Cryptocurrency payment gateways are revolutionizing e-commerce, with 75% of retailers planning to accept crypto payments within the next two years, according to a recent Deloitte survey.
Key Takeaways
- Crypto payment gateways enable e-commerce businesses to accept digital currencies, expanding their customer base and reducing transaction fees.
- Popular crypto payment gateways include Coinbase Commerce, BitPay, and CoinPayments, each offering unique features and supported cryptocurrencies.
- Implementing crypto payments can lead to faster transactions, lower fees, and increased security compared to traditional payment methods.
- When choosing a crypto payment gateway, consider factors such as supported currencies, integration ease, fees, and customer support.
- Crypto payments can help businesses tap into new markets and appeal to tech-savvy customers, potentially boosting sales and brand loyalty.
Cryptocurrency is a type of digital asset that is increasingly used in the modern world. It is used not only for earning and preserving capital, but also as a crypto payment gateway for accepting payments worldwide. Let’s break down the important points to know.
Pluses of using cryptocurrency as a means of accepting payments
Cryptocurrency as a payment instrument has many pros:
- There is an increase in the number of buyers around the world. It becomes easier to accept international payments. This is especially relevant for those who consider citizens of other countries as the target audience, for example, when sending goods abroad, when selling digital products, etc.
- There is virtually no risk of funds being blocked. Decentralization of cryptocurrency means that there is no single supervisory authority. Using cryptocurrency allows you to bypass most of the restrictions imposed by individual states and banks.
- Commission costs are reduced. When you make a transaction using cryptocurrency, you are charged a blockchain network fee that is significantly lower than international bank transfer fees.
- Cryptocurrency payments are quite fast. Since intermediary banks are no longer needed, the time to complete each transaction is significantly reduced. In addition, the speed of the transaction can be accelerated by offering a higher fee.
- Hedging against inflation becomes possible. The depreciation of fiat currencies is a major threat to all financial market participants. For example, for some, buying stablecoins is one possible way to cope with hyperinflation, which has reached a million per cent in recent years.
- Personal data is much better protected. Accepting payments in cryptocurrency ensures complete privacy of wallet owners. Due to this, the risk of fraud, information theft and other negative events is minimal.
- It is possible to make payments at any time. Unlike banking institutions, transactions in cryptocurrency are carried out regardless of the date and time of day.
Using cryptocurrency, it is possible to make and accept payments with much greater ease without limiting oneself to the territory of a certain state. Of course, decentralization and anonymity have both positive and negative sides. But the advantages that cryptocurrency has make it a sought-after financial instrument in different countries.
What is crypto processing?
Crypto Processing is a way of accepting payment for goods and services online using cryptocurrency. By connecting it to your website or online shop, you can increase conversion to payment and improve the financial performance of the project.
Pros of cryptocurrency acquiring:
- accepting international payments becomes much easier than using bank cards;
- payment risks are virtually non-existent, owners’ accounts are safe;
- transactions are processed automatically regardless of the day and time of day.
To accept international payments without unnecessary difficulties, it is enough to study the whole crypto processing!
