CoinsPaid
 
How will your business benefit from accepting crypto payments?
Why are merchants suddenly switching to crypto?

More merchants have requested to integrate crypto payments with CoinsPaid in the first 5 months of 2021 than in all of 2020. Why is there such a spike in interest, especially in the iGaming industry? There are two reasons why thousands of businesses are starting to accept crypto.

Profits up by 15%, payment costs down by 70%

Our internal merchant surveys show that companies experience an increase in profits and conversions after they integrate crypto payments on the website. This is due to several factors:
  • No acquiring fees: save up to 90% on payment processing costs;
  • No chargebacks: they are simply impossible with crypto;
  • No rolling reserves: you can freely dispose of all the funds in your merchant balance.
  • Lower user acquisition costs: you can address a vast audience of crypto users who actively look for places to spend coins. For example, as shown by our recent study, 56.9% of crypto gamblers only choose casinos that accept cryptocurrency and don't use fiat casinos at all.
  • Increased loyalty: users appreciate the fast and smooth payment process that crypto affords, so they are more motivated to pay on your site again next time. Our gambling survey showed that instant deposits and withdrawals are the most important factor when choosing a casino – even more important than bonuses.
For practical advice on how to save on payment costs, you can book a free consultation with our team: we'll happily share more numbers and case studies.
Crypto usage is growing fast

  • There will be 350 million active crypto users in the world by 2022
  • The number of crypto users has increased by 100% every two years since 2016
  • Daily BTC transaction volume skyrocketed by 200% in 2021
6 types of businesses that benefit most from accepting crypto

If your business belongs to one of these categories, you can expect even better results after integrating cryptocurrency payments on your site:
  • iGaming (casinos & betting sites);
  • Fintech, investment, and crypto services (currency exchange, online wallets, deposits, OTC);
  • IT & Internet services (web hosting, VPN, domain names);
  • e-Commerce (electronics, gadgets, premium goods, creative gifts, home decor);
  • Gift cards (a gift card is the only way to shop with crypto on sites like Amazon);
  • Luxury (exclusive resorts, jet charters, luxury car & yacht rentals).

Why gambling is leading the adoption of crypto payments

iGaming is the industry where crypto payments are most popular: among CoinsPaid's 600+ B2B clients, casinos and betting sites account for over 50%.

Up to 20% of betting deposits are made in crypto. The leading countries by the share of crypto casino deposits are Japan (20.84%), Canada (15.96%), Norway (15.53%), Czechia (13.48%), and Russia (8.41%).

According to our research, casino users prefer to pay with crypto because it's faster (58%) and anonymous (43.2%), cheaper (36%), and because they earn cryptocurrency through mining, trading, or freelance (32.8%)
Indeed, users from almost all countries in the world can make and receive crypto transactions without worrying that their account will get blocked. This makes crypto an ideal payment option for iGaming, especially in those regions where using a credit card for gambling is complicated.

Is it safe?

This is the first concern that most merchants voice during the introductory consulting session. There is a lot of misinformation surrounding crypto, and some entrepreneurs worry that accepting Bitcoin might land them in trouble with regulators or tax authorities, or generate losses because of high volatility.

The surprising truth is that crypto payments are just as safe or even safer than card payments, for several reasons:

1. No chargebacks: since every crypto transaction has to be initiated by the payer, nobody can trigger a forced refund;

2. Traceability: using special blockchain security software, one can immediately red-flag and block any transaction coming from a suspicious address (so-called 'dirty coins')';

3. Fiat conversions and settlements: with leading providers, such as CoinsPaid, you can automatically convert crypto revenue into USD, EUR, and other fiat currencies, and withdraw it directly to a bank account. This means that volatility risks are not an issue;

4. Cold storage: merchants' funds are stored in 'cold' vaults (i.e. not connected to the internet), making it virtually impossible for hackers to get to them;

5. Receipts and reporting: you can always acquire all the necessary documentation for your taxation and audit purposes;

6. Licensing: the major gateways are licensed in the EU and operate 100% legally.
If you want to learn more about the advantages and potential risks of cryptocurrencies, contact the CoinsPaid team for a free consultation.
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