There is probably no person left who has not heard of cryptocurrencies at least once. Especially among people who own a company, investors, or simply have an online shop.
Cryptocurrencies are growing in popularity, the market is growing, and more and more countries are legalizing cryptocurrency transactions. And while governments in Russia and CIS countries are still deciding on the status of cryptocurrency, more economically developed countries have been using cryptocurrencies as cash for a long time as of now. In Canada, for example, even a cup of coffee can be bought with a bit of bitcoin.
That's why more and more online retailers and merchants are starting to accept digital currency as a way to promote their products. And sometimes, it is believed that accepting Bitcoin alone is enough to get a business off the ground.
Bitcoin (arguably the best-known cryptocurrency) is accepted by over 90% of all companies that accept cryptocurrency as payment in one way or another. The reason for this is that it is the currency that everyone has heard of. However, there is no point in dwelling solely on Bitcoin coins.
Ethereum, Bitcoin cash, Ripple, and Litecoin are all taking over the current cryptocurrency market more actively than their famous counterpart. Already in 2021, Bitcoin assets accounted for only about 40% of the market, while a few years earlier, the share was 80%.
If you think users don't use such cryptocurrencies, Ethereum, for example, has more than 71 million users with a positive wallet balance as of 2022.
In addition, Ethereum, cited in the example, is also one of the most popular crypto-asset storage platforms. Large companies recognize it as the world's number-one service for storing particularly significant assets.
There is no doubt about the popularity of cryptocurrencies. And if they are popular, they are sure to attract new customers to your product.
The flow of users interested in your online shop is guaranteed to increase if there are as many cryptocurrency payment options as possible. This way, a person can quickly and without hesitation pay for the item or service they are interested in. After all, they do not have to spend time transferring his assets from one payment system to another.
In addition to attracting new people and increasing conversions, the benefits include:
Increased speed of payments;
Protection against third-party interference in transactions: No one, not even government agencies, can cancel the initiated transaction;
Sustainable development of your commercial website in the future.
And how do you solve the problems of connecting all these cryptocurrencies? Connecting the API for each of them separately is too long and requires a lot of technical skills. This is where cryptocurrency payment gateways come in and make your cryptocurrency life a lot easier.
A crypto processing payment gateway is a technological solution for accepting Bitcoins and other cryptocurrencies on a website.
The process of receiving payments from most services is organized simply:
You register an account with the service using email;
Connect it to the project;
The customer then proceeds to the payment process;
Selects the currency in which he wants to pay for the service;
Starts the transaction and confirms it;
You receive the funds in the service's wallet.
Some services even allow the buyer to purchase the cryptocurrency with real, fiat money during the payment process, in case they don't have enough money.
Also, you don't need to keep several wallets - the service will top-up your balance with the amount of payment in your service account in that currency, which is convenient for you. It doesn't matter if it's dollars or Bitcoins.
In order to keep your money safe and make payments fast and conveniently, you need to choose a reliable service that will provide decent protection of your data.
Also, before you sign up for payments, make sure your country hasn't passed a bill banning mining, cryptocurrency exchanges, or digital money as such. If you don't research the right information in time, you could very well be criminally liable.
So far, the government has not banned the circulation of digital money in Russia.
Cryptocurrencies are getting bigger every day; investments in this sector are growing, and, as a consequence, there are more and more services that are ready to help you get used to and start accepting cryptocurrency now.
So to start with, here's a list of the best services to help you accept Bitcoin and more:
Coinbase Commerce is one of the most well-known virtual money processing gateways. It accepts payments in seven cryptocurrencies, including the well-known Bitcoin, Ethereum, and Litecoin, as well as USD coin and Dogecoin. All services are connected in a single integration, which simplifies the process of working with them for both sellers and buyers. However, in order to use them, you will need to pass KYC verification. The service has a standard commission (1% for conversion to local currency). It also allows for easy invoicing of customers and has integration with Shopify;
Coinpayments differs from its competitors with a lower fee of only 0.5% of the transaction. This service offers the ability to exchange cryptocurrencies from one to another within its personal account. It also has a fairly handy mobile app, automatic payment acceptance to the selected wallet, and a large number of e-commerce plugins. However, you have to pass a KYC check to use it too;
NOWPayments allows not only to accept cryptocurrency payment but also to convert it into fiat. It accepts not only digital currencies exclusively but also some stable tokens. The fee is charged per transaction and is about half a percent of the transaction amount. There are integrations with WooCommerce and Shopify. To work with this service, you will need to register your cryptocurrency wallet on it, as well as go through a KYC procedure;
Paymentcloud, in addition to being able to accept well-known coins (ETH, ADA, BTC), can offer your company customized plans and rates. The integration of the service with not only your website but also with your accounting software and CRM is available for that. The pricing is quite transparent. However, personalized advice cannot be given in complete anonymity, so to work with Paymentcloud, you will need to tell us briefly about your business.
Meeg.io allows you to accept payments easily in popular cryptocurrencies. In addition, the service has protection against volatility: at the moment of invoicing, the value of currencies is fixed, which will protect you from losing money.
Minimal commissions and high speed of payment processing will allow you to save not only time but money as well. Connection to the service and its full functionality is available without going through the complicated KYC procedure.
Moreover, Meeg.io has round-the-clock technical support, which will consider all your queries and questions. The site also conducts AML coin checks, which helps combat illicit trafficking.
With MEEG, you will be able to accept all the most famous cryptocurrencies on your website to gain more audience and enlarge your business!
