How to accept cryptocurrency on the site
The modern world dictates its conditions, and cryptocurrency from the section “available for the chosen ones” has long become a promising means of payment.
The demand for cryptocurrency shows steady growth, and this indicates that there will be more and more applications for this means of payment.
Trendsetting entrepreneurs have already started to accept cryptocurrency when selling goods and services online.
Organizing this process does not require special knowledge, so if you are still thinking about whether to give this opportunity to your customers, we will tell you how to connect payment with digital currency and choose the best intermediary.
Peculiarities of cryptocurrency payments
Cryptocurrency is very different from the usual fiat currency. This type of asset is created only digitally and is encrypted data, protected from counterfeiting and copying.
This currency is not connected to the standard currency system or any country’s banking system.
The advantages of digital currency include the anonymity of participants, which is achieved due to the fact that transactions do not involve banks – intermediaries but occur directly between users.
Other advantages of cryptocurrency also include the security of cryptocurrency payments.
Why you should start accepting payments in cryptocurrency on the site
Cryptocurrency is considered a promising trend.
By connecting payment in digital currency to the site, you not only give extended opportunities to clients but also get an opportunity to attract a new target audience.
You should not ignore people who prefer to make payments in cryptocurrency, because there are more and more of them every day.
The main advantages of digital currency for business
Security
All cryptocurrency transactions are protected. Information is stored in the chain of codes (blockchain) with almost no time limit.
Reduced fees
Bank transactions are usually more expensive than cryptocurrency transactions.
No intermediaries
There are no third parties in cryptocurrency payments, so they are practically not controlled by banks, the state, or tax authorities.
Impossibility of chargeback
The risk of chargebacks is zero when paying in cryptocurrency, as there is no such thing as a “chargeback”.
In most cases, people are afraid to accept crypto, because they believe that it greatly limits the owner of a commercial site. However, this is not true at all. Today, cryptocurrency can be easily exchanged for fiat currency or left on your e-wallet for safekeeping as a promising investment asset.
How to pay in cryptocurrency
Cryptocurrency payments are more and more common, so the process of accepting such payments already has a name – cryptoprocessing.
This method of payment is in demand in many areas, it is common not only in the field of online shopping but also on the sites selling tickets and tourist tickets.
When paying in cryptocurrency, the client is redirected to a link to the payment page. The intermediary cryptocurrency service is responsible for forming the link.
The client can see the amount paid in the selected currency on the page.
The peculiarity of payment in cryptocurrency is that it is necessary to have time to make the payment in a certain amount of time.
This feature is associated with the volatility of the rate of cryptocurrency.
The principle of payment on gambling sites is slightly different: here, transactions do not have such a strict time fixation, as users add money to their wallets in their personal accounts.
The whole procedure takes an average of a couple of seconds to an hour. But even so, it is much faster than processing a payment through systems like Visa or Master Card.
What cryptocurrency can be used to pay
The cryptocurrency market is constantly growing and developing. Today, there are already about 1,500 types of assets.
There is no need to connect the ability to pay with all types of cryptocurrencies, it is enough to choose only the most popular cryptocurrency options for the site.
In order to understand which cryptocurrency clients, prefer to use, it is enough to study any international cryptocurrency rating.
However, even without examining the ratings, it’s worth plugging in payment:
Bitcoin
Bitcoin is the best known, most publicized, and therefore popular digital currency with which the very concept of “cryptocurrency” is associated. Bitcoin is designed precisely to make payments.
However, this peculiarity makes the currency little functional compared to others.
Bitcoin’s advantages include relative stability, availability, and market leadership. Bitcoin is relatively easy to buy and more reliable than cryptocurrencies that have appeared relatively recently.
Bitcoin Cash (BCH)
This currency was created to increase the speed of transactions and at the same time reduce the load on the network.
The emergence of this variety of bitcoin made it possible to reduce transaction fees. At the same time, the structure and functions of BCH are similar to bitcoin.
BCH is loved for its faster transactions and ease of mining. However, the cryptocurrency’s advantages also include a refined security system.
Ethereum (ETH)
In this case, we are not just talking about cryptocurrency, but also about a smart contracts platform. Initially, Ethereum was conceived as a platform for sellers of financial, insurance, and logistics services, but it ended up being the second most popular cryptocurrency.
Transactions with Ethereum are transparent and accessible, and the technologies that are used are versatile and functional.
Litecoin (LTC)
This cryptocurrency was originally positioned as an improved bitcoin.
Litecoin operates on the blockchain principle. But the developers have not only increased the transaction speed. Also the degree of protection, eliminated the complexity associated with the volume of blocks.
This makes the currency advantageous in terms of scalability, almost instantaneous transactions, and high blockchain block generation speed.
Ripple (XRP)
This type of currency is aimed at large market participants. It was conceived as an alternative to the SWIFT system.
XRP significantly increases the speed of cross-border financial transactions, while the process itself is greatly simplified. That is why this cryptocurrency is used by banks.
Ripple, unlike other digital currencies, is centralized. However, it has other advantages, including the ability to exchange not only for fiat but also for gold and stocks with minimal fees. Transactions with XRP are fast and well protected.
Tether (USDT)
The cryptocurrency is tied to fiat currency and runs on the bitcoin blockchain. USDT is distinguished not only by its exchange rate stability but also by the possibility of a simplified exchange into fiat and real assets.
How to connect the cryptocurrency payment option to the site
In order to give its users, the opportunity to pay in cryptocurrency, the site owner only needs to choose the most appropriate option for him:
- Registering a wallet and placing a link to the wallet on the site. However, in this case, it will be more difficult to track the payments because they are not tied to the product.
- Development of a payment instrument. Rather an expensive solution, which will be justified only if there is a large volume of sales.
- Connecting payment through a payment intermediary.
Aggregators take responsibility for accepting payments in cryptocurrency. The intermediary makes the process comfortable and convenient not only for the client but also for the businessman himself.
The owner of the site is provided with a module that allows him to start accepting payments in cryptocurrency. To describe the payment process schematically, it goes like this:
- In the first step, after clicking on the “Pay” button, the customer is redirected to the payment page, which is encrypted.
- Then the client chooses which cryptocurrency he will pay in and receives details for payment.
- At this point, the aggregator fixes the rate and begins to count down the time in which the buyer must make the payment.
- After the transaction is made, the module tracks its status. After confirming the transaction, the merchant will receive a notification with the order number and its composition.
- If a digital product or service is purchased, the customer can access it immediately after confirming the transaction, provided the sales are automated.