The e-commerce market is developing very rapidly nowadays. Payment acceptance methods are also developing. The most promising solution is now considered to be accepting crypto payments.
The popularity of cryptocurrency has only grown against the backdrop of global events. The relevance of cryptocurrency payments in Russia has also grown due to the restrictions of international companies and payment systems.
Read below about the features and advantages of accepting cryptocurrency for business, how to implement such payments and how to organize work with them.
The popularity of cryptocurrencies is justifiably on the rise. Demand for them has grown particularly high among users from Russia, who now have limited tools for international transfers. The possibility of making payments in cryptocurrency for them will be a big argument in favor of your product. For companies that are focused on working with foreign customers, there may be no better solution than to start working with digital currencies as an alternative to the usual payment methods yet. They are the ones that can ensure not only stability but also the growth of the company in the long run.
It is hardly possible to block Russian users and holders of crypto-assets from exchanges. Mining, as such, cannot be controlled by sanctions or political restrictions. This goes beyond the idea of cryptocurrency in general, as the decentralized nature of such currencies was and still is a significant advantage over national currencies.
Hence, the main advantages:
No restrictions from international organizations. Plus, your customers can send cryptocurrency to your account regardless of location. Cryptocurrency payments are a good way to enter the international market;
Guaranteed fair transactions. Cryptocurrencies do not allow chargebacks or payment with non-existent money. Thanks to blockchain technology, all transactions are heavily verified;
Fees are much lower than those for using a traditional payment system. Most fees for cryptocurrency payments do not exceed 1%. Whereas Visa's fees can be as high as 3-4% of the transaction amount. Across the board, lower fees can significantly reduce costs;
Transactions are almost instantaneous. The world these days does not like to wait, so waiting a few days for a bank to complete a money transfer is not always acceptable for business;
The inflow of new clients. If you accept at least Bitcoin on your website, customers are already guaranteed to like it. At the very least, it's 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;
Statistics show that a common reason why online shoppers fail to complete a transaction is the lack of a convenient payment method. So, if you include cryptocurrency as a payment method, or better yet, more than one, you can gain several advantages over your competitors. At the very least, an increase in conversion is assured.
Cryptocurrencies can put your company ahead of others. True, before accepting payments, it is worth examining several articles for pitfalls in the form of legislation prohibiting cryptocurrency transactions. There are no such laws in Russia yet.
There are many ways to set up cryptocurrency payments.
The most common ways to accept cryptocurrencies are the following:
Receiving crypto directly to a cryptocurrency wallet. All you need to do is create a wallet in the desired digital currency and leave the wallet address on the website. However, this method has its own problems: accounting and transaction control have become very complicated. After all, records of all transactions are absolutely identical to the wallet address;
Use of cryptoprocessing services. With their help, businesses make it much easier for themselves to control payments. Cryptoprocessing services, or crypto payment gateways, are platforms that act as an intermediary between your business and cryptocurrency exchanges.
Read more about the second method below.
There are pros and cons to using cryptocurrency payment processing.
Among the disadvantages is the need to find a reliable cryptocurrency gateway to connect to your project. Not every platform that provides such services can be a good guarantor for your transactions. By connecting a gateway, you are handing over transaction and transaction data to the gateway.
The crypto processor provides the following:
Simplified acceptance of different currencies. Services often allow you to accept multiple cryptocurrencies at once and, moreover, can convert them into your preferred local currency. In addition, recall that accepting multiple cryptocurrencies helps increase conversions;
The payment gateway will not be able to block your transaction. A bank, on the other hand, may consider your transaction suspicious and cancel it;
Connecting a cryptocurrency processor is much easier than connecting a service to accept international bank cards. And the ability to accept international payments is just as useful for your company;
Gateways do not require you to register as a sole proprietorship or a legal entity. Registration through the email address on the service page will be sufficient;
The commissions are lower than those for self-currency transfers;
The process of using the processor is very simple and straightforward for users. The client only needs to choose a service or product, choose the necessary cryptocurrency for payment, get the cryptocurrency wallet address, and transfer funds;
Sellers, on the other hand, are provided with flexible currency conversions. Moreover, most services simplify the process of cryptocurrency invoicing. You can always get the necessary information in your personal account;
High speed of transactions. Funds will be credited to your account within minutes.
In addition, the data in the blockchain system through which the transaction is performed cannot be falsified.
It's very simple. Register an account with the MEEG gateway system, link to the website or successful payment page in your personal account, and finally connect the gateway via API or CMS.
Next, decide on the choice of cryptocurrency assistant. There are many gateways, but we recommend trying Meeg.io.
Minimal transaction fees;
Protection from volatility and stable exchange rates. At the time the transaction starts, the value is fixed and remains constant until the end of the transaction. If the cryptocurrency suddenly loses in value, you will not lose money;
A variety of cryptocurrencies: the service accepts both Bitcoin and lesser-advertised currencies;
You don't need to go through a KYC procedure to connect;
Another advantage: there is 24/7 support, ready to answer any of your questions and help solve the problem.
Cryptocurrency is especially in vogue in the gaming industry. A lot of gaming products and services around the world are sold for cryptocurrencies, most often for the popular BTC or ETH.
Travel and airline companies (NorwegianAir, AirBaltic, Berkeley Travel, etc.) also offer their services for Bitcoin. Thus, cryptocurrency can be used to pay for hotel or transport reservations.
Users can also buy their own cars with cryptocurrencies, such as a Tesla or BMW.
Smaller amounts are accepted by Amazon for payment.
The number of companies willing to accept cryptocurrencies is growing every day. Don't miss the chance to promote your business, either.