Accepting payments in cryptocurrency

Blockchain technology, cryptocurrency, bitcoin, tokens - these and other words from the world of crypts have firmly entered our lives and today are not something out of the ordinary. All over the world, payment for goods and services in cryptocurrency money is carried out with great success and is becoming more and more popular and privileged every day. 

The development of e-commerce  has provoked a large surge in cryptopayments. As of 2019, the daily turnover of cryptocurrency payments was $5.5 million. According to forecasts, by 2024 the volume of cryptocurrency payments in the world will increase to 4.4 trillion US dollars. 

Most often, the decision to accept payments in cryptocurrency on a website is made by online platforms engaged in the following types of activities:

- entertainment sites;

- online stores;

- services providing various types of services;

- crypto exchangers;

- exchanges.

This payment method has demonstrated its security and convenience for both business owners and clients. What are the benefits of accepting payments in cryptocurrency?

Advantages of payments in cryptocurrencies

- Low commission rates for transfers.

- Lack of control by government services.

- High speed of transactions.

- The financial institution does not have the ability to block a transaction if it finds it suspicious.

- Neither distances nor borders matter - transfers are carried out between users of different countries and states without hindrance.

If your business operates on the Internet, then by offering your customers payment with cryptocurrency, you are expanding the boundaries of your business and increasing the potential circle of buyers. 

How does the process of accepting payments in cryptocurrency work?

Payment for services with cryptocurrency is possible only after a special cryptocurrency gateway has been integrated on your website. This is a service that allows you to accept cryptocurrency from buyers. It takes several weeks to develop, after which the code is implemented as an intermediate link between the buyer and the recipient of the money, that is, you. 

Modern gateways can accept different types of cryptocurrencies (bitcoins, altcoins, etc.). Electronic money is automatically converted into fiat money, into other types of cryptocurrency, and exchange can also be carried out. 

Advantages of a cryptocurrency gateway

- The ability to pay via cryptocurrency at any time of the day - the main condition is the presence of the Internet and an electronic device (phone, laptop, tablet, etc.).

- Anonymity - it is impossible to track data about the payer and recipient through a transaction. All that is available is the amount and wallet number.

- High degree of security, making it impossible to hack or forge a transaction.

- No transfer fee. Gateway users pay a small percentage to maintain the system.

Cryptoprocessing process 

The system that covers the operation of the gateway and the execution of all transactions is called cryptoprocessing. It provides fast and secure transfers, withdrawals, deposits of cryptocurrency and other payments using electronic money.

- The user selects a product or service and places it in the cart of his personal account on the website.

- Next, a specific cryptocurrency is selected as a payment method.

- Having received the crypto wallet address for payment, the buyer enters the necessary data and transfers funds to the seller’s account.

- The seller receives the funds and can dispose of them at his own discretion: withdraw and withdraw in the form of fiat money, exchange, etc.

Implementing a cryptocurrency gateway into your online resource greatly expands the boundaries of your business. You can receive payments from buyers all over the world, while the security and accuracy of transactions are ensured by effective security measures.