Today, the use of cryptocurrencies to pay for goods and services in online shops is becoming more popular than ever. One of the reasons for this trend is the current situation in global economies. However, it's not just about the tense situation: many users have simply already come to appreciate the convenience of using cryptocurrency and did so long before the crisis in the conventional card payment system.
E-commerce is constantly evolving, and enterprising companies are rushing to introduce a digital payment method on their platform. Using cryptocurrency helps business owners grow faster and attract more investment to their businesses. And installing a crypto payment gateway helps them do just that.
From this article, you can learn all about how cryptoprocessing works. We will list the benefits of the system for both parties - buyers and sellers - and tell you how to accept payments securely and quickly.
In 2022, Russia is facing new sanctions. They have made life much more difficult, not only for small businesses but also for large entrepreneurs who work with foreign suppliers. Acceptance of international payments is significantly hampered.
If you are among those businessmen who are concerned about the inability to transfer money abroad, there is a practical solution for you is arranging to receive payments and transfer money in digital currencies (Bitcoin cash, DASH, Ethereum, and others).
You may be wondering whether such a process would be convenient for you and the customer. In the following, we will elaborate on why the answer to this question is yes, as well as how to set up a secure gateway for any online shops.
Every professional entrepreneur knows that the more payment options available to the customer, the higher the conversion rate will be. It also helps to attract new customers to the business. They will make up that portion of the audience that has digital coins in their assets and is set up for transfers in crypto.
In other words, in a situation where Russian businesses have virtually lost any ability to make international transactions, cryptocurrency has come forward as a solution to this problem. And in a situation where a payment is not possible, the crypto market environment has remained the only hope of receiving international transfers at all.
Now that you know the advantages of using cryptocurrency, it is worth considering options for implementing its acceptance in your online shop.
Cryptoprocessing services are a setup service to pay for goods or services online using any cryptocurrency. The customer and the merchant mutually benefit from these services as compared to using standard transfer processes.
Below are the main advantages of cryptocurrency payments through cryptoprocessing:
You will be able to accept funds from abroad;
It is much more convenient and profitable for a large number of people to pay through a gateway than through a fiat bank service;
Payment risks are negated as cryptosystems do not block client funds;
Cryptoprocessing protects against intrusion by unauthorized parties, including banks, and also protects money from fraudsters;
There is no need to form a legal entity to receive payments.
Cryptocurrency does not exist in physical form and therefore is not linked to traditional currencies or any part of the banking system. It is not controlled by the state. It does not require a bank to circulate it, which means that you do not have to pay a transfer fee. However, there is a small disadvantage to crypto: in the event of a transfer error, there is no way to get the money back.
There are a few other significant advantages over traditional processing methods:
No borders in the broad sense. This means that international payments with other countries will be available to you at any time. Crypto-payments do not require a bank card or account;
Any project on the internet can be integrated with crypto payments, whether it is legally registered or not;
All funds and their details are not shared with third parties, and the details of the transfer transaction are encrypted. The service is protected by an AML policy that monitors the cleanliness of transactions and warns of fraud.
Blockchain data cannot be faked or copied and is securely encrypted using cryptographic technology. Stealing your digital money or hacking into a cryptocurrency wallet is difficult.
For users of your online shop, the payment process will be as easy as possible. Given that the number of crypto-users grows every year, the more payment options you provide for your customers, the more customers will choose you. That way, you can attract a new audience that wants to pay in digital currency and increase conversion rates.
The process of buying in cryptocurrency through a gateway includes a few simple steps:
Select the desired products or services on the website;
Select the cryptocurrency payment option from the suggested list of payment methods;
Select your preferred digital currency (Bitcoin and others) in the cryptoprocessing menu;
Transfer the amount to the provided crypto-wallet address (there is usually a QR code on the website for convenience).
Automatic payment follows confirmation of the transaction and is quite fast. Depending on the gateway setup, the buyer will be able to choose from various available cryptocurrencies with which to pay for the orders. The most popular digital currencies today are Bitcoin, Litecoin, and USDT.
As you can see, installing cryptoprocessing on a website is well worth the investment. Next, let's talk about the liquidity of cryptocurrency for Russian users specifically.
As you know, global banking giants like Visa and Mastercard have suspended their operations in Russia. This has meant that international payments on any services and platforms have paused, and even regular transfers have become unavailable.
A number of other payment services have also joined these restrictions, such as PayPal. Companies have prevented people from registering accounts and also have disabled access to existing accounts. In such circumstances, accepting international transactions became unavailable, and e-commerce businesses faced great difficulties.
The Central Bank of Russia imposed strict restrictions: according to its decision, a citizen of our country can not make transfers even to his own foreign accounts, let alone to the account of another person, for more than 50 thousand dollars or equivalent amounts in other currencies during one calendar month. As a result, many projects in Russia have had to be halted.
However, there is always a way out, and today cryptocurrency payments can become the lifeline for all entrepreneurs who depend on international transfers. For businesses in the CIS, cryptoprocessing is a great way to develop a business, ensuring not only project survival but also growth.
Cryptoprocessing offers lucrative cryptocurrency exchange terms for both categories of cryptocurrency customers. Let's examine these benefits in more detail below.
If you represent a company, you will be able to offer your customers the format that is very beneficial for business. World-famous coins such as Ethereum, Bitcoin Cash, and DASH, as well as less popular digital currencies, can be put into circulation as a payment method.
This would open up the possibility of convenient payments, making them easy and secure to transfer. All data will be securely encrypted so that details of your transactions or anything important won't leak to fraudsters.
Your customers will also be able to send payments for goods or services by choosing a convenient currency from the range provided. They won't have to deal with the "crypto-fiat" exchange themselves; an automated system handles all transactions. It will also protect digital money from the high volatility of cryptocurrency.
Making timely and bold decisions is a characteristic of any business. So it is with the opening of a cryptocurrency payment method: you will not lose old customers, the number of your new customers from abroad will increase, and the acceptance of funds will be fast and secure.
Some of the key features of cryptoprocessing include the following:
Easy installation via API, requiring no special programming knowledge;
Availability of a huge number of digital coins and tokens;
Support from the service in different languages, including Russian;
Assistance in business development, international payments, and much more.
Want to develop your project in the realities of the modern world? Install cryptoprocessing on your website and accept digital money transfers from buyers all over the world.
The cryptocurrency exchange has proven to be a promising option in the economy since long before the events mentioned above. Individuals and entrepreneurs around the world are investing in cryptocurrency, and it's not just about fashionable trends. Cryptocurrency is indeed trustworthy. Plus, it can be exchanged for fiat money when needed. Or it can continue to be stored in an e-wallet account.
Either way, many customers will love this payment option, and the resourceful entrepreneur shouldn't pass up the chance.
And for you, as a merchant, there are dozens of voices in favor of cryptocurrency, and here are the most important ones:
You will have high transaction speeds, dozens of times faster than traditional transfers;
In case of a customer error, the transaction will not be blocked or canceled, and the money will accurately arrive in your wallet;
When large amounts or frequent transfers are handled, they will not be blocked due to suspicion of fraud;
Borders will be erased as cryptocurrency is used all over the world.
If you're already keen to install cryptoprocessing to your project, keep reading. The following article will show you how to connect a cryptocurrency acceptance gateway for your business.
There are quite a few services in the provisioning field that offer their help with connecting a cryptocurrency gateway. Installing cryptoprocessing in online shops is not difficult at all.
Let's take a look at how to connect MEEG payment through a service:
The first step is to register your account using your email address;
Then, you need to add a project. This can be done in your personal account, where you will be asked to fill in basic information about the project and templates for the payment pages;
The last step is to choose how to connect. For example, through a module for the content management system or through an API.
The whole procedure is absolutely free. The connection itself will take about an hour of your time, depending on which platform your site supports.
Once the integration is complete, you can attach crypto payment links and easily accept payments in Bitcoin, Litecoin, USDT, and other digital currencies.
In the text of our article, we've already talked about how cryptoprocessing works. Now it's time to talk about exactly what functions the gateway performs and how this affects payment transactions in the business.
Once you install a dedicated cryptocurrency payment service in your online shop, you will be able to accept payments in any coins. Cryptocurrency payments will be quickly processed and separated. Special smart contracts will be used for matching. This system promotes transparency of transactions and ensures their security within the platform.
Connecting cryptoprocessing consists of the following steps:
Register a new payer;
Convert the currency at the current exchange rate (e.g., Bitcoin to DASH);
Verify users and transactions;
Accept funds from the customer;
Transfer received funds to the merchant's wallet;
Confirm payment processing;
Send the transaction data to the blockchain.
Cryptocurrency payments have some peculiarities. Because cryptocurrency has no physical expression, it is not linked to any traditional or state-owned banks. It is also impossible to counterfeit due to the fact that its data is protected using cryptography techniques. All transfers will only be made between two parties.
In order to give the customer the opportunity to pay for the order in cryptocurrency, the processor creates a unique link for the payment. Once the payment is validated by the network, the API system will credit the merchant's account with the currency that was selected to be credited.
Invoice payment algorithm:
The customer selects goods or services on the merchant's website;
After selecting payment, he gets to the transaction page where he can choose the payment method (in this case, in cryptocurrency, e.g., Bitcoin);
The payment is confirmed, and once the payment is confirmed, the resulting amount is automatically transferred to the seller's address.
In most cases, the payment is received automatically within a few minutes. The cryptocurrency is credited to the merchant's account, and then the customer is directed to a page with information about the successful payment. Payment information can also be sent to an email address if there is a special checkbox on order.
The payment process can also be facilitated by installing a currency exchange widget in the site menu.
More and more people around the world prefer to pay with cryptocurrency. That's why MEEG cryptoprocessing integrated into your online shop's website will help convert these people into customers. Cryptocurrency payments are transferred faster than traditional bank transfers, and most importantly, cryptocurrency transactions are not subject to restrictions and sanctions like fiat exchange.
The main argument in favor of MEEG's cryptoprocessing service will be the automation of all platform processes. Any buyer will be able to choose their preferred cryptocurrency from the offered ones and pay for the desired goods. The money will be protected from surges and will remain safe.
The business owner, by connecting MEEG cryptoprocessing, will be able to multiply the conversion manifold. In turn, this will have a positive impact on the financial results of the project, overall.
It is unknown how long the restrictions on international transfers will last. Enable cryptocurrency usage and attract new customers on the wave of digital money's popularity.