Businesses that work with foreign clients can face serious challenges amidst sanctions.
However, several options of payment acceptance still exist, and connecting crypto processing for a website is one of them. This article will tell you how to make cryptocurrency payments for businesses and customers.
Why You Should Accept Cryptocurrency Payments
One of the main advantages of accepting cryptocurrency payments for businesses in the current environment is that there is no risk of funds being blocked. Cryptocurrency payments are decentralized. A single authority does not control them, so it is complicated to set restrictions on them. The use of cryptocurrency makes it possible to accept payments from abroad and allows you to expand the geography of sales and increase the purchase conversion.
Payment with cryptocurrency has other advantages:
- Reduced associated costs. The blockchain network charges a fee for cryptocurrency transactions. In most cases, it is significantly lower than the fee for a cross-border bank transfer.
- High speed of settlement. There are no intermediary banks when paying with tokens, so the transaction is much faster. The transaction can be accelerated by offering a higher fee.
- Anonymity. When paying with cryptocurrency, the payer maintains complete confidentiality, reducing fraud risk.
Another advantage of this form of international payments is the possibility to make settlements at any time. The transfer of funds is carried out from user to user and does not depend on the mode of operation of intermediary organizations.
How to Start Accepting Cryptocurrency Payments
There are several ways to accept cryptocurrency payments:
- transfer to a cryptocurrency wallet,
- by means of a QR code,
- by developing your own module,
- through crypto processing.
Let's analyze each of them in detail.
The essence of the method is that you give the client the address of your cryptocurrency wallet, and they transfer funds to it. For the buyer, it is important to specify the correct amount, correctly enter the address and choose the necessary network. Otherwise, it will not be possible to return the sent funds.
The main advantages of this option are:
- simplicity of implementation;
- no need to connect third-party services.
However, it is important to take into account that:
- before providing a cryptocurrency wallet address, it is necessary to determine the appropriate currency and network for each client;
- you should calculate the payment amount for each transaction independently;
- you need to manually track the transfer to the specified wallet.
Another disadvantage is the inability to sort payments. When receiving funds, you will not see the information from whom, for what goods or services the transfer was made.
Most of all, accepting payments in cryptocurrency with the help of a cryptocurrency wallet will suit beginner entrepreneurs or small online stores, individuals, as well as those who collect donations in small amounts.
The QR code payment method is similar to the previous one. The only difference is that the client does not need to manually enter data for the transfer of cryptocurrency. The recipient generates a QR code in their wallet app, having previously selected the currency and network.
Once the code is scanned by the payer using the app, the payment form is filled out automatically. Next, the user checks the network and the amount and then makes the transfer. This makes this option more convenient and safer for buyers, as the risk of an error when entering the address and amount, as well as selecting the network, is reduced for them.
Development of a Cryptocurrency Payment Module
You can accept payment in bitcoin and other currencies on your website using your own payment module. When implementing such a method, the user goes to your website, selects a cryptocurrency from those offered, gets the address of the cryptocurrency wallet and transfers the necessary amount, after which the transaction is considered completed.
This method is more convenient for both the buyer and the seller, but its realization may take a long time and require significant financial investments, and in case of any mistakes in the development of the module, you may face the loss of money.
Crypto processing is an analog of bank acquiring, which is a cryptocurrency payment gateway. All payments go through an intermediary service, and their processing is done with the help of software algorithms.
The main advantage of crypto processing is the full automation of transactions. It is easier for entrepreneurs to track and sort payments, and for users to pay and receive goods and services.
The essence of crypto processing is that after selecting a service or product on the website and going to the checkout, the buyer chooses a convenient cryptocurrency for payment. The service converts the cost of goods, and then generates a crypto wallet address (as well as a QR code) to send money.
Then, similarly to the transfer to the cryptocurrency wallet, the user sends money to the specified address, after which the system automatically detects their payment and a few minutes later confirms it in case the payment was transferred in full. If an incorrect amount was sent, the system will show a corresponding notification and offer to make an additional payment.
After automatic transaction confirmation, the order is considered paid. In this case, the system notifies the user of the successful transaction, after which the user instantly gets access to the selected goods or services.
The payment is transferred to the merchant's account with full information about the transaction, after which the funds can be withdrawn to the merchant's cryptocurrency wallet.
In some countries, crypto processing services provide an opportunity to pay through physical POS terminals, but at the moment, this method is quite rare.
Advantages of using crypto processing:
- convenience of payment for the user;
- automation of many processes (issuing data for payment, payment verification, providing access to services after payment);
- variety of currencies and additional payment methods.
Disadvantages of crypto processing:
- possible difficulties when integrating with a website;
- collection of commission by the service for the provision of services.
Despite the listed disadvantages, the potential advantages of connecting a cryptocurrency payment system for business have much more weight.
How to Connect CryptoCloud Crypto Processing
Let's analyze the process of connecting cryptocurrency acquiring on the example of CryptoCloud service. You will need to do the following:
- Register on the service's website.
- Add a project in the personal account by filling out the form. In it, you need to specify information about the project to which crypto processing is connected.
- Choose the method of connection. Three options are available: a module for CMS (Opencart, Woocommerce, Drupal, PrestaShop, etc.), a structured API or a generic HTML widget.
The integration process usually does not take more than an hour, and then you can start accepting payments in USDT or another cryptocurrency.
We also recommend reading the article: «Top services for cryptocurrency processing».
Is It Worth Accepting Cryptocurrency Payments?
When accepting payments, you can increase your conversion rate by providing a cryptocurrency payment method that is gaining popularity.
By automating transactions, crypto acquiring maximizes convenience for both businesses and customers. You can connect it yourself using our CryptoCloud service. We ensure the safety of users with protection from DDoS attacks and data encryption and guarantee the withdrawal of funds in a short period of time. You can read our knowledge base if you still have questions about the service.