it, and transfer it into the merchant's bank account. So a crypto payment gateway means it's a payment processor for cryptocurrencies.

With the help of crypto payment processors, merchants can accept digital payments and in exchange, get fiat currency in their bank accounts immediately. The crypto or bitcoin payment service providers remove any reservations or uncertainties one might have with crypto, enabling them to set up more ways to get paid.

Now you may ask the question, why do I need a crypto payment processor when I can get paid in my wallet? Well, you're right, you can absolutely accept crypto payments in your wallet but then you'd have to exchange them into fiat currency. Bitcoin or altcoin payment service provider, on the other hand, takes this extra step out of the process, providing you with exchange service immediately!

How Does the Crypto or Bitcoin Payment Gateway Work?

Crypto payment processors are the companies taking already accounted risks on your behalf by accepting crypto from your customers using their wallet(s). They then exchange that amount to fiat currency and transfer it to your bank account. Here's what a typical step-by-step process looks like:

  1. During checkout, either in-store or online, your customer selects cryptocurrency as a payment option.
  2. They pay in crypto equivalent to the value of fiat money set as the price of your product or service.
  3. The payment immediately converts into your choice of currency.
  4. The money is transferred to your pre-decided bank account in intervals pre-written in your contract.

The entire process is transparent and you don't have to worry about anything except that the bitcoin merchant services provider you're working with is honest and will transfer the correct amount of funds to your bank.

What Are The Fees to Use Bitcoin Payment Gateway?

You can expect to pay two kinds of fees here:

  • Payment processing fee
  • Non-payment processing fee

The first one is the service fee the crypto payment processor charges to facilitate the transaction.

The second one may or may not be charged depending on the currency used for payment. The payment processor uses a wallet to receive crypto payments, so if the customer pays in a currency that has fees levied on transfers, the processor will pass this fee on to you.

The Benefits & Drawbacks of the Crypto Payment Gateway:

Cryptocurrency, by its very nature, is designed to be anonymous and decentralized. This system makes transfers convenient and safer for two parties. However, since crypto payment adoption is still in its infancy period, some merchants may not be comfortable accepting digital currencies as payments. They may still be somewhat skeptical or reluctant to use this system.

To ensure you understand the rewards and potential setbacks of using bitcoin merchant services, we've laid out some key advantages and drawbacks below:

The Good Bits:

  • If a payment is processed through a payment gateway, there will be no anonymity, enabling you to keep track of who you're dealing with.
  • Anyone, anywhere in the world can pay you using any cryptocurrency your provider can receive; no geographical limitations.
  • If there are crypto payment issues, you have a service provider to help you out.
  • You receive the money exchanged into fiat currency from the provider in your bank account.
  • You don’t have to figure out the nitty-gritty of cryptocurrencies or how the blockchain system works, your payment processor will do all the heavy lifting.
  • You get paid the exact market rate of the cryptocurrency you’re being paid in at the time of transaction. This reduces the risk of volatility.

The Not So Good Bits:

  • Defeats the purpose of using cryptocurrency because a payment gateway is a 3rd party that crypto was originally designed to bypass.
  • You will be relying on the merchant services provider's ability to maintain 100% service uptime because you may be receiving crypto payments from different time zones around the world.
  • You will pay the crypto payment gateway provider's service fee on top of the transaction fee charged for transferring a cryptocurrency from one wallet to another.
  • If the gateway is hacked, you can lose any funds you have in their account scheduled to be transferred to your bank.

Parting Words:

The fundamental principle behind cryptocurrencies is removing any third parties from your transactions. With the use of the bitcoin payment gateway, you are involving a third party in the transaction. While this may defeat the purpose of crypto, if your business and products are legal, you don't really have to maintain anonymity.

You can use the crypto payment gateways to receive payments and enjoy instant fund exchange to fiat currency along with the peace of mind of having someone handling the technicalities for you. It is natural for any merchant to be skeptical about the use of cryptocurrency payment processors and to be honest, they are not mandatory. You can get paid directly to your digital wallet. However, using crypto and bitcoin merchant services providers, you can remove much of the disinformation, speculation, confusion, and anxiety that decentralized and unregulated sources of funds bring with them.

Note: Be sure to check the cryptocurrency regulations of your country/state before setting up a payment gateway. Crypto payment gateways can work from anywhere in the world and many countries are coming up with new regulations regarding the use of cryptocurrencies.

How to Get a Bitcoin (Crypto) Merchant Account
Thursday, January 12 2023

If you are following current trends in digital payments and the processing industry, then you know that Bitcoin and Crypto in general is making quite the splash when it comes to online payment processing. Bitcoin is the latest innovation in the payments industry and is opening up doors for merchants worldwide that want more flexibility, affordability, and privacy that come with cryptocurrency and Bitcoin payments. However, even though Bitcoin is becoming more widespread by the day, it still is a large unknown to many merchants and most merchants don’t know how to take advantage of the rising popularity of the digital asset. This guide will show you the information that you need to know prior to opening a Bitcoin merchant account and how you can actually go through the process of getting a Bitcoin merchant account for your business to expand your customer base and make your online payments more efficient.


What is Bitcoin?

Perhaps one of the biggest hurdles for business owners to accept Bitcoin in their business is knowing what exactly Bitcoin is and how it works. Once you understand Bitcoin, your business will be better for it, because understanding it is the first step to accepting it as a payment.


At its most basic level, Bitcoin is a digital currency that is independent from any government or organization. It was created as a currency for the people to use, and for that reason it has gained intrinsic value and the perception of value, as well. For most people, it is used as a long-term investment or store of value, however it is also used as a payment method and is currently accepted by a number of large online and in-person retailers.


Bitcoin was founded over 10 years ago anonymously by an individual named Satoshi Nakamoto. Bitcoin is “mined” digitally by having computers solve complex algorithms and math problems to unlock blocks of currency, controlling the supply. Millions of people around the world now use Bitcoin as a currency and some people even get paid in Bitcoin.


One of the main benefits of Bitcoin is that it can be stored on a computer, mobile device, or physical wallet. This means that it can be transacted anywhere, similar to a digital wallet that holds credit cards. Additionally, the drastic price increase in Bitcoin over the past few years means that it is growing in adoption each and every day. The potential for businesses to gain market share through accepting Bitcoin is enormous, since businesses that do are held on a pedestal in the Bitcoin community.

Benefits of accepting Bitcoin payments

If you’re looking to accept Bitcoin, it’s probably because you already recognize that there are many benefits to be enjoyed when you accept Bitcoin as a payment method. If you are still evaluating the viability of accepting Bitcoin as a payment method in your business, then you should be aware of some of the best benefits of accepting Bitcoin payments for your business.


When dealing with Bitcoin, speed is definitely one of the most relevant benefits. Bitcoin processes at the same or faster speed as perhaps any other payment method out there. However, the real benefit of speed when it comes to Bitcoin is how long it takes for payments to become available to you. With traditional payment methods, it can take days or even weeks for your money to become available to your account. However, with Bitcoin, your funds are available almost instantly if you are withdrawing Bitcoin and within a couple of days if you are cashing it out to USD or another fiat currency.


Affordability is one of the best strengths of Bitcoin and other digital currencies. With other payment methods, you will inflict a 3-4% processing fee. However, with Bitcoin, the fee is very minimal. When you use the correct payment processing service, it can cost only pennies to process a transaction instead of several dollars to process the same transaction. If you want to trim the fat in your business and create a more efficient process, Bitcoin is a great way to do it.


If you are in an industry where privacy is key, then there is no better payment option to use than Bitcoin. Bitcoin allows your customers to transact in private and send transactions anonymously, which is preferable for many people. Bitcoin is the only true way to offer this, and when you offer Bitcoin as a payment method you will undoubtedly see that your customers prefer to use it if they value their privacy.

Wider Customer Base

It’s a well-documented fact that when businesses accept more payment methods, their potential customer base widens. This is also the case with Bitcoin. When your business starts to accept payments with Bitcoin, a whole new customer base is exposed to your products and services. What this means for your business is that the potential for income and revenue has just increased and you’re more likely to have success with your venture. Widening your customer base is always a good thing, and the Bitcoin community has shown time and again that it rewards those that choose to accept their payment of choice.


How do you get a Bitcoin merchant account?

If you’ve heard enough and you’re ready to get started with your Bitcoin merchant account, we don’t blame you. There are many benefits to opening a Bitcoin merchant account for your business, but that’s not the difficult part. Many business owners still aren’t familiar with accepting Bitcoin or establishing Bitcoin payment gateways.


The best way to get started with accepting Bitcoin payments for your business is to get in touch with an account manager at your processor that handles Bitcoin accounts. There are some things and information that you will need to supply if you want to get a Bitcoin merchant account, including processing payment statements, banking statements, and some patience when it comes to approvals.

How long does it take to get approved?

This is one of the most common questions, because businesses are often excited to get started and start feeling the positive effects of getting approved for a Bitcoin merchant account. If you are applying for a Bitcoin merchant account, you will typically have to have a bit more patience than if you were applying for a regular credit card processing merchant account. The reason is that Bitcoin processing is still new to the payments industry and underwriters typically take a longer look at these applications than they do with others.


However, that process is improving as more and more businesses want to accept Bitcoin. For some, the process could take as little as 1-2 days. For others, it could take up to 10 business days to get approved. The approvals process and how long it takes will largely depend on a number of factors including your industry, the quality of your application, and whether more information is required of you from the underwriters.


What about the payment gateway?

If you are sold on the idea of Bitcoin but are concerned about how to facilitate it, then put your mind at ease. The best thing about partnering with a merchant services company that offers solutions for Bitcoin payments is that they often provide a payment gateway to go along with the processing. For you, this means that there is very little work involved to get the gateway up and running and allowing your business to accept payments by Bitcoin.


For the customer, it means that they will have a seamless experience when paying with Bitcoin, making them much more likely to use your business again. If you want to make the process as easy as possible for both you and your customer, then partnering with a merchant services business that offers a robust payment gateway for Bitcoin payments is the only way to go.

Fees involved in accepting Bitcoin

Just like there are fees involved in accepting credit card payments, there are also fees involved in accepting Bitcoin payments. While fees are never the most fun part of accepting payments, you should know that the fees for accepting Bitcoin payments are often far more affordable because of the lack of chargebacks. Because Bitcoin payments are irreversible, that means that your business likely won’t have to deal with any chargebacks from Bitcoin payments. This incurs much less risk for the merchant services partner and allows all parties involved to keep more profit from the transaction.

Future of Bitcoin payments

There’s nothing worse than investing in a crypto payment gateway only to have the payment method die out in a couple of years. That is one of the main fears of merchants that are hesitant to accept Bitcoin payments. While this concern would have been valid a few years ago, Bitcoin has now proven that it is around for the long haul and has gained very widespread adoption compared to where it was only a couple of short years ago. While it might not ever be the primary payment method of the world, it can now be confidently said that there is not a lot of fear about it going obsolete within the next couple of years. You can invest in a Bitcoin payment gateway without concern that you are investing in a technology that can’t help your business in the long run.



Accept Crypto Payments

Get started with Crypto payment processing. It's never been easier to accept payments for any type of business.

Accept Crypto

Get started with Crypto payment processing. It's never been easier to accept payments for any type of business.

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    Merchant related products and services are referred to North American Bancard. North American Bancard is a registered ISO of Wells Fargo Bank N.A., Walnut Creek CA, of BMO Harris N.A., Chicage, IL and The Bancorp, Philadelphia, PA.