The Best Cryptocurrency Payment Gateway for Ecommerce

The very essence of blockchain implies personal control over financial flows, wallet management, and transactions, as well as personal responsibility for the loss of one's own funds. Of course, you can avail yourself of all the advantages of centralized custodial services, but that's no different from the traditional banking sector. However, if you're a true crypto punk and want to harness all the benefits of cryptocurrencies as a technology, it's worth considering the technical advantages of non-custodial services.

Custodial vs Self-Custodial

Custodianship involves the presence of an intermediary with authority to control your crypto assets during transactions. For example, payment gateways like Coinbase, Bitpay, Plisio, and NowPayments hold your funds in their accounts and manage your financial flows. Consequently, they impose additional fees, require identity verification and documents depending on your activities and the legal registration of the payment gateway itself, and may freeze your funds or refuse transactions until certain information is confirmed or additional data is provided.

Non-Custodianship, also known as "Self-custodian" in short, refers to service provision without transferring authority to a third party (intermediary).

A Google search for "non-custodial" would primarily yield articles related to cryptocurrency wallets. This isn't surprising as the term specifically pertains to asset storage.

Non-custodial services do not have control over clients' crypto assets and cannot influence transaction outcomes. Essentially, they offer software solutions that facilitate P2P transactions without handing control of crypto assets to third parties. Consequently, control over assets and keys remains with the service user, and any issues such as regulatory sanctions, bankruptcy, or service hacks do not result in the loss or restriction of ownership of crypto assets for their owners.

To ensure a user-friendly interface, using a non-custodial service may require client authentication to establish account credentials. However, the information in these credentials is not linked to access to the client's wallet, so compromising this data would not lead to the loss of crypto assets. Wallet and asset control remain with the owner.

Non-custodial cryptocurrency gateway

For example, let's consider a BconGlobal service.

This is a cryptocurrency payment gateway that allows you to connect your wallets to any projects and receive payment for goods and services in a P2P format, specifically directly from your users.

Conveniences:
- Instant transfers (money goes directly to you).
- Security (your funds won't be blocked or frozen).
- Easy setup (download the plugin and provide your wallet address). Ready-made plugins for Wordpress, Opencart, Shopify (under development).
- No KYC checks or document requests (only email and password for registration).
- Low fees (1% of the transaction amount, paid separately).
- Convenient API for developing your payment solutions.
- Referral program with 20% commission from the service fee.
- Ability to connect almost any wallet, such as: blockchain.com, electrum, ledger, trezor, metamask, rabby wallet, exodus, wasabi, and others.
- Convenient statistics in the personal account.

Disadvantages:
- Limited selection of cryptocurrencies; BTC, BNB (BEP-20, BSC chain), ETH, and TRC under development.
- Lack of automatic conversion to stablecoin since the service doesn't have access to your wallets.

Connection to the service

Connecting to the service is quite straightforward. To create an account, only an email and password are required.

Afterwards, you can connect your store by either downloading a plugin for Opencart or Wordpress, or using the API. When connecting, you'll need to provide your wallet address (for BTC - xpub, public key) where the funds will be received, as well as a callback script to receive payment status notifications. When connecting via plugin, the callback is generated automatically.

After connecting Bcon, the invoice will look something like this:

Example for BTC and Electrum wallet :

For BTC, it is recommended to use wallets that allow viewing all wallets generated by the public key (xpub), as a separate wallet generated by the specified public key will be used for each new purchase. Do not confuse public and private keys. The public key does not grant access to your funds; it is merely a key used to generate new addresses for receiving them. For more details, please refer to the corresponding article.

Personal account and dashboard

The service provides a very convenient payment statistics breakdown by coins and blockchains. On the main tab, you can view payment statistics broken down by periods. There is also a tab displaying only the actual balance of your wallet.

Furthermore, the service takes into account exchange rate differences and shows how much you received at the time of the transaction and how much it is worth now. The display currency can be changed in the settings.

You can also view transaction history in a more detailed format, showing transaction numbers, dates, and so on. Filters are available, and data can be exported to .csv, .xls formats.

Graphical representation of transaction statistics and other functions are also available for testing upon registration.

Fees

The service charges a 1% commission on the transaction amount conducted through its API. Since the service is non-custodial, it cannot automatically deduct this commission from your transaction, so it is debited to your account balance. The account balance is replenished by a separate payment to the service wallet, from which commissions will be deducted. You can always withdraw the remaining balance by contacting support through the ticket system.

Referral program

The service offers a 20% commission for each referred client. This means you receive 0.02% of the amount of each transaction made by the client you referred. The money is credited to your account balance, from where you can withdraw it by submitting a request to support.

The cryptocurrency was created to minimize dependence on the banking sector and intermediaries. Don't hesitate to take advantage of all the benefits of technology.

Read more in our article 'Know Your Service'.