Digital finance has become a daily event in our lives. Alongside online financial pay, an increasing number of cryptocurrencies have started competing with traditional payment options. So, selling goods and services by accepting crypto helps businesses attract new customers and stay competitive in the market. Have you started accepting digital currency but are struggling to find a crypto friendly payment processor? If so, you should explore whether a white-label or standard crypto gateway is a better alternative.
Both options are viable to offer to businesses, e-merchants, and creators who wish to scale their operations and accept services in digital currencies. However, the nuances and subtle differences between the two can lead to some confusion.
Continue reading to learn whether you should go with one of these two options when accepting cryptocurrency transactions.
What Is the Difference Between Two Options?
Before getting into the weeds of which is best, it’s worthwhile first to discuss each of them and what makes them the best Bitcoin payment gateways.
Standard Crypto
It is provided by a company to process digital currency transactions on your site or through your app. The process works when the business owner hires the company to handle their needs.
The service can offer substantial savings to businesses. This is due to the fact that they would otherwise need to spend huge amounts of capital on a wide range of things such as expertise, hardware, software, and workforce required to build an in-house alternative.
However, if you build your own solution, you can build your brand and instill confidence in clients who abandon carts at the last minute after they are taken to the new site to pay.
White-Label Crypto
White label merchant services provide one of the best solutions to process transactions on another company’s website or app. It is much like a standard alternative, though with some differences. The key feature of such a company is that it will not push its own branding, services, or products on your customers.
Instead, they operate with a blank or ‘white’ label. This allows customization options where you can place your own branding, which will boost sales and establish trust among your clients.
White label crypto payment gateways offer much of the same, saving you money on building your own solution. Still, different options may impact how digital currency is integrated into your services.
Which Gateway Is the Best?
Below are some key things to consider when choosing between crypto gateways. Their differences will help you understand which one to adopt.
White-Label Case
Branding. It allows you to keep your own logo, branding, and ads available throughout the process. This is crucial to scale your business and helps you offer clients the impulse to buy at checkout.
Cost-effective. Cryptocurrencies payment solution has many advantages as a system built in-house. However, it does this at a small fraction of the cost, making it a highly cost-effective way of offering smooth and secure transactions.
Improved Bottom Line. By implementing the solution, you can improve your customer experience, build a more robust brand, and increase user retention while saving money on an expensive in-house system.
Standard Case
One of its biggest advantages is the capability to provide the cheapest way to handle digital currency securely in your company. There are a number of disadvantages, which you should consider. For example, the system can hurt your sales completion rate and customer trust. Such weaknesses overthrow the lowest cost if your ambitious goal is to stay in the market competitive for the long time.
Closing Thoughts
Choosing white label payment processing that aligns with your company’s budget, scale, and needs while serving your customers is crucial. If you don’t want to give name recognition to other brands on your site or mobile app and would prefer not to spend millions on developing your own solution, then you should choose this kind of service.
However, if you are happy for your customers to be led to another site and potentially be influenced by your competitors’ ads, a standard option is a fine choice.
BitHide offers Bitcoin payment processing solutions as a practical choice for businesses wanting a seamless experience for cross-border and mobile transactions on a customizable platform.
With lower transaction fees and a crypto payment processor tailored specifically to your business needs, you can rely on BitHide to help you offer customer satisfaction and establish loyalty.
Information about the author:
Levi Goldstein is a recognised expert in the field of finance and cryptocurrencies, with a PhD in Economics. He has extensive experience in financial analysis and consulting, as well as risk management. Levi actively researches and analyses new technologies and trends in digital finance. He regularly publishes in leading financial publications and speaks at conferences on digital technologies and cryptocurrencies. Levi Goldstein has extensive experience in developing strategies for investing in cryptocurrency assets and is an authoritative source of information for businesses and investors in this area.
