The tendency to use cryptocurrency is spreading rapidly around the world. Today, digital money can be used for buying goods and services at online shops, saving money, conducting business, and much more. The number of companies willing to use cryptocurrencies increases tremendously every year.
To organize the proper operation of e-wallets, one should ensure that cryptoprocessing is installed on the website. With digital payment processing tools, it is possible to process international payments in cryptocurrency from any country in the world.
Connecting your website to cryptoprocessing has its pros and cons. In this article, let's take a closer look at how the entire cryptosystem works and what one should pay attention to when installing cryptoprocessing.
The word 'processing' refers to transactions that enable the remote transfer of payment funds (cryptocurrencies) from one person to another using a blockchain-based wallet. This could be paying for goods and services at an online shop, supporting bloggers on social media, transferring money to entrepreneurs residing overseas, etc.
The primary transactions carried in cryptoprocessing:
Accepting cryptocurrency from an individual or a business entity;
Secure transfer of cryptocurrency to another account;
Performing crypto-fiat or crypto-electronic money exchange operations.
In terms of security, money in crypto-transfers is better protected than most regular bank transfers. Therefore, today, many companies prefer cryptoprocessing over traditional transfers.
Like a fiat money processing system, technologically, cryptoprocessing is an automated payment gateway — only for cryptocurrency payment transfers.
For the average user, the process will look exactly the same as a bank card payment:
In a particular field on the gateway's website, the buyer will have to fill out a payment form and confirm the registration on the website and the payment itself. The CVV code of the card will not be required;
A special one-time code will be sent to the phone number indicated at registration to confirm the transaction;
If the previous steps are carried out correctly, the buyer will be automatically redirected to the page with confirmation of successful payment.
Bitcoin is considered to be the most popular currency for cryptoprocessing. It is used in almost 90% of all crypto payments made. Providers also recommend website owners use Ethereum or Litecoin cryptocurrencies.
Making crypto payments on any website can be done by integrating a special gateway. It allows you to process, transfer and receive cryptocurrency transactions. Smart contracts are used to confirm the consent of both parties to the transfer and verify the details of the payment. Such electronic contracts make the entire transfer process utmostly secure and transparent for all service users.
What functions a cryptocurrency service typically performs:
Conducts payer registration and enters their details into the transaction documents;
Converts currencies according to the set exchange rate;
Verifies the transaction;
Receives funds from the buyers' cryptocurrency wallet;
Transfers accepted funds to the seller's cryptocurrency wallet;
Displays transaction processing data;
Sends payment data to the blockchain system.
There are several ways to arrange cryptocurrency payments on any website.
A quick-to-set-up but not very practical way is to register a cryptocurrency wallet in the name of the owner of the shop or website. Payments, in this case, will be accessed via a link attached to the website or using a QR code. Sounds simple enough, but in practice, it is easy for a newbie to get confused by link payments.
A more convenient option for customers would be installing payment tools developed specifically for a particular website. The software can be rather costly, even for a small online shop. Such a method may be convenient for prominent business owners, where the cost of developing a payment system will pay for itself.
Use cryptoprocessing if you want to spend less money to develop a payment service for your website but still want to provide your customers with easy access to making cryptocurrency payments. Cryptoprocessing will make numerous money transfers much more accessible, both internally and externally.
Making cryptocurrency payments is not just a tribute to modern fashion but a truly secure and convenient tool. Cryptocurrency can be exchanged for real cash at any time. However, once you know all the advantages of using cryptocurrency, you will want to maintain your capital in electronic form. Any self-respecting company in today's world should take advantage of an audience of crypto-customers.
Some of the main benefits of using crypto include the following:
Secure transfers;
The user pays a commission of no more than 1%;
The government does not track the amount of money in the wallet.
There is only one major disadvantage with crypto — an incorrect payment cannot be refunded, as these are the terms of the transaction. So, to avoid unpleasant situations, always check the fields you fill out before confirming the transfer.
There are certain pros to using cryptocurrency for both buyers and sellers. These include high transaction speeds, no blockage by banks or government agencies, and transfers 'borderless' to anywhere in the world.
Let's take a closer look at how cryptoprocessor benefits sellers:
Expansion of the seller's customer base. Your products and services can be purchased by people from all over the world because cryptocurrency payments can occur in most countries: cryptocurrency is international and convenient for any user;
Any confirmed transaction will be performed. There is no cancellation function. Once the transaction is validated by the user, it is encrypted;
Low commission compared to bank transfers. In other words, businesses get more money for the same amount of goods because they do not pay fees to banks but use cryptocurrency.
Of course, cryptocurrency payment systems have their drawbacks. Therefore, it is worth familiarizing yourself with them before setting up a gateway to assess the risks and make the right decision.
The downsides of cryptoprocessing:
Exchange rate volatility. Cryptocurrency exchange rates change very quickly, several times per second. Automated conversion of cryptocurrencies into fiat currencies, which can be set up in cryptoprocessing, helps to mitigate this disadvantage.
Relatively low transaction speed. So far, every cryptocurrency has a low transaction speed. For example, Bitcoin has about five transactions per 1 second, while the VISA system has more than 60,000 transactions per second. However, this problem should be resolved soon with improvements in technology.
Bans on accepting cryptocurrency transactions at the state level in some countries. Cryptocurrency transactions are yet to be allowed in all countries. Still, this situation is bound to change with technological advances in the future.
MEEG service offers its customers the most advanced cryptoprocessing solutions. We provide win-win opportunities for both parties: buyers and sellers. The service accepts transactions in over twenty popular cryptocurrencies while ensuring complete security of funds and crisp compliance with the law. The preferred cryptocurrency can be assigned by the user.
A live support chat is available on the service's website, where you can clarify any question you are interested in around the clock. In addition, experienced consultants will help you with any problem regarding the transfer, payment, fees, and other details.
So, to connect payment via cryptoprocessing to your online shop, follow some simple steps:
Register on the MEEG website; in other words, create your account for individuals or entrepreneurs. You can do this with your email address and phone number;
Connect your project or online shop to the general system. To do this, you need to fill out the details of your project, which include a link to your website, a successful payment page template, and other boxes. All of them are available in the user's personal account;
Integrate cryptoprocessing in one of the three ways of your choice - via ready modules for the content management system, with a universal HTML module, or via API. The latter is the preferred option, as it is easiest to install for payment via the website.
Connecting cryptoprocessing is absolutely free and takes only about an hour of your time. After launching the platform in your online shop, you can use cryptocurrency as a payment method and receive payments from customers worldwide.
Give your business a place in the crypto universe with MEEG.
