Advantages of accepting payments in cryptocurrency
For businesses, crypto payment gateway services provide some advantages:
- Low commission for each transaction compared to fiat payment systems. This is especially true for international businesses that work with clients worldwide. Our article explains more about accepting bank cards and crypto payments.
- No restrictions. The work of cryptocurrency payment systems is not regulated by one state or banking system. This virtually eliminates blocking or freezing the account due to “suspicious” transactions and suspending transfers due to sanctions.
- Anonymity and irreversibility of transactions. Blockchain technology not only protects the payment data of both parties but also eliminates chargebacks.
- Increasing the conversion of the payment page and attracting new customers. Accepting transactions in cryptocurrency is an additional payment method that is convenient for many buyers. In addition, working with virtual money allows you to create the image of a modern company.
- Ease of connection. The integration of crypto processing does not require complicated verification and passing numerous security checks.
- For other benefits of accepting cryptocurrency as payment.
What to look for when choosing a cryptocurrency payment system
Cryptocurrency processing is a tool for automating the acceptance and processing of crypto payments. It acts as an intermediary between the buyer and the seller and makes it possible to simplify the payment process for both parties.
When choosing a service, we advise you to focus on several criteria:
- Safety. Reliability of personal and payment information protection, storage of user funds in cold wallets, and availability of two-factor authentication – ensure that your money is protected from fraud attacks.
- Commission size. Most services have a transaction fee of about 1%. However, before connecting, you should carefully read the terms of service to ensure no additional charges.
- Withdrawal period. Specify in advance how long the process of withdrawing funds from the balance in the payment system takes.
- Supported cryptocurrencies. The wider the list of available currencies, the more choice your customers have.
- Integration process. See if the service offers clear instructions and modules for popular CMS, and if you can count on the help of technical support.
- User interface. The convenience of the payment process is an important factor in increasing conversions. Ensure the selected crypto-acquiring checkout has a clear interface, text prompts, and user-friendly design.
- Reputation. Check the company’s rating on popular review sites and read reviews from users to know in advance about the advantages and disadvantages of the system.
- Technical support. If the service offers technical support only by e-mail, and you have to wait several days for a response, then it is better to look for another process.
Receiving payments in cryptocurrency opens up many opportunities for merchants: from optimizing commission costs to accepting payments from foreign customers in conditions of restrictions. To automate crypto transactions, you need to connect processing.