Today, in the world of plenty, it is very important for big and small e-commerce businesses to provide cutting edge technologies and services for their customers. Since the competition is high and the choice for potential customers is extensive, the entrepreneurs must do everything they can to stay afloat.
One of the most important things for any online business (to say nothing of e-commerce platforms) is to enable for their users all the possible payment methods. With the soaring interest in Crypto Currencies you will only double your popularity if you start accepting crypto payments
online. It is, probably, one of the smartest financial moves an entrepreneur could make right now.
Let's explore the benefits of including Crypto Payment Methods in your business
- You will expand your customer base, since there are many users out there who want to shop using crypto. Not all sites offer such an opportunity (the niche of Crypto Payments is striving but still relatively new), so with having Crypto Payment Methods on your platform you will gain even more customers.
- Low fees, fast transactions and no chargebacks – these three points speak for themselves.
- Potentially big reward in the future since Crypto Payments will one day become part and parcel of every business. Now, such prominent companies as KFC, Microsoft, Shopify (and many smaller ones too) are already accepting Crypto Payments.
So the benefits are clear. But what should you do to start accepting payments in crypto?
First of all, think of your business strategy: you need to determine which cryptocurrencies you will accept for your services and goods, and what methods you will use to work with Crypto on your platforms.
Basically, there are three main ways to start accepting Crypto Currency as a merchant:
- by generating a Crypto address for each sale you make on the site,
- by using addresses, generated on an Crypto Exchange,
- by using a Crypto Processor.
If you decide to use the first variant, you will receive Crypto to your Crypto Wallet, and you can process the transaction as soon as it is confirmed. This is the easiest way and it eliminates any intermediaries in your business. But it means a lot of work for you and it is suitable only for very small businesses, since you will have to take care of invoicing yourself (which can be stressful, tiring and too demanding) and provide payment addresses manually (something very unusual since in the epoch of tech it is all done by special services). Moreover, it might be a little bit easier with Bitcoins as Bitcoin Crypto allows to generate many addresses within one wallet, but it will be much more complicated with other Cryptos. Let's take Ethereum, for example, this Crypto requires a separate wallet for each address, that means it will be extremely inconvenient to put the money from all the trades into one wallet (it will follow huge commissions and a considerable waste of time).
The second variant (this is to use the addresses, generated from the exchange, that you use). Not the worst idea since it helps you to accept payments in cryptocurrency, gives you an edge. But it certainly goes with some risks. Firstly, you are using a third-party service – this is almost always a risk in itself. Secondly, all your income will hit just one wallet (the hot one), which is not secure enough.
The last, but not the least variant of accepting cryptocurrency on the site is by using a ready-to-go solution – Crypto Processor.
It can be considered the best option due to a number of factors:
- Everything is automated (address generation, invoicing, billing),
- It is possible to transfer all funds to a single wallet of the operator for his/her own convenience,
- You always have all the necessary data by hand, you are aware of all the payments, have the information about all sort of transactions and your customers who pay with crypto,
- You have a functional interface for full control of funds movement in all the crypto-currencies,
- Quick transactions and small transaction fees,
- There are a lot of great experts in the field of Crypto Processing on the market.
We would recommend to analyze the market and see which Crypto Payment Gateways are available, what terms and conditions of use they offer. It would also be a good idea to compare them all and see what options and functionality they can offer for your business. Thus, you will be able to choose the right one for you.
Please, consider the following options and functionalities while choosing a Cryptoprocessor:
- The opportunity to test the fully operational service for free before commercial use,
- Quick integration and fast launch of Crypto Payment Service at your platform.
- Prompt and competent technical support service in your language,
- Easy and convenient documentation for the integration of the service,
- Availability of major Crypto Currencies and wide roadmap for the integration of new coins,
If you are considering an opportunity to acquire a Cryptoprocessor, please feel free to contact us to get more details regarding this service and best option for you.