Credit card payments are a thing of the past, and most modern companies are adopting a cryptocurrency payment system that allows them to receive Bitcoin, Ethereum, and other coins for their services.
Brokerage firms, gambling platforms, iGaming websites, online shops, e-commerce stores, and more are increasingly adding cryptocurrencies to their checkout page, expanding their customers’ choice of payment methods and expanding their reach to new markets and clients.
With the spread of Bitcoin ATMs, crypto wallets and trading assets, it is time for you to join the race and start accepting blockchain payments on your website. Why? Let’s explain.
Cryptocurrencies vs Credit Cards
After years of transacting with credit cards and bank transfers, companies and individuals are slowly switching to decentralised solutions, utilising the growing innovations and security of blockchain technology and virtual currencies.
Blockchain payments are smoother and entail no bureaucratic paperwork or invoicing process, which has been a bank requirement for so long. Additionally, cryptocurrencies are universal. One Bitcoin in Dubai holds the same value as one Bitcoin in Brazil, Russia or any other country in the world, making it more flexible to send and receive money without worrying about exchange rates.
Transacting with cryptocurrencies is faster and more affordable than traditional options, where fewer intermediaries and financial institutions are involved in a single DeFi transaction. On the other hand, bank payments involve multiple bodies and channels, making them more expensive.
When it comes to data security, the traditional banking system requires submitting the customer’s full details, including name, email address, physical address, occupation, source of income, social security number and more, which are stored in the bank’s database. On the other hand, creating a crypto wallet requires only a username and a password.
What You Need to Consider to Accept BTC Payments
Adding a decentralised payment system to your website can be complicated. It is a highly complex technology, and there are many things you need to account for before receiving your first BTC. Here’s how you can start.
Finding a Suitable Payment Gateway
Transacting with cryptocurrencies is only viable if you integrate a payment gateway, which works like a bridge between you and your customers.
The crypto payment gateway initiates the transaction once your client selects a crypto option, contacts the sender’s wallet to validate the funds, and activates the blockchain operations. Then, smart contracts are deployed to process the transaction and release funds to the receiver.
The gateway is the interface that your client sees at the checkout page, which you – or your provider – can modify according to your needs and preferences. You can add a live exchange rate feed, market updates or a coin calculator.
The Right API Integration Setting
APIs are crucial elements of how the gateway works. They hold and transmit the communication between you and the payment processor, ensuring the money arrives correctly in your account and that prices are displayed correctly according to your settings.
An incorrectly configured API environment can lead to unsuccessful payments and failed deposits, which affect your user experience and your business. Therefore, ensure you find and integrate only the relevant API keys and avoid using unnecessary ones that can lead to longer processing times.
User Checkout Journey
It is very important to consider the user journey and interaction with your website while transacting. This includes offering the most convenient ways to initiate a payment, such as wallet plugins where clients can connect their wallets and pay directly on your website.
Additionally, you can integrate a scannable QR code that users can scan to make the required payment or enable Bitcoin payments using Apple Pay, where your clients can send BTC, ETH, etc., quickly from their devices.
Integrating a Fiat-Crypto Exchange Tool
Clients who do not own a crypto wallet can find it difficult to pay with cryptocurrencies, which can make them immediately click off your page.
Therefore, you can add an on-ramp and off-ramp tool that allows users to purchase cryptocurrencies using fiat money and vice versa and send crypto payments without hassle. This is a very useful tool for clients who prefer keeping their money in fiat currencies to avoid volatility and price changes.
Supported Coins and Tokens
Choose a versatile collection of major coins, altcoins, tokens, and stablecoins from which your clients can choose. This is a great way to appeal to a larger group of crypto users who prefer or hold different currencies.
Also, you need to consider the blockchain networks that you will operate with. Avoid relying on a signal mainnet because it might face delays during congestion.
Final Remarks
Transacting with cryptocurrencies is a new way of doing business and expanding your network. This allows your clients to send their money quickly and safely and enables you to receive your payouts faster and avoid the bank’s prolonged settlement cycles.
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