Successful business development requires more than just offering a wide range of products and high-quality service. It is also necessary to make it easy for customers to pay for their purchases. For the domestic market, bank cards and e-wallets are quite sufficient. However, international trade involves advanced payment methods.
Nowadays, accepting payments in cryptocurrency is on the rise of popularity. A suitable option is Litecoin — one of the widespread virtual assets. The key thing is to choose the right acquiring method for online payments.
Lightcoin: Background And Current Blockchain
The cryptocurrency system was created in 2011 and was based on the Bitcoin code. Two years later, the project's popularity increased, and payments in Litecoin were considered an alternative to Bitcoin at the international level.
Since Litecoin is a Bitcoin fork, i.e. it is based on Bitcoin's code, the principles of data recording are identical for both types of digital currency. The blockchain is calculated using an algorithm. Each blockchain contains a hash of the previous one. The difference is that Bitcoin uses the SHA-256 algorithm for this purpose, while Litecoin is based on the scrypt function. They also differ in their calculation methods and mining time.
Given the cleverness and security of the algorithm, it's no wonder that this virtual asset is in such high demand around the world. Accepting payments in cryptocurrency opens up more opportunities for business owners, and Litecoin is one of the most popular options.
Features, Pros And Cons of Litecoin
Litecoin addresses were initially recorded in a 33-digit format, where the first character was the letter «L» or the number «three». Since 2017, a new format has also been introduced, where the first character is the letter «M».
Advantages of Litecoin
The pros of this cryptocurrency as a payment method are known to everyone familiar with it:
- The rapid calculation of new blocks (once every 2.5 minutes) provides a high speed of transactions.
- Transactions are not subject to complications due to the international situation, sanctions and other restrictions.
- The level of cryptographic protection is assessed as more reliable compared to Bitcoin and themost popular cryptocurrencies.
Due to these features, Litecoin is in demand for settlements regardless of the goods sold and geographical location.
Disadvantages of Litecoin
It would be unjust to claim that this cryptocurrency is flawless and has no downsides. The most significant ones include:
- High volatility;
- Loss of all funds if the cryptocurrency wallet is stolen or lost.
Cryptocurrency acquiring is an indispensable way to attract new customers and make the existing audience more loyal.
How to Accept Payments in Litecoin
There are several options on how to accept payments in cryptocurrency.
Payments to L-wallet
You can either specify the cryptocurrency wallet's details or convert them into a QR code. Then, customers will be able to send the required amount of funds straight away. However, if there are a lot of orders, there will be difficulties with identifying customers’ payments. Cryptocurrency wallets are anonymous, so you will have to determine who transferred funds.
The provision of wallet details is suitable for relatively small companies. If there are few orders or each order is discussed directly via private messages, confirming the payment will be easy. It is also a suitable way to sell exclusive goods.
Creation of an Acquiring Module
When the payments are controlled automatically, it will not violate their confidentiality, on the one hand. On the other hand, it will allow the business owner to determine at once for which order the transfer was made.
However, creating your acquiring module is a work that requires spending time and money. The costs will be paid off relatively quickly if the business processes many orders and sells expensive products.
This option helps to track transactions just like with an acquiring module, but there's no need to invest in its development. A crypto processing aggregator takes care of the whole thing.
This option is comparable to outsourcing, where the system's pay comes as a fee. With crypto processing, entrepreneurs can receive payments on a website, in an online store, an app or a Telegram bot. Both the customer and the seller receive the necessary tools. Invoices are generated automatically, and tracking transactions is simple and convenient.
We wrote an article about the best cryptocurrency processing services.
How to Connect Crypto Acquiring
For those who make sales online, crypto processing is the best option. Unlike fiat currencies, cryptocurrency is not controlled by the state or individual banks. The main thing is to choose a proven and stable crypto processing service, such as CryptoCloud.
It helps to accept payments in the most popular cryptocurrencies from almost anywhere in the world.
Connection is done in a few steps:
- Account registration via email.
- Adding information about the project. You need to specify the website address, the page to complete payment, etc.
- Choosing the method of connection. You can prefer a ready-made module for a particular site management system or a structured API.
It usually takes no more than an hour to perform all the actions. Immediately after that, you can accept payments in Litecoin.
Litecoin Payment Acceptance Method
Cryptocurrency payment on the website helps to avoid bureaucratic delays, financial risks and technical limitations. Direct sending of Litecoins to the wallet address is suitable for small businesses, and the development of an acquiring module, on the contrary, for large projects.
CryptoCloud will help you to increase website conversion rate and boost sales by connecting crypto processing. If you have questions, read the FAQ or contact support.