Technology and payment methods are improving every day. Payments for goods and services are one such area. While in the past, they could only be paid in cash, now, with the advent of the internet and e-commerce, internet acquiring, or accepting payments in digital currency, is developing so fast. Payment for goods is made by means of pos-terminals or a payment gateway of a payment system provider.
Online payments, despite their recent emergence, have already become a popular form of payment. Most people do not pay with physical cards but with online payments or cryptocurrency.
Let's start by looking at what a cryptocurrency is. A cryptocurrency is a form of digital money that is used for e-commerce and business. It is encrypted, and thanks to transaction verification, it does not fall into the wrong hands.
Cryptocurrencies are based on blockchain technology, which records the sequence of cryptocurrency transactions as a chain of blocks linked together. This keeps companies, sellers, and buyers safe from fraud, as changing one block would have to change all of them. But more often than not, they are decentralized (located on different computers), so companies don't have to worry - it's virtually impossible to change all the blocks.
Bitcoin is a first-class and most popular and widely used currency, created in 2009 by Japanese Satoshi Nakamoto. Its value has risen rapidly recently (current capitalization is around $1 trillion) due to the volatile world situation.
Other well-known cryptocurrencies are Ethereum, Litecoin, DASH, and so on. They can also be accepted as payment for goods and services. Today, there are more than a thousand types of cryptocurrencies, with a total capitalization of around $133 billion.
In Russia, cryptocurrencies may someday be universally accepted for payment. Since technically speaking, cryptocurrency processing is about converting the ruble into a digital asset, methods are now being developed to quickly exchange crypto into fiat currency and back.
There are many reasons why accepting payments in cryptocurrencies is much more convenient than traditional money. Chief among them are speed, honesty, and anonymity.
Low commission. For services and goods paid for with cryptocurrency, no more than 1% is charged, whereas, with the traditional method of payment, this figure reaches 4% of the transaction size. With such a small fee, services and companies can significantly reduce their costs;
Instant transaction speed. A disadvantage of bank cards is that transactions can take from several hours to several days. Online payment processing takes much less time;
Working with crypto, businesses do not have to face international restrictions. The availability of such technology also allows users to transfer money regardless of their location. Conventional cards, on the other hand, can't do that. Cryptocurrency provides a great chance for a merchant to raise its profile not only in Russia but also in the international market;
For businesses using cryptocurrency, the chance of surveillance by supervisory authorities is reduced;
Payments in crypto are safe for businesses. It does not allow you to pay for goods with non-existent money. Transactions and purchases go through several stages of validation, which protects against fraudsters.
New customers. A merchant that has introduced digital currencies into its service attracts many customers because, according to many surveys, it is much more convenient for people to pay online than to use bank cards. At the very least, this is good for the company's image, because in the eyes of users you will look modern and progressive, which will help you promote your products.
Thus, by connecting cryptocurrency as a means of payment, a company not only develops itself but also provides customers with an opportunity to choose the most convenient way of payment.
Acquiring is the ability to accept payments using bank cards. In our case, we are talking about crypto-acquiring, i.e., the possibility to pay for goods or services with cryptocurrency, where there is no need to change coins into fiat money. Russian companies also offer various ways of making such a payment. For example, placing an acquiring system abroad or working with offshore banks.
