Today, the utilization of cryptocurrencies is gaining increasing significance. However, the rationale behind this phenomenon is attributed to more than just global events. Many have already recognized the convenience of cryptocurrencies even before the sudden changes in digital payments.
The perpetual advancement of ecommerce has resulted in the early implementation of cryptocurrency payment methods, which have already demonstrated their security for entrepreneurs and their clientele. This article will provide a comprehensive list of steps necessary to enable cryptocurrency payment acceptance on your website, including the requirements and organization of crypto processing.
Prospects for the Use of Cryptocurrencies
The subject of utilizing cryptocurrencies is gaining increasing popularity, and with good reason. The more payment alternatives an entrepreneur offers clients, the more financially advantageous it is. This is due to the possibility of attracting a new target audience who, for various reasons, prefer to pay solely in digital currency, as well as enhancing the appeal of this payment option.
Today, numerous purchasers and entrepreneurs encounter difficulties when sending and receiving international payments. Thus, many people regard cryptocurrencies as a viable substitute method. Crypto can be a valuable tool for global businesses. Cryptocurrency processing also presents an opportunity to provide customers with an additional payment alternative.
Unsurprisingly, numerous online retailers are seeking to promptly incorporate cryptocurrency as a payment method, as they perceive it as an avenue for ensuring their longevity and expansion in the future.
Cryptocurrency is also advantageous as it can be converted into fiat currency or retained in one's cryptocurrency wallet as an investment asset.
What is Crypto Processing?
Crypto processing refers to the online payment method that involves the use of cryptocurrency. This payment option offers numerous benefits compared to other payment methods:
- Facilitation of global payments. It is much easier to implement the option of accepting cryptocurrency payments from all over the world than to connect bank card processing.
- Minimal payment risks. Payment systems do not seize your funds for initiating transaction disputes or suspicion of fraudulent activity.
- No legal entity registration – you can accept cryptocurrency payments as an individual, regardless of your citizenship.
Since cryptocurrency has no physical expression, accordingly, it is not connected to the conventional currency or banking system and is not under anyone's control, including state regulation. This has advantages and disadvantages – for example, you don't need intermediaries like banks to make a transaction, so you don't have to pay a commission (only a network fee). But you can't get your money back if you accidentally send it to the wrong user.
To accept payments via cryptocurrency wallet, it is necessary to individually determine the transfer amount, appropriate currency and network for each client. All transactions must be manually tracked and analyzed to determine the payment's source, product or service. However, crypto acquiring streamlines payment data issuance, verification and acceptance of crypto payments.
Blockchain data cannot be forged or copied simply because it is encrypted using cryptography, and stealing or hacking it is not as easy as it may seem at first glance.
The payment process involving cryptocurrency is straightforward:
- select the necessary product or service on the website;
- choose cryptocurrency as a payment method after switching to checkout;
- select a specific cryptocurrency for payment either in the form directly on the website or on the payment page of the crypto payment gateway;
- receive a crypto wallet address to pay for the order amount and transfer funds (for convenience, a QR code with the seller's details is shown on the payment page).
Typically, payment is executed automatically after several network confirmations within 10-20 minutes. Depending on the service, the buyer will be offered available cryptocurrencies with which they can pay for the order. Presently, Bitcoin, Ethereum, Litecoin, and Tether (USDT) are among the most popular options such services offer.
How to Enable Cryptocurrency Payment on the Website?
The sphere of cryptocurrency payments is just beginning to develop actively, so at the moment, there are not many convenient services for the implementation of payments in cryptocurrency. As an illustration, we shall discuss the CryptoCloud service, which stands as one of the most optimal alternatives.
To integrate it with your website, follow the steps provided below:
- Register an account using an email address.
- Add the website to the system in your personal account. You need to add basic information about your project (link to the website, link to the successful payment page, etc.).
- Choose the connection method. You can do it through a ready-made module for your CMS (Opencart, Woocommerce, Prestashop, etc.) or using a structured API.
- Make a test payment in the amount of $2 or more to verify a successful integration.
The connection process takes up to 1 hour, after which you can immediately start accepting cryptocurrency on your site. Should you have any inquiries or concerns, our support team is readily available to assist you.
Furthermore, in addition to its straightforward integration process, CryptoCloud's crypto processing services offer a range of benefits:
- transaction processing fee from 0.4%;
- simple merchant moderation process;
- quick withdrawal of funds;
- the capability to issue invoices for payment in any available cryptocurrency;
- user-friendly interface of the payment page;
- ensuring user security by protecting against DDoS attacks and full data encryption;
- wide functionality and user-friendly customizable interface;
- integration assistance and prompt support.
Another advantage of CryptoCloud cryptoprocessing is the possibility of purchasing cryptocurrencies using a bank card. If a potential buyer does not have a cryptocurrency in his wallet, he can quickly purchase it without visiting other sites. Please read the complete review of the CryptoCloud service in the article.
Requirements for Enabling Crypto Processing
CryptoCloud has the capability of being integrated into any business, irrespective of the platform, language or type of business. However, it is essential to provide brief information about your project. As the service is a technical platform for developers, which offers a user-friendly interface for automating work with cryptocurrency, complex KYC-type procedures are not mandatory.
Upon registration with CryptoCloud, you can accept cryptocurrencies by creating payment links and redirecting customers to them. When the link is clicked, your client will be presented with a convenient form containing the necessary data for payment.
Unlike banks or traditional electronic wallets, we do not freeze your money. All the money received belongs solely to you. CryptoCloud charges a fee only for processing transactions. Otherwise, the service is completely free.
Connect Crypto Processing to Your Project – It's Free
The integration of сrypto processing service into a website or online store enables the swift acceptance of international payments, despite any restrictions that may exist in the realm of electronic payments. With the increasing popularity of cryptocurrencies, paying for goods and services using Bitcoin, Ethereum, and other cryptocurrencies has become commonplace for many. By integrating cryptoprocessing into your project, you can significantly increase the number of payment transactions per user and improve the financial results of your project.
In light of the current global situation, which remains uncertain, the use of cryptocurrencies appears to be a viable solution for enthusiasts seeking to accept international payments, as sanctions do not apply to cryptocurrency.
Our team is always available to provide support and assistance with any questions related to the integration of crypto payments through our CryptoCloud service.