Acceptance of DAI payments

For online shops, accepting cryptocurrency payments is becoming almost a prerequisite for business development. Crypto payments are essential for any app. To enable users from all over the world to pay for your goods and services using Ethereum, Bitcoin, Bitcoin cash, Litecoin, and other cryptocurrencies, you can use ready-made solutions.

Let's take a look at what DAI is and how to start accepting payments in this currency on your web site.

What is Dai

DAI is a stablecoin based on Ethereum. Like other cryptocurrencies, DAI coins are already being used as a payment tool in e-commerce. DAI is growing in popularity and value, and more and more services are beginning to accept it.

This currency is pegged to the US dollar, like USDT or USD coin. It is not possible to produce new DAI tokens through mining. Their issuance is controlled by the Ethereum blockchain, and new tokens can be created by anyone who can back them up with assets in other currencies.

DAI has its advantages: stability and control via Ethereum blockchain smart contracts.

How to accept payments in Dai

Coinbase commerce is a dedicated platform for accepting payments not only in ETH and BTC but also in DAI. The US exchange Coinbase is the platform to handle this cryptocurrency. It is safe and fast to transfer payments for purchases without commission. Coinbase commerce is convenient in that the process takes place without intermediaries.

There are two ways to arrange payment acceptance:

  • An off-the-shelf interface solution

  • Integration of own module using API

Each of these options is applicable but suitable for different purposes. Integration of a payment form into the website interface requires no special knowledge and takes no more than an hour. All you need is to create an account on the platform and follow the guide.

So, when an off-the-shelf service is connected, crypto processing - that is, cryptocurrency transactions - takes place on the same page, and the user does not need to leave the website to make a payment.

This is very convenient for an online business: registration for the service is simple; you need to create a profile by linking your email address to it. Support will help set up the services and make everything intuitive for customers.

The second option (creating your own payment module) requires a significant level of IT or the means to hire a development specialist. This option is good for a large company.

The MEEG crypto processing service takes care of technical issues and charges a commission for the service, but the amount of commission is small and does not reduce the number of advantages of the service. You will largely expand your audience and take conversion to a new level!