In a digital world where cryptocurrency is on the rise to becoming a popularly used form of currency, businesses and shop owners have been integrating cryptocurrency payment gateways into their workflow as a payment method to attract customers from all over the globe. And, crypto payment gateway without KYC (Know Your Customer) is a hot topic that is being discussed in the crypto world.

Today, together with XAIGATE, let’s answer these questions: “What is a crypto payment gateway without KYC? Why should you consider using a crypto currency gateway without KYC?” in details and learn why XAIGATE is the top crypto payment gateway without KYC on the market today.

What is a crypto payment gateway without KYC?

What is a crypto payment gateway?

Before diving into the topic of KYC, let’s first discuss what is a cryptocurrency payment gateway? Cryptocurrency, different from traditionally used fiat currencies such as USD, is a digital form of currency. Thus, in order for merchants to seamlessly accept crypto from customers, a crypto payment gateway is needed to act as a bridge between business owners and customers who pay for their goods and services. In other words, a crypto payment gateway is a form of payment processor, much like fiat currencies payment processors and bank credit cards, for digital currencies.

What is KYC?

Next, let’s go into the topics of KYC and its relationship with cryptocurrencies payment processor. KYC, or Know Your Customer, is a set of procedures adopted by financial institutions and some crypto platforms to authenticate the identities of their users. This protocol usually comprises:

• Collecting personal data such as full names, residential addresses, and sometimes government-issued ID, passport photos from customers.
• This protocol is carried out as a preventative measure against fraudulent activities and financial crimes to protect both customers and merchants in the process of currency exchange.

Challenges of the KYC process

While the KYC process is designed to prevent fraudulent activities, it is considered a cumbersome and invasive protocol for many users.

• Privacy Breach: The KYC process collects users’ personal data and sometimes their IDs, thus making them feel uneasy about sharing their sensitive information. Nowadays, consumers put privacy on the top of their priority list, so sharing their personal information can be perceived as dauting and uncomfortable.
• Security Concerns: While the KYC process is designed to prevent frauds, it poses another security concern in the case that these payment gateways are hacked and personal data are stolen. These cases happen at an often enough rate today that people are rightfully concerned about the possibility.
• Repetitive and laborious process: Security and privacy breach aside, filling out information as part of the KYC process is a repetitive and laborious task for many as it requires many inputs, several steps, and errors requiring both customers and businesses to spend a lot of time in order to correct the information.

Why should consumers use a crypto payment gateway without KYC?

KYC is not important in cryptocurrencies

As we have just dived into the challenges of using a crypto payment gateway without KYC, you might be asking: “So, is it really necessary to go through the KYC process with cryptocurrencies?”. And, the answer is: No, KYC is not important in cryptocurrencies.

Cryptocurrencies, spearheaded by Bitcoin, were designed to decentralize control from financial services, offering accessibility and transparency to all users. Bitcoin was specifically designed to ensure that no individual is excluded from financial opportunities. Therefore, the very reason cryptocurrencies were created contradicts the KYC requirements as KYC process is opposing the principles of decentralization and accessibility to all.

Moreover, because of the nature of cryptocurrencies and the anonymity of their users, authentication and verification of businesses imposed on their customers may prove to be a challenging process, making KYC the more cumbersome and less practical for the workflow.

Conundrum of using a crypto payment gateway without KYC

If KYC is such a cumbersome process and there is no necessity to KYC in cryptocurrencies, why would businesses still impose KYC? It is because of the KYC dilemma entailed when one wants to convert crypto into traditional fiat currencies.

KYC is only needed when cryptocurrencies are converted into fiat currencies since exchange services facilitating this conversion often mandate KYC process in order to adhere to regulatory rules. Thus, requiring a KYC process from customers isn’t necessarily a crypto payment gateway’s own inclinations, but rather a mandatory process if cryptocurrencies are to be converted into fiat currencies. This dilemma of needing a KYC might push users away since they might have chosen cryptocurrencies because of privacy and anonymity they offer in the first place.

Benefits of using a crypto payment gateway without KYC

Despite the conundrum of needing KYC when converting to fiat currencies, there are many enticing reasons as to why you would want to use a crypto payment gateway without KYC.

• Privacy: Users can maintain their privacy without sharing sensitive personal information since there is no personal data collection processes. This is in line with the nature and attraction of cryptocurrencies in that they offer complete privacy and anonymity to users.
• Accessibility to all: A crypto payment gateway without KYC allows everyone, regardless of their backgrounds, to be a part of the crypto economy. This also agrees with cryptocurrencies’ nature of decentralization.
• Speed: Without the need to complete the KYC process, transactions are carried out swiftly without delays, making the workflow more efficient and improve customer experience.
• Reduced Costs: No KYC means businesses can save on their administrative costs and lower transaction fees for their customers.
• Enhanced User Experience: Not only is a crypto payment gateway without KYC fast but it is also hassle-free without all the tedious documentations and verification processes.

Things to consider when choosing a crypto payment gateway without KYC

In order to ensure you select a safe and secure crypto payment gateway without KYC, there are a few things to keep in mind:

• Security: Make sure the gateway you select has thorough security protocols to ensure there is no fraudulent activities or data breaches that can pose security risks to you as business owners as well as your customers.
• Diverse Cryptocurrencies: The gateway service you provide should be able to accept a wide range of different cryptocurrencies so you can draw in a wider range of customers.
• Fees: It is also important to pay attention to the service fees so you don’t increase your overhead cost too much, especially if you are a small business.
• Reputation: Be sure to do diligent research into the gateway you are considering and read reviews to see if other users are satisfied with the service.
• Customer Support: In case problems arise, having a customer support that is responsive and helpful would make sure you can integrate the gateway into your workflow seamlessly and without troubles.

XAIGATE – the best solution to crypto payment gateway without KYC

If you have made it this far in the article, you would hopefully be convinced about the benefits of using a crypto payment gateway without KYC and informed about how to select for one. If you are looking to integrate a gateway into your business, XAIGATE is the ideal choice if you want a reliable, safe, and efficient gateway without KYC at an affordable cost so you can advance your business without increasing the overhead cost too much.

Some of our special features that set us apart from our competitors include:

• Low fee: Our transaction rate is competitively low at 0.2%.
• No monthly cost: We also don’t have monthly maintenance cost so you don’t have to worry about additional fees.
• No KYC required: Our KYC-free platform ensures a seamless and efficient gateway for businesses and customers to use without worrying about privacy and data breaches.
• E-Commerce Integrations: Our gateway can be easily integrated into different e-commerce websites.

• Invoice Support: Our service includes invoice supports.
• Diverse Coin Acceptance: XAIGATE accepts BTC, ETH, LTC, BCH, LINK, DOGE, USDT and more 9.866+ different coins, helping you reach customers from all around the globe.

At Bitcoin Payment Gateway, we are always happy to assist you every step of the way and ready to answer all your questions should you have any. Reach out to us today if you are interested and rest assured we will aid you in advancing your business to the next level!