As a business owner, you are well aware of the importance of a positive customer experience in closing a deal. When a consumer is checking out, you want to make it as simple as possible to pay online. The popularity of Cryptocurrencies such as bitcoin is rising, but are they worth integrating into your checkout process?
Here’s what to know about cryptocurrency business payments and how you can take advantage of CoinPayments and scale your business to the next level with crypto payments.
For secure transactions, Cryptocurrency depends on a technology known as the blockchain. Customers can buy bitcoins (or other cryptocurrencies) using the currency of their choice and keep the money in a designated electronic wallet.
Just like the traditional way, when a customer checks out, they can pay for their purchase using the funds stored in their digital wallet. After that, you can use a cryptocurrency payment service to change the digital currency from a traditional currency into the currency of your choice. The funds are deposited into your company’s regular bank account.
The future of crypto looks bright for both businesses and crypto users. More and more huge corporations like Microsoft are starting to accept cryptocurrency as a form of payment, and this trend is likely to stretch out to other enterprises.
Currently, there are a growing number of services like CoinPayments that handle cryptocurrency payments on your behalf, removing any risk from the equation. Since crypto payments merchants can help you get your brand in front of more people around the world, it’s worthwhile considering it.
For your business to succeed, you must take the time to figure out which path is ideal for your goals. Companies that accept crypto payments might take one of two main routes.
A business can decide to use cryptocurrency only for payments. The best way to do this is a business simply converting crypto to traditional currency or vice versa without really touching it. It’s safe to say. The company takes a ‘hands-off approach,’ keeping Cryptocurrency out of their books.
The third-party vendor like CoinPayments, working on behalf of the business, receives or makes payments in the cryptocurrency by converting it into and out of fiat money. This may be the best way to go with a business or a person wishing to receive crypto payments. The third-party vendor, which will charge for this service, handles most technical inquiries control issues on the company’s behalf and manages certain risks and compliance.
There are fewer fees associated with cryptocurrency transactions when compared to credit card payments. PayPal, for example, takes a fee of approximately 4% on each transaction (and sometimes more). Cryptocurrencies have substantially lower, if any, transaction fees.
If your business has international clients, cryptocurrency can help you avoid foreign currency transaction fees. This is because cryptocurrencies are not linked to a particular government or central bank. For that reason, businesses avoid the delays and costs associated with clearing payments through a foreign bank.
Owing to cryptocurrency’s decentralized nature, it protects merchants from fraud. The corona pandemic has witnessed an increase in credit card fraud. The cases of attempted credit fraudulent transactions rose by 35% in April 2020 compared to April 2019. The debit and credit card fraudulent activities account for most fraud cases.
With cryptocurrency, no third party or government has control whatsoever, and hence no one can cancel your transaction. The blockchain prevents clients who lack the necessary funds from making a payment, thus minimizing the risk of time-consuming chargebacks.
Issues of people having to wait for funds to clear ends immediately when you step into the crypto world. While bank transactions may take several business days to complete, cryptocurrency payments are received and processed instantly.
As is the case with many other online payment systems, Cryptocurrency users can buy their coins from any location with internet access. This eliminates the need for customers to visit a bank or a retailer to make a transaction. Unlike online payments made using US bank accounts or credit cards, however, no personal information is required to approve a transaction. You only need an email to get started.
One of the most significant advantages of cryptocurrencies is creating new marketplaces. Fees and exchange rates are extremely high when sending money internationally or making purchases there. Due to the absence of intermediary organizations or government engagement in digital currencies, transaction costs are often lower when compared with bank transfers.
With a worldwide currency that can be converted to any traditional currency at your end, you can effortlessly accept payments from buyers in any country. This can increase revenue and boost your business growth. Cryptocurrency transactions have low transaction fees, making them ideal for international payments.
One of the characteristics of a Blockchain network is that it is immutable. As a result, blockchain transactions are irreversible and cannot be modified by a third party, such as a government institution or a financial services agency.
Moreover, it is virtually impossible to dispute a cryptocurrency chargeback sent to another party. In a sense, the only method to reverse cryptocurrency transactions is for the recipient to send back the original coin.
To the clients who are not tech-savvy, especially the older citizens, crypto payments may not be a viable option, as it takes some knowledge of new technology to navigate.
To buy and utilize cryptocurrency, customers need to set up their digital wallets. Thus, if most of your customers are senior citizens, accepting crypto payments might not be worth it, at least for now.
By far, the most common risk in cryptocurrency is market volatility. There are numerous cryptocurrency companies, with some performing better than others. Although the market’s instability may make it dangerous to hold corporate funds in cryptocurrency, you can quickly convert to fiat currency upon receiving payments. This is possible and with many advantages.
CoinPayments is a global cryptocurrency payment system that enables businesses to receive, exchange, store, send and accept cryptocurrency payments online, safely, securely, and cost-effectively across the world, wherever they are located.
CoinPayments has made over $10 Billion crypto payments since 2013, serves over 100,000 merchants globally, and is active in more than 200 countries. It offers two types of solutions.
CoinPayments offers a solution for merchants globally. The business wallet for business solutions helps merchants globally to access real-time global payments, among other advantages.
CoinPayments.net boasts over 100,000 wallet users. This feature allows people to hold over 2,265 cryptocurrencies on one platform. You can convert your crypto and also gift cards.
CoinPayments offers excellent crypto payment services for everyone; it doesn’t matter if you are an alien, business owner, or crypto user.
Today, thousands of coins are in circulation worldwide, with more on the way. CoinPayments can boost the growth of your coin’s user base and even its listing on numerous reputable websites and exchanges. CoinPayments is already hosting thousands of coins, so why not yours?
Coinpayment allows you to receive a variety of cryptocurrencies as payment for your products and services. You can receive a wide range of digital coins as payment, from Bytecoin to Bitcoin. All you need to do is create a personal or business account on the CoinPayments, and you are good to start receiving crypto payments.
CoinPayments charges industry-low transaction fees of only 0.5%. This makes it very affordable for any business or person to use. Again, there are no other hidden extra charges.
CoinPayments has a worldwide reach that is an enormous advantage for people and businesses using the platform. For a lower fee, users of CoinPayments can instantly receive crypto payments from all over the world.
With CoinPayments you can rest assured that you will receive fast and seamless payment processing. There are no delays or transaction problems. Once your client or the sender makes the payment, you receive your crypto right off the bat. The best news? The platform is user-friendly, you don’t need coding skills or any other special IT skills to use it or integrate CoinPayments to your website.
Chargebacks have been a huge concern on payment networks for a long time, whether in fiat currency or cryptocurrency. CoinPayments exist to ensure that your crypto payment transaction is not subject to fraud and no chargeback.
Any cryptocurrency guru out there will tell you that one of the main drawbacks of crypto is high volatility. But what if you knew how to avoid volatility? CoinPayments help you avoid volatility with the auto coin conversion feature.
Guard your coins with the CoinPayments Vault and keep them locked for as long as you like.
To start accepting cryptocurrency payments, the first step is to create a CoinPayments account! Get started by following the steps below to sign up for a CoinPayments account and customize the account settings that are ideal for your business. Open an account here. Ensure you sign up for a Business account and verify your account.
Once you’ve verified your account, check the account settings and fill in the business information, which will be visible to your clients. Change the 2FAmethod to an option you deem convenient. Remember to Save/Copy your IPN Secret somewhere for later use.
Go to the coin acceptance settings, select the coins you wish to accept as payment, and update the coin preferences. You can also configure payment forwarding, conversion, and fiat settlement.
There are several tools available that can help integrate CoinPayments into your website. Keep in mind the level of automation you need and the type of platform you use. Several business tools are available to businesses, they include:
After successfully integrating your e-commerce store, you may want to consider taking advantage of some of the added convenience features offered by the CoinPayments platform, such as:
These automatic capabilities aid you in managing your coins by converting to other coins, sending funds to other wallets, securely storing balances, and settling balances to fiat, among other purposes.
After incorporating CoinPayments into your business and critically reviewing and enabling the business features, you should test it. Thanks to CoinPayments, you may use Litecoin Testnet, a free cryptocurrency designed explicitly for integrated testing (LTCT).
You’re good to go now! Spread the word about your new product. You can inform the public that your business now takes cryptocurrency! List your store on the CoinPayments Store directory so our users know where they can spend their crypto and what coins your business accepts as payment.
Cryptocurrency is the future of online transactions. And as a business owner or crypto user, it’s ideal to embrace crypto payments. The earlier you embrace it, the better. CoinPayments even make it sweeter. It makes it easier for you to receive and transact crypto payments. So what’s your excuse? Register on CoinPayments.net and scale up your business to the next level.