Acceptance of Ethereum (ETH) payments

Payment acceptance in cryptocurrency is gaining popularity today among both users and businesses (e.g., online shops). New API technologies are opening up new opportunities.

Ethereum (ETH), or Ether, is one of the most popular cryptocurrencies in the world. Let's talk in this article about how to accept payments in this currency on your website.

Ethereum and Bitcoin: Features

These two cryptocurrencies are known even to those who have never used cryptocurrency. Their operating principle is the same: based on blockchain technology, they are decentralized currencies, which gives them great advantages over traditional money.

Bitcoin is used as a storage system to make payments, invest in businesses, and provide a variety of financial transactions. Ether, unlike bitcoin, allows the creation of smart contracts for all transactions. A smart contract is a piece of code that enables automatic transactions; it is a new payment system. Bitcoin provides storage of transaction information and records the amount of BTC transferred to another account but does not show how much money is in the account, while Ethereum makes it possible to know the number of coins in the account at the moment.

Ethereum is more convenient both as a payment system and as a means for secure investing.

How to accept Ethereum payments

Even if you're not very interested in cryptocurrencies, your customers already want to use their cryptocurrency to make payments.

To give them that opportunity, you can take advantage of one of the following ways:
Which options to choose depends on the project, its specifics, and how much time and effort you are willing to devote to the task.
What to choose?

If you are a large online retailer, the second solution may work for you: it is labor-intensive, but you will have a convenient system for selling bulk goods. For a small company, the option of accepting payment to crypto wallets is suitable. A QR code is placed on the website, with the help of which the user makes the payment. Shoppers do not need to prove their identity for the reason that all transactions in this area are anonymous in general.

The easiest and safest way for a merchant to enter the cryptocurrency world is to integrate an off-the-shelf crypto payment service, MEEG. You won't need an it-specialist to do this. All technical issues are taken care of by the MEEG service support, for which a small transaction fee is charged. This type of service allows you to immediately convert the virtual money received (e.g., ETH) into fiat money at a predetermined rate so that it can be transferred to bank cards in whatever currency you want or to use Ethereum for investments.

The pros of this solution are that merchants don't lose customers but gain new ones and develop the project even in difficult conditions.