How to Get Paid in Tether on Your Website
If you have a business and you want it to become more successful, we know how to help you with this. The solution is simple – just start accepting cryptocurrency using crypto gateway! But isn’t it risky? USDT payments are suitable for cautious recipients.
In this article, we will discuss the advantages and methods of accepting payments in USDT for your online business.
What is Tether?
So what does USDT mean? Tether (USDT) is a cryptocurrency pegged to the US dollar, which makes it a stablecoin. The developers promise that this currency will be fully backed by Tether reserves. iFinex is the owner of Tether.
It was launched in July 2014 under the name RealCoin, and in November 2014 – Tether. Initially, it was based on the Bitcoin blockchain, and now USDT supports the Omni, Liquid Bitcoin protocols, as well as Ethereum, TRON and many other blockchains.
Tether is still the third largest cryptocurrency after Bitcoin and Ethereum. It is also the largest stablecoin.
What is the USDT payment method and how does it work?
So, you have decided to accept USDT payments for your business. How to do it? Here is the algorithm described briefly: Create an account in the cryptocurrency payment gateway, Select the method of invoicing to the client, create a payment and send it to the client, Receive the payment to your wallet.
Why you should accept Tether payments
There are many advantages of accepting Tether payments, here are the main ones:
Price stability
The price of a currency is predictable because it is tied to a fiat currency. It is quite convenient to use, because it resembles conventional fiat payments, while remaining a cryptocurrency.
Moreover, the fees for transactions in cryptocurrency are often lower than when paying electronically with a credit card, so many businesses prefer to use USDT.
Transaction fees
Transaction fees are usually high on exchanges, but with Tether there is no commission if you transfer funds from one Tether wallet to another.
Transaction time
If the replenishment and withdrawal of USD takes from 1 to 4 working days, then with the traditional banking system it takes from 1 to 3 working days. When it comes to transactions with USDT, it takes a few minutes to implement them.
International payments
In some countries, the financial system is not sufficiently developed, and it is difficult to conduct an international transaction there.
Accepting USDT through a payment gateway is beneficial for companies that have customers all over the world and want to accept payments from other countries quickly and with a low commission.
Access to
Cryptocurrency simplifies payments for those who do not have convenient access to banking services.
Protection against volatility
With our auto-conversion function, you can convert incoming payments in any cryptocurrencies to USDT and thus protect them from volatility, since the currency is pegged to USD.
Is it safe to accept Tether?
You can easily withdraw and deposit your funds at any time. Since 2015, USDT has not been canceled for a long time.
Moreover, Tether regularly provides reports proving that stable coins are backed by physical currencies.
The world of cryptocurrencies is relatively unpredictable, and USDT is here to provide us with at least some security.
Now that we’ve discussed all aspects of Tether (USDT), it’s time to find out how you can integrate payments in this cryptocurrency into your business.
How to accept Tether payments?
Wellcoinex
- Register a Cryptocurrency Payment Gateway Account
- Choose a way to integrate the USDT payment method into your business. Do you have any options?
- Integration of the e-commerce plugin
Choose the one that suits your site, download it, then turn it on and configure the API credentials.
Payment by link
Create an invoice and share it with your customers. They will be able to pay for it by opening a link or scanning a QR code. There is also a static wallet – share it with your customers once and receive payments to your wallet.
API for enabling USDT payments
This is a great customizable solution for merchants. However, its implementation requires some technical knowledge. Get the API key and ask your programmer to integrate it.
Now you are ready to accept USDT using our payment gateway.
Start Accepting USDT for your Online Business
Buying cryptocurrencies is a great solution for your business. You will attract new customers and stand out from other businesses by adding a new USDT payment method. In addition, USDT guarantees you protection against volatility.
It is very easy to start accepting Tether using the Wellcoinex payment gateway, but if you have difficulties with integration, our team is always ready to help. Contact us in the form on the main page of the site.
FAQ
What is USDT?
USDT stands for Tether, which is a stable coin pegged to the US dollar. USDT is a cryptocurrency that seeks to maintain a stable value of $1 per token.
This means that the USDT price is designed to track the value of the US dollar and reduce volatility, which is often associated with other cryptocurrencies.
USDT is used to transfer value and make payments in the cryptocurrency ecosystem and is often used as a store of value or a means of exchange for other cryptocurrencies.
How to buy USDT?
USDT, or Tether, is a stablecoin pegged to the US dollar. You can buy USDT on various cryptocurrency exchanges such as Binance, Kraken or Bitfinex.
To buy USDT, you need to create an account on one of these exchanges, go through the verification procedure, and then deposit funds to your account.
After funds appear in your account, you can place an order to buy USDT at the current market price.
Then USDT will be credited to your exchange wallet, from where you can transfer them to a separate cryptocurrency wallet at your discretion.
How long does USDT take to transfer?
The time required to transfer USDT (Tether) from one wallet to another may vary depending on a number of factors, including network congestion, the amount transferred and the data processing speed on the exchange or wallet used.
On average, the transfer of USDT can take from a few minutes to several hours. However, to get more accurate information about the transfer time and commission fees, it is always better to check with the specific exchange or wallet that you use.
What is USDT payment?
USDT (Tether) is a stablecoin pegged to the US dollar, that is, its value is pegged to the value of the US dollar. USDT payments mean the transfer of USDT from one individual or legal entity to another through a blockchain-based payment system.
USDT payments can be used for various purposes, such as making purchases, paying bills, or sending money to others. The advantage of using USDT as a form of payment is that its value is stable, unlike other cryptocurrencies, which can be very volatile.
This makes it a popular choice for individuals and businesses wishing to minimize the risks associated with cryptocurrency transactions.
What is the difference between erc20 and trc20?
Erc20 and Trc20 are both token standards used to create and issue tokens on the Ethereum and Tron blockchains, respectively. The main difference between them lies in the blockchainon which they operate.
Erc20 is a token standard for the Ethereum blockchain that defines a set of rules and standards that token creators must follow when creating tokens on the Ethereum network.
Erc20 tokens are created using Ethereum smart contracts and have become the de facto standard for creating decentralized applications and ICOs on the Ethereum network.
Trc20, on the other hand, is the token standard for the Tron blockchain. It is similar to the Erc20 standard, but has been optimized to work on the Tron network.
Trc20 tokens have faster transaction times and lower fees compared to Erc20 tokens, which makes them a popular choice for decentralized applications and token issuance on the Tron network.
In general, the main difference between Erc20 and Trc20 lies in the blockchain on which they operate and in the technical optimizations that have been made for each network.
What does payment method USDT mean?
USDT stands for Tether USD and is a stablecoin pegged to the value of the US dollar. The USDT payment method means that you can use Tether USB to pay for goods and services or to transfer funds to other people.
The advantage of using USDT as a payment method is that its value is more stable compared to other cryptocurrencies, since it is pegged to the US dollar.
This makes it an attractive option for merchants and individuals who want to avoid the volatility of other cryptocurrencies and at the same time be able to use the digital asset for transactions.
Is USDT payment safe?
The security of USDT or any other cryptocurrency ultimately depends on several factors, including security measures when storing and performing transactions with the currency, as well as the reliability of the exchange or platform where you buy, sell or store it.
Some common security measures include the use of secure wallets, two-factor authentication, and regular monitoring of your account for suspicious activity.
At the same time, it is important to remember that the cryptocurrency market can be very volatile, and any investment, including in USDT, is always fraught with risk.
Before making any decisions about buying, selling or using USDT, it is recommended to carefully study and understand the potential risks and benefits, and, if necessary, seek advice from a financial specialist.
Is USDT payment safe?
To receive a payment in USDT, you need to have a cryptocurrency wallet that supports USDT.
If you use a platform like Wellcoinex, you can simply tell the sender the address of your USDT deposit, and he will be able to send USDT to this address.
It is important to make sure that you send and receive USDT from a reliable source and securely store your private key to access the wallet.
How to transfer, withdraw and buy USDT
Before describing how to buy, transfer or withdraw USDT in fiat currency, let’s talk about what it is and why these operations have become highly relevant today.
The high volatility of cryptocurrencies – Bitcoin, Ethereum, Waves, Litecoin, Dogecoin, etc., which is especially evident since the start of the war between Ukraine and Russia makes investors look for ways to save their assets in cryptocurrency.
And one of the most effective and proven ways is to convert Bitcoin and other similar digital currencies into Stablecoins, that is, cryptocurrencies whose value is tied to some fiat currency or to liquid exchange commodities – oil, gold, etc.
And the most popular Stablecoin is Tether, a cryptocurrency token issued by Tether Limited.
The latter claims that its value is 80% secured by U.S. dollar reserves. Tether is denoted by the acronym USDT, the meaning of which is very clear.
How relevant is it to buy USDT
Dramatic world events have shown that Stablecoin is really tightly tied to the dollar, so its value has not changed.
A legitimate question may arise: “Why buy USDT, losing on conversion, when you can directly buy the U.S. dollar”?
There are reasons, and there are several:
1.Since the outbreak of the armed conflict between Ukraine and Russia, the circulation of dollars in these countries has been sharply restricted.
For example, in Russia, it is impossible for an individual to buy dollars in a bank. Or to transfer them from their bank card or with the help of some payment system.
The situation is similar in Ukraine. Dollars are not sold in a bank, and the exchange rate is 4-5 hryvnias higher than the official one.
It is also impossible to transfer dollars. In addition, the National Bank of Ukraine in April at all banned the purchase of cryptocurrencies for hryvnias.
But interest in earning with cryptocurrencies remains very high.
2.The world of digital currencies needs a cryptocurrency that is as reliable as the U.S. dollar is in the world of fiat currencies.
You need a safe haven where you can quickly transfer other cryptocurrencies if you feel a storm is coming.
All of the above problems can be solved with USDT.
How to buy USDT
Several tools can be used to buy USDT:
Cryptocurrency exchangers
The most popular way. There are dozens of online exchangers, which implies high competition, which means the most profitable rates.
In addition, some services monitor the rates of cryptocurrencies in exchangers around the clock and present them in a clear tabular form, ranking, starting with the most profitable. But there are two problems:
- Cryptocurrency rates are not constant, so the information on these services may not correspond to the real state of affairs.
- The exchangers may not have enough of the cryptocurrency of interest, particularly USDT.
- When using an exchanger for the first time you often need to go through a verification procedure.
- If the exchanger does not work in automatic mode, but in manual mode, the exchange operation may be delayed.
Unfortunately, due to restrictions imposed by the National Bank of Ukraine, many banks began to block such operations. Therefore, this option may not work for residents of Ukraine.
Exchange
These services differ from cryptocurrency exchangers in the following ways:
1.They offer a much larger number of cryptocurrencies and fiat currencies for exchange.
2.The exchange of cryptocurrencies takes place in real-time and the transaction itself takes a few seconds or a fraction of a second.
3.The commission for the exchange is less than for the exchangers. You should not take into account the commission for the withdrawal of funds from your crypto wallet on exchange to your bank card. Therefore, the total commission will be more than in exchangers.
Exchanges are very popular with traders who see cryptocurrency not as a way to preserve their assets, but as a tool to make money.
Payment systems
Many payment systems – PayPal, Perfect Money, Payeer, and others work with USDT. With their help, you can deposit your account at the exchange, and pay for a purchase in an online store.
In addition, for example, PayPal and Payeer issue debit cards that can be used to pay in offline stores.
The conversion into the desired currency is automatic. But, unfortunately, purchases in this way in offline stores in Russia, Ukraine, Belarus, Kazakhstan, and other CIS countries are not possible at the moment.
P2P exchange
That is, the exchange between two people. This is the principle of exchange between crypto and fiat currencies on the Binance exchange.
A seller puts up, for example, a certain amount of USDT and sets a price for them. To do this, he transfers these USDT to a temporary Binance crypto wallet.
The buyer transfers the specified amount to the seller’s bank card using the specified details. The seller confirms the transfer, and the exchange sends the USDT to his wallet. This scheme eliminates fraud.
In this case, since the money is transferred to an individual from an individual and the bank does not see what the money is actually transferred for.
P2P exchange is essentially the only reliable option for Ukrainian citizens to buy USDT or other cryptocurrency or to withdraw it to their bank card.
Crypto machines and offline exchange
A cryptomat is a special technical device (terminal) that can be used to buy/sell digital currency or exchange it for fiat currency.
Recently, cryptomats have been frequently used to buy goods from online stores that accept cryptocurrency as payment.
Customer identification in the cryptomat happens by fingerprint, QR-code, or phone number.
Crypto machines are very rare in CIS countries, even in large cities. Another disadvantage is their high commission. For example, when buying USDT for fiat, the commission is 5%.
In Ukraine, the sale/purchase of USDT for fiat is currently prohibited, including through cryptomats.
Alternative ways to withdraw USDT
On the Internet, you can see ads from individuals offering to buy a cryptocurrency for fiat currency.
That is, you withdraw, for example, USDT to the specified purse, and you get money transferred to your bank card.
Or vice versa, you transfer money to the specified bank card, and you get USDT transferred to your cryptocurrency wallet.
There are even telegram bots that automate this process. We advise making such deals only with people you know well. After all, in this case, you are not insured against fraud.
There are also cryptocurrency wallets with an add-on acquisition option. They help to buy USDT but have a higher commission percentage. For example: Trust Wallet, Exodus.
When to withdraw USDT
Above we described how to transfer, withdraw and buy USDT. We also pointed out that USDT is tightly linked to the U.S. dollar, so a lot of volatility of this digital currency is not threatened. But USDT has one weakness.
The fact is that Tether is not a decentralized cryptocurrency. USDT is controlled by a private American company Tether Limited.
And the fact that its currency is 80% backed by the dollar, we know only from the words of this company.
Tether Limited doesn’t allow external audit and nobody knows what the real financial situation of this company is.
Yes, now USDT can be exchanged into any other digital currency or sold for fiat at any time of the day.
Any exchanges and exchangers work with Tether cryptocurrency. But we know how big banks and big companies went bankrupt overnight.
Therefore, it is absolutely possible that USDT will lose all of its value in an instant.
How do you find out about this event? For the average person, you can’t. Therefore, it is necessary to adhere to the golden rule of the investor – do not put your eggs in one basket, that is, do not keep your assets in one currency.
The USDT is a great tool for preserving your assets. But that does not mean that you have to use it only.
There are also stocks, physical gold, and many other options. Make up an investment portfolio, thereby insuring yourself against a large departure into deficit.