A constantly changing world and the emergence of new competitors are forcing business owners to look for new ways to grow. Scaling up to international markets is becoming one good solution.
One way to grow is by accepting international payments in cryptocurrency. In addition, the cryptocurrency market grows inexorably every year. The popularity of such means of payment acceptance is also growing. Both among sellers of services and goods as well as among buyers. Many owners of both large and small online shops are already using cryptocurrency payments.
They are already providing their services for cryptocurrency:
So, if you think that BTCs pay only for a brand-new Tesla or a house in the Maldives, no. You can buy a cup of coffee with some Bitcoin, too.
For citizens and companies from Russia, accepting international payments or even simply transferring money abroad has become much more difficult lately: Mastercard and Visa are not available, well-known payment systems refuse to process Russian cards, and some systems, such as PayPal, block not only the registration of accounts from Russia but also block withdrawals from already created accounts. By the end of September 2022, Russians can send no more than $50,000 per month to their foreign accounts, which could jeopardize the entrepreneurial business.
The choice of payment systems is now incredibly limited, and workarounds are often too costly as a large percentage of money is lost on commissions when transferring from one system to another.
Moreover, the situation in the world is incredibly precarious. And so, it is impossible to say how long the restrictions on Russian markets and banks will last. It is hard to even say whether such restrictions will ever be lifted. Therefore, cryptocurrencies and entering the cryptocurrency market right now are one of the most logical life-saving solutions. The obvious virtue of cryptocurrency is its independence from any public or private authority. States can only restrict circulation by law, but cryptocurrency use is not prohibited in Russia at the moment. That is why connecting cryptocurrency payments to your online shop now, especially if you are trading from Russia and with the whole world, seems like the best solution to many problems with international payments.
It is fair to mention that cryptocurrency payments are not perfect and have a number of problems.
Some of the disadvantages of cryptocurrency systems include the following:
Unresolved Bitcoin scalability issues;
Legal issues. Many countries allow merchants to accept cryptocurrency payments, but even more, countries do not legally define the status of cryptocurrencies. Therefore, it is often worthwhile for merchants to cautiously research their country's legislation before connecting payment to a system like Bitcoin;
The exchange rate of Bitcoin itself is unstable and depends directly on the volume of coins on the market. Therefore, it is often impossible to buy and sell BTC at the same price.
Nevertheless, the cryptocurrency transaction service has undeniable advantages for both the sellers and the buyers.
The main advantages of cryptocurrencies:
Buyers have an additional option to pay for a purchase, which is guaranteed to attract new customers;
Payments are processed quickly;
The money transfer transaction that is initiated cannot be blocked or canceled;
It is a universal means in any country: customers will not have to specially create a separate Yandex.Wallet or PayPal account to pay for goods because not all countries and regions have such a payment system on your website;
High security and confidentiality. Thanks to cryptocurrency, you can avoid the leakage of personal data, which some payment systems have a tendency to save. Also, such a transaction cannot be hacked because each of them is cryptographically secured.
The use of crypto-payments can now not only help solve some of the problems associated with international transactions but also attract new customers.
There are several main ways to accept crypto payments.
The simplest is a cryptocurrency wallet. After registering such a wallet, you provide a link to it in your online shop, and you're done! Your company has arranged to receive cryptocurrencies into your account. However, it will be very difficult to analyze the entire list of transactions because the wallet will not contain information about paid goods, only the amount.
The hardest way is to develop your own payment tool with a focus on accepting cryptocurrency payments. However, this process is both long and costly, so it is recommended only for large entrepreneurs with a large turnover of goods.
The optimal solution is to use crypto processing.
With crypto processing services, you can reduce the amount of work involved in connecting a cryptocurrency payment system and simplify the control of services.
Crypto processing is the process by which you connect to a specific service or crypto payment gateway. This service handles the transactions of the online shop.
The merchant's role in this payment processing chain is very simple: they just need to choose a reliable service that will provide processing services and pay them a small (maximum 1-3%, depending on the provider) commission.
What benefits will I get from the crypto processor?
Most of the interfaces are designed so that it's easy to view and analyze all the information, and most importantly, fast;
The services offer a price-fixing feature at the time of the transaction, which protects your funds from cryptocurrency losses and rate hikes. This way, you will definitely not lose money due to currency volatility;
The ability for buyers to pay in any currency. Good services often accept more than 20 cryptocurrencies for payment;
Moreover, the received cryptocurrency is immediately converted to the one you need. And it doesn't matter if it's a cryptocurrency or a national currency.
Processing can simplify both accounting and invoicing;
The popularity of this payment method will increase the reach of your project, which can attract new paying customers and increase revenue.
From a small business perspective, crypto processing would be the best way to connect cryptocurrency acceptance to your online shop.
Start with convenience. The simple and clear interface is important for the customer because a quick and easy transition from product selection to payment will definitely appeal to the customer. And merchants will be able to appreciate the quick and easy setup of payments.
Pay attention not only to the cost of the commission but also to the functionality offered to you for this cost.
Carefully read the rules of the product you choose to connect to your site. Also, pay attention to the reputation of the service. Many sellers have made a mistake at this step and fallen into the hands of scammers.
It doesn't take much time to start accepting cryptocurrency now. It usually takes less than an hour to set up the processing integration with the website. To get used to it and start accepting cryptocurrencies now, we recommend trying the MEEG.IO service. In addition to all the necessary features of a solid cryptocurrency gateway, such as multicurrency, stable exchange rate, and low fees, it provides 24/7 support for its users. So if something goes wrong or you have a question, you'll always have someone to turn to.
Make your business better with cryptocurrencies and MEEG.IO.