What Are the Main Ways of Accepting Crypto Payments in the App

The rising interest in cryptocurrency as a means of payment has led to the need to find solutions to process such transactions. In this article, we tell you how to connect payments in a mobile app and why it is convenient for buyers and sellers.  

Cryptocurrency Payments: Pros for Merchants

Accepting payments in cryptocurrency has a number of advantages, including: 

• Low fees through lack of intermediaries. The processing of crypto transactions does not involve the buyer's and seller's banks, payment systems, and acquirers. As a result, the fees are lower compared to fiat payments. 
  
  Even when using a cryptocurrency processor to automatically process transfers, the fee is usually less than 1%. Fiat services charge 2-3% on average, as well as additional fees for conversion, processing cross-border transfers, etc. 
  
  
• International payments. It is possible to freely accept cryptocurrency payments even under sanctions. The decentralized character of crypto transactions protects them from the impact of restrictions. 
  
  This makes it possible to receive cross-border payments in cryptocurrency from customers from all over the world. As a result, there is an opportunity to attract new customers for whom classic payment methods are not available. 
  
  
  
• High level of security. The main principles of cryptocurrency are decentralization, anonymity and irreversibility. The transaction does not require disclosure of personal and payment data of the parties. Information leakage is excluded thanks to the work principle of blockchain technology.  
  
  
• Protection against chargebacks. Chargebacks are a source of losses for merchants. Payment systems charge additional fees for their processing, and a large number of chargebacks can lead to a decrease in the company's rating, increase in commissions and even block. 
  
  Cryptocurrency payments are irreversible: blockchain technology makes chargebacks impossible and protects the merchant from fraudulent refunds. 

Integration of Crypto Payments in Mobile Application

Mobile applications are an important part of modern business. There are several ways to enable payment acceptance in them: API, Mobile SDK, WebView, and payment links.

API

An API is code that enables the interaction of multiple platforms (in this case, a mobile app and a cryptocurrency payment gateway). Transactions through the API are conducted as follows: 

1. Authorization of a request via API keys.
2. Submission of a request specifying the amount and parameters of the payment.
3. Generation of a unique payment link by the system and sending it to the user.
4. Payment and confirmation of funds receipt to the account.
5. Notification of successful transaction (POSTBACK). 

Mobile SDK

Mobile SDK (Software Development Kit) is a way to integrate payments into an application through a set of ready-made developer solutions created for a specific platform. The SDK can include libraries, code snippets, APIs and other tools. 

Using such a set of solutions provides more opportunities to customize the payment process, as well as more functionality than offered by a ready-made API. An additional benefit of the SDK is that the payment can be made in-app without redirecting the buyer to third-party websites.

WebView

WebView is a tool for displaying web pages. When using WebView, instead of paying in the mobile app, the payment is redirected to the payment gateway website where the buyer can complete the order. This method of transaction processing is easy to integrate, which is an important advantage for the merchant.  

However, WebView has a number of disadvantages. The main one is the very fact of redirecting the buyer to another page. This lengthens the payment process and can also cause customer distrust. In addition, the WebView page can take a long time to load, especially with a weak internet connection. Both of these factors reduce conversion rates. 

Payment Link

Link is another way of accepting payments through an app. In this case, the buyer is redirected to another application (for example, a cryptocurrency wallet) to make a payment. 

This way of accepting payments in a mobile app is more reliable than WebView, as the buyer is sure that his data is protected. Otherwise, the disadvantages are similar to WebView: longer transaction processing, the danger of slow loading of the second application, and an increased likelihood that the buyer will abandon the shopping cart.  

Receive Payments in the App With CryptoCloud

Let's take a closer look at how to receive cryptocurrency payments in a mobile app using CryptoCloud crypto processing as an example. The service offers tools for processing crypto transactions in major currencies, working with statistics, managing several projects from one cabinet. Connection is free of charge, the commission for processing transactions starts from 0.4%. 

Integration of online payment into the application takes place in several stages: 

1. Registration on the website of the processor. Only e-mail is required for this. 
   
   
2. Project creation. It will be necessary to fill out a small questionnaire with information about the company, as well as select the desired cryptocurrencies. 
   
   
3. Reading the documentation. CryptoCloud offers users an extensive knowledge base and detailed instructions on connection. 
   
   
   
4. Integration. This will require obtaining API keys in the project settings, downloading the SDK file for the required platform, adding it and setting up a connection to the processing API. 
   
   
5. Testing. Immediately after connection, the system goes into test mode. To test the integration, you need to initiate the payment process in the application, which will cause the system to generate a unique invoice. It should be confirmed without payment in the «Payments» section of the personal account. 
   
   If after that the status of the invoice has changed to «Paid», you can turn off the test mode: the integration was successful.  

Receiving Crypto Payments — a Solution for Modern Companies

A growing number of companies connect crypto payments as an additional method of settlement both on the website and in the mobile application. Such transactions are secure, anonymous, quickly processed and require minimal fees. 

CryptoCloud is a cryptocurrency payment service that allows you to accept in-app, website, chatbot and social media payments. The system offers fast integration, detailed connection instructions and user-friendly design. Learn more about the platform on the official website.