Litecoin payment gateway is widely used in cryptocurrency payments; many businesses today accept LTC from clients globally and settle payouts using the coin. Merchants consider security and availability as non-negotiable characteristics of their tools, while customers always lean for services with stable, secure, and fast confirmation. The coin combines these qualities in an all-in-one package.
Introduction to Litecoin and its benefits for payment processing
LTC is a cryptocurrency unique because of its low cost, fast speed, and secure services. Created in 2011 as a fork of Bitcoin, LTC quickly gained popularity in the crypto industry and improved Bitcoin’s scalability.
What is LTC payment method?
It is a solution, software, API, tool, or system that relies on blockchain technology to send and receive funds using LTC. The method offers these benefits to businesses:
- Quick confirmation times and low fees.
- Automatic conversion of received funds to fiat currency (EUR, USD, etc.).
- Industry-leading refund system.
- Ability to accept over 160 cryptocurrencies.
- Low transaction fee.
- Enhanced financial operations and management.
- Auto-withdrawal and fast processing time.
- Accountability and reliability.
- Multi-merchant management.
- Multi-user role management.
With this solution, businesses can quickly scale their financial operations, reaching more users and accessing more tools to manage their personnel and finances.
How a Litecoin payment gateway functions
How to pay with Litecoin? Once integrated on any platform, or API uses a simple flow:
- The user initiates a transaction from the customer-facing side.
- The app receives the instructions and initiates the process.
- The app verifies the transaction and user to ensure safety.
- The API interacts with the underlying blockchain to send money, receive the associated information, and verify completion.
- The API returns information about the transaction status; if successful, customers get a receipt and move to the next step with the merchant.
- The app puts the crypto into the merchant’s preferred coin and sends it into their designated storage wallet.
- The app can auto-convert the coin into fiat currency based on additional settings and send it to an external destination.
- Where there are suspicions of fraud, the API can separate the suspected funds from other transactions, ensuring accountability and limiting the potential losses.
Comparison with other cryptocurrency payment gateways
A merchant who accepts Litecoin probably compares several solutions to get the best fit for their business. LTC, BTC, BCH, ETH, and USDT systems are the most widely used in crypto transactions.
Litecoin | Bitcoin | Bitcoin Cash | Ethereum |
Faster confirmation time.Low transaction fees.Automated conversion and withdrawals.Supports over 160 coins.Industry-standard security protocols. | Has a higher liquidity than other systems.Typically, there are higher fees than others.Slower confirmation time.Less scalability. | Faster and cheaper transactions than Bitcoin. Lower adoption compared to Bitcoin and Litecoin | Often faster and less expensive than Bitcoin gateways.Supports smart contracts and decentralized applications used by specific companies. |
Who accepts Litecoin as payment?
Merchants can receive funds from costumes globally and manage their processes easily with a lean staff. Integrating one or more crypto systems can improve user experience, making it easier to help customers initiate and complete transfers in LTC without converting through the fiat-crypto route.
Setting up a LTC gateway for your business: A step-by-step guide.
Knowing how to pay with LTC is as easy as setting up the API. The setup is simple and direct:
- Contact the service provider. On Bithide.io, you can reach the customer agents by filling out a simple form with your contact details, and an agent will contact you shortly.
- Engage the customer agent. Discuss your unique business needs and receive a customized solution for them.
- Receive documentation and complete the setup. Once documented, you can go ahead to receive and install the API to accept Litecoin.
- Install the API and set up private keys. Follow the instructions to download and install your API and set up your wallet, private keys, access, and other features.
- Receive funds from clients and send them anywhere directly to your wallet.
This requires little technical knowledge, and the customer agents are always available to support you. The self-hosted keys ensure complete control over your LTC pay software for customer satisfaction and streamlining business operations.