How To Accept Crypto Payments – The Best Crypto Payment Processors For Your Business
Then there is the investment component, which companies are also starting to optimize. MicroStrategy has been making waves over the past year for investing billions of dollars in Bitcoin, and several other companies have done the same.
Other companies have followed the same step as MicroStrategy, with Bitcoin Treasuries showing billions have been allocated to Bitcoin investments by some of the most popular state-owned companies.
Perfect fit for expansion plans
Perhaps the most important benefit of accepting crypto for payments is the ability to open your business to international markets without having to integrate international payment options.
Today, many businesses looking to expand their reach must integrate foreign currency payments. This way, their customers who live abroad will be able to make payments in their currency. It is the ideal way to improve the user experience of this new market that you are looking to conquer.
The only problem is that multi-currency support isn’t that cheap to integrate. For small businesses with budget constraints, this might not be possible. Fortunately, crypto could be a great way for you to get around this problem. Just embed crypto payments, and customers could make crypto payments for their services and go ahead with their purchases.
Of course, it should be noted that integrating crypto payments will have its own costs. However, if you consider that crypto will open up a payment channel that anyone can use, you will find it to be incredibly beneficial.
Improved payment security
One of the trends highlighted by the coronavirus pandemic is the growth of credit card fraud. According to the data, the volume of attempted fraudulent transactions jumped 35% in April 2020 from the previous year. Credit and debit cards were also the main source of fraud reports among all payment methods last year, and small businesses were the first victims of this growing trend.
Of course, it’s easy to see why small businesses have been the biggest victims. Large companies had the money to protect themselves and could easily invest in improved infrastructure. On the other hand, small businesses have essentially been left to fend for themselves.
If you are running a small business, you need a safe and secure channel that allows you to receive payments. Cryptocurrencies are decentralized by nature, which makes them ideal payment channels. They offer greater security than credit and debit cards, thanks to their complex transaction verification processes and the use of blockchain technology.
A proliferation of payment channels
However, for all the benefits that cryptocurrencies bring, not everyone is convinced that accepting crypto as a payment method can be beneficial. With payment processing being one of the main focus of the crypto industry going forward, it is worth considering how these assets can actually help improve this industry and what companies stand to gain when ” they integrate digital asset payments.
Today, there are a growing number of services that allow businesses to accept cryptocurrency payments. Here are a few :
NOWPayments is currently the market leader in crypto payment processing. The service offers some of the lowest fees in the industry, as well as an easy-to-implement service that businesses can seamlessly integrate into their payment channels.
Created in 2019, NOWPayments offers companies an API to integrate into their online platforms. It also offers several plugins, all ready to target different types of customers and their locations. The company offers a PoS solution for businesses, conversion to fiat, and a gateway to CMS platforms like OpenCart and WooCommerce. So, people looking to set up online stores and accept crypto payments can use NOWPayments.
Currently, NOWPayments accepts over 100 cryptocurrencies. This means that you will be able to add the service to your business and have a wide range of parts to get payment. With a non-custodial service, you can also be assured of payment security.
BitPay is perhaps the oldest and most popular payment processor in the crypto industry. The service has been around for a decade and has been running since 2011. It offers a mobile app and a simple interface, allowing businesses to start accepting crypto payments within days.
One of the main advantages of BitPay is its API, which makes it even easier to use. It is safe and secure, with all the industry standard security features available through its interface. BitPay also provides access to multilingual support, so businesses can serve customers in different countries.
Fees on BitPay start at just 1%. Compare that with traditional payment processors, and you will find that it is incredibly affordable. Better yet, the company offers debit cards that allow people to conduct cashless transactions anywhere. BitPay leverages its relationships with some of the world’s largest payment processors including MasterCard, VISA, and more. to make payments more transparent using cryptocurrencies.
Blockonomics is another leading crypto payment solution that has become especially prominent due to its unauthorized nature. Founded in 2015, Blockonomics processes fast and transparent payments, making it easy for businesses and their customers to process transactions, no matter where they are.
With Blockonomics, you don’t need third-party permissions to integrate or process crypto payments. All your customers have to do is scan the barcodes using their crypto wallets and their payments are processed.
Blockonomics supports different assets, with a 1% fee that is more than competitive for the industry. The service also relies on relationships with several large companies, with its network of partners covering different continents.
In general, crypto payments are still in their infancy. However, they offer great potential for companies to improve their services to customers. The available crypto payment processors are increasing their ability to serve customers, and you could harness the power of crypto to improve your infrastructure.
This article originally appeared on FX Empire