E-commerce and the Internet technologies are evolving every day, with more and more online shops popping up and retailers using all sorts of means to attract customers, including trying to make payment more convenient. Payment in cryptocurrency is one of them. It's hard to imagine today’s world without accepting cryptocurrency payments. Acceptance of payments and funds in this way is very convenient and safe; there is no need to worry about the leakage of personal data of either the user or the seller. The use of this payment system in the current situation has allowed many services to continue providing their services.
Based on the results of multiple surveys, many experts say that more and more online retailers are adopting new methods of accepting currencies. About half of the owners are preparing to integrate cryptocurrency on their platform as early as 2022. There has also been an increased interest from shoppers in the new payment method.
In this article, you will learn about the new phenomenon of crypto financial transactions. You will also learn how to pay for goods and services using cryptocurrency. We will explain how payments are accepted and what methods are available to connect cryptocurrency payments to an online shop's website.
Due to the current situation in the world, most Russians cannot accept and make international payments. This has given rise to the development of alternative payment systems. The emergence of cryptocurrencies and the widespread use of electronic wallets became a real salvation not only for entrepreneurs and businessmen, who, introducing new technologies, provide new opportunities to existing customers and attract new ones, but also for ordinary users. Crypto Processing is the process of paying for services and goods with cryptocurrency. Becoming more and more popular, many terms are also becoming familiar: such as "Bitcoin," "Ethereum," and others.
Speaking of crypto processing as a method of improving financial results, its advantages are as follows:
No payment risks: your funds are not blocked during transactions, and personal data protected by cryptography does not fall into "third hands"; QR codes also speed up the payment process and prevent personal information from being shared.
Possibility for an individual to accept payments in cryptocurrency: there is no need to register a sole proprietorship or other types of legal entity;
Possibility to make international payments;
No intermediaries for financial transactions. Payments can be made directly between two individuals without the help of an outsider.
And that's not all the pros of crypto that we can name. Thanks to crypto processing, any type of payment is made in a minimal amount of time. At the same time, it is also a great opportunity to maintain cooperation with foreign partners despite the uncertain political situation. Payments are quite simple, and we will tell you how later.
Many foreign surveys have already confirmed the fact that the user gets a lot of benefits by paying for selected goods and services with cryptocurrencies. One survey conducted in countries such as the US, England, Germany, Italy, and others showed that out of 2015 respondents, more than 80% are aware of the existence of this payment method and are familiar with at least one cryptocurrency. 32% of the British have even owned crypto, while in the US, the figure is higher, at 44%.
Analyzing people's financial activity, it can be said that the card payment method remains the most popular method. At the same time, there are many known cases of leakage of customers' personal data. Many users still pay with e-wallets (such as Amazon Pay or Google Pay). However, it is worth remembering that the above payment methods also took time before people started to use them actively.
Any online shop wishing to develop its service is now trying to introduce digital currency payment acceptance systems as quickly as possible. With this tool, many companies are able to enter new markets and retain customers. Methods of financial transactions in cryptocurrencies are actively developing not only in European countries but also in the CIS.
Such a payment system as cryptocurrency is becoming more popular every day for the objective reasons we mentioned in the previous section.
You may have heard that Russia might be excluded from participating and doing business on crypto exchanges, but so far, there are no obstacles and restrictions and mining cryptocurrency is possible outside the influence of politics or individual states. Therefore, an online shop needs to connect crypto to optimize its service. And many people wonder how to do it. As an example, let's take our MEEG service as the most convenient option.
To become part of the service and accept crypto, you need to:
Create and confirm an account: in this step, you only need an email address (no id or documents needed);
Create one or more projects and describe them: a questionnaire will appear in the personal office, where you will provide basic information (link to the site, payment page, etc.);
Specify the connection method: either via a website content management system module or via a structured API.
Connection to the MEEG gateway takes no more than one hour. After that, the service will be fully available, and cryptocurrency acceptance on your site will be fully functional.
The ease of connectivity and the great number of features that come with it allow owners to not only adopt new business practices but also to attract new customers, which in turn help to promote the company.
For both the seller and the buyer, there are many benefits to be found of using the new payment technology. Many brands and their products remain popular, even after the discontinuation of cooperation and restrictions on deliveries to Russia. Therefore, people are looking for other opportunities not to deprive themselves of things they either need or don't want to give up. Of course, being a relatively new phenomenon, accepting cryptocurrency online can seem like a daunting process. However, we can help you figure it out.
To make a payment, you need to follow a few simple steps:
Select the desired product or service on the company's website;
Select cryptocurrency as the payment method (Bitcoin, Litecoin, Tether (USDT), and Ethereum are the most popular nowadays);
Select a specific cryptocurrency when making a payment;
After that, either the crypto wallet address appears, through which the order can be paid for or a QR code with the details of the merchant who provides its products.
As can be seen, this system is convenient for both the seller and the buyer. On average, it takes 10 to 20 minutes to make and confirm the payment.
Your purchase is successful with crypto payments! We hope that our article was useful for you and clarified unclear points if there were any. Use cryptocurrency as a means of payment for your order and see how convenient it is! Setup crypto processing on your website to boost revenue and the flow of new clients!