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Cryptocurrency is no longer the exclusive prerogative of geeks. It is a promising payment instrumentwhich is in stable demand. Today, digital currency is accepted as payment for goods and services in the online space. And setting up this process is no more complicated than accepting regular money. Let's take a look at how to integrate the possibility of payments with cryptocurrency on the website and choose a reliable payment service provider.
Peculiarity of the payment method in cryptocurrencies
Cryptocurrency is a digital asset that has no physical form. It is encrypted data that cannot be copied or counterfeited. This asset is created exclusively in digital format and is not tied to the standard currency or banking systems of any country. Transactions between users are carried out directly through the blockchain - a chain of codes that eliminates the need for intermediaries such as banks and preserves the anonymity of participants. Due to the high level of protection of wallets and transactions, sufficient security is provided cryptocurrency transactions. Hacks in this industry are the exception rather than the rule.
Prerequisites for connecting cryptocurrency payment acceptance
Introducing the possibility of adoption cryptocurrency payments is a promising area. First of all, it opens up additional opportunities for clients to choose a payment method and attract a new target audience that prefers digital currency for various reasons. Ignoring such customers is becoming unacceptable: their number is growing and they own promising assets.
Other advantages include:
- Security: All cryptocurrency transactions are protected, and information about them is stored in the blockchain for a long time.
- Low fees: Payments in cryptocurrency are usually cheaper than bank transactions.
- Lack of control: Such payments are virtually independent of banks, tax authorities and the government system.
- Lack of chargeback: Inability to cancel cryptocurrency payment.
Accepting payments in cryptocurrency on a website does not impose restrictions on the owners of commercial resources. Cryptocurrencies can be easily exchanged for fiat money or stored on a digital wallet, as the growing demand and exchange rate make it a promising investment asset.
How the payment process works with cryptocurrency
The process of accepting cryptocurrency payments has been officially named crypto processingThe process of accepting cryptocurrency payments is officially called crypto processing. It is a widely used technology that is in great demand among owners of online stores, ticketing and travel websites, and online gaming projects. When a customer needs to pay for a product or service with digital currency, they follow the link to the payment page generated by the cryptocurrency service. This page indicates the amount in the chosen currency. Usually, the client is given a limited time to complete the transaction (for example, up to 5 minutes), which is associated with the high volatility of the cryptocurrency rate - fixing is possible only for a short period of time. On online gaming sites, the process is slightly different. Users fund their wallets in their personal accounts, so transactions take place without a strict time limit. The average transaction duration varies from several seconds to 30 minutes. For comparison, processing a standard payment via Visa or MasterCard can take up to 24 hours.
Popular cryptocurrencies are available for payment
There are more than 2300 different types of assets on the cryptocurrency market. Obviously, a website owner should consider connecting payments with cryptocurrencyprimarily focusing on the most popular digital asset options. To do this, you can refer to any international cryptocurrency rating that is relevant for the current year.
In general, it is worth considering connecting to the website the possibility of accepting payments with these types of cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
These types of cryptocurrencies are among the most common and widely used on the market. Their connection to the website will allow the owner to expand the range of opportunities for customers and simplify the process of paying for goods and services with digital assets.
How to connect and set up online cryptocurrency payments on your website
Connecting cryptocurrency payment acceptance on your website can be a fairly simple process. Here are the general steps you can take:
- Choosing a payment gateway: First, you need to choose a payment gateway that supports cryptocurrencies.
- Registration and settings: Register with your chosen payment gateway and complete the necessary settings. This may include adding information about your business, obtaining API keys, and selecting supported cryptocurrencies.
- Integration on your website: You will need to integrate the payment gateway on your website. This can be done through APIs, plugins, or instructions provided by the payment gateway itself.
- Adding cryptocurrency options to your website: Make sure that your website explicitly includes cryptocurrency payment options. This can be in the form of buttons or links that indicate the possibility of paying with cryptocurrency.
- Testing: After the integration is complete, test the cryptocurrency payment process thoroughly to make sure everything works properly.
- Staff training and customer support: If you have staff who process payments, make sure they are trained in the field of accepting cryptocurrency payments. Also, provide customer support in case of any questions or problems with payments.
Remember that security is very important when dealing with cryptocurrency payments. Make sure that your website is protected from fraud and hacking, and that you comply with all rules and regulations regarding payment acceptance.