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according to Checkout.com reports77% of merchants who choose to accept crypto as a payment medium are observing an increase in cross-border sales. It should come as no surprise that you are looking to offer a payment method.
And this is not just a local phenomenon.According to recent data, approximately 15,174 businesses worldwide use Bitcoin payment processing, of which only 2,300 are located in the United States. Let’s explore the reasons behind this shift and see how cryptocurrency payments can benefit your business compared to traditional fiat gateways.
Advantages of cryptocurrency payment gateways
While many are already familiar with the basic benefits of digital assets, certain aspects make crypto especially attractive to businesses of various sizes and industries.
cryptocurrency gateway Reduce processing costs
One of the most frequently cited benefits relates to reduced fees. In the fiat currency world, a merchant can expect to pay his 3.5% or more on each transaction, but with the best cryptocurrency payment gateways, fees can be as low as his 0.8%.
cryptocurrency processing Eliminates chargebacks and rolling reserves
Another financial incentive relates to the impossibility of chargeback fraud. All transactions on the blockchain are final by default, so merchants no longer have to deal with rolling reserves due to chargeback laws. These funds work within the business and help increase revenue.
Paying for crypto gateways Enable your business to scale and expand
Unlike banks, cryptocurrencies are globally accessible. All you need is an internet connection. This allows merchants to greatly increase their cross-border potential and reach a wider market. Fiat-only companies tend to serve a local cohort, but digital assets are boundless. This is very important not only for revenue generation, but also for advertising opportunities. The only way to achieve such global coverage with traditional finance is to offer payments in over 200 local fiat currencies, which is simply not feasible.
Crypto gateway Offers a 99% acceptance rate
Then there is speed, as cryptocurrency payments are instant. For merchants using PayPal, these payments may take up to 5 business days. This inefficiency slows business down and leads to lost revenue. Plus, instant payments make forecasting much easier. Apart from processing time, you should also consider the rejection rate, a parameter that indicates the number of rejected transactions. A high attrition rate can lead to high customer drop-off rates, which can lead to loss of business.
In the traditional payments industry, automated AML systems often reject payments due to false flags. As a result, the decline in fiat currency processors is about 15%, but virtually non-existent when it comes to digital assets. Therefore, the top crypto providers offer a 99% acceptance rate while maintaining transaction immediacy and cost-effectiveness.
Instant payments exist on the blockchain because there is no central authority required to validate transactions. Plus, it’s open 24/7, in contrast to strict banking hours. As an added bonus, processors such as CryptoProcessing.com operate their own nodes to ensure instant transactions even when the network is overloaded.
Top crypto payment processor
Despite the benefits, crypto still has risks as it is not yet regulated in many countries. As a result, it is important to partner with a reputable cryptocurrency processing provider to avoid fines and bad reputation later on. What are the tools? Following the collapse of a series of crypto giants, there are several options.
bit pay
The traditional option is BitPay. Since 2011, the platform enables a “hands-off approach” to its clients. Merchants can receive payments in real currency rather than the virtual currency that customers prefer to use. This service converts funds instantly. With a 1% processing fee, this service is relatively cheap compared to legal gateways. Although not entirely global, BitPay offers payments in his 8 currencies and deposits directly into banks in 38 countries.
However, the service has more than once fallen prey to bad press. In late 2014, BitPay lost over $1.8 million in Bitcoin after a director fell victim to a phishing scam. Then, in November 2018, BitPay warned users about a piece of infected code created to steal private his wallet keys from people using open source wallets. Aside from these bad press incidents, BitPay remains a strong and popular option.
CryptoProcessing.com
CryptoProcessing by CoinsPaid is the leading payment gateway for cryptocurrencies with over €16 billion processed. In fact, the service accounts for almost one-tenth of all Bitcoin transactions worldwide. In particular, CryptoProcessing.com not only provides functionality for recurring and non-recurring cryptocurrency payments via API, but also digital assets in just a few clicks using a multi-currency crypto wallet for business. can accept.
There are no setup fees or monthly fees for this service, only a 0.8% transaction fee is charged. Additionally, you can further reduce this percentage by using the platform’s native tokens or by joining the Ambassador Program.
CryptoProcessing.com supports over 20 of the most popular digital currencies including Bitcoin, Ethereum, Tether, Dogecoin and Tron. In terms of fiat currency, the service accepts over 40 major assets including USD and EUR via SEPA and SWIFT.
Additionally, the processor offers a high degree of customizability via multiple payment tools. Options such as billing, payment links, channels and plug-and-play make this solution excellent for those seeking a customized approach.
While digital assets are often considered a gray regulatory area, CoinsPaid’s CryptoProcessing.com is an EU licensed crypto provider and complies with all European AML procedures to ensure transparency and security of all activities. I’m here. Additionally, the platform utilizes a blockchain risk scoring system to detect and eliminate fraudulent transactions.
If your business wants to expand to multiple regions at once, there is no need to connect local payments for each jurisdiction. Instant conversion to fiat currency with guaranteed rates to prevent unwanted slippage reduces volatility concerns, but companies do not need to have a cryptocurrency background.
CryptoProcessing.com therefore features a huge number of payment tools that can be customized for any business model and also offers a competitive advantage and a wide range of marketing opportunities.
coin base
Not only does Coinbase tout itself as offering one of the best hot wallets in the world, it can also be used as a cryptographic gateway. This allows instant conversion of bitcoin to fiat currency without merchants requesting withdrawals. Ultimately, it is listed as one of the best Bitcoin payment providers.
Additionally, the exchange offers this service completely fee-free on the first $1,000,000 trade. After that, a 1% settlement fee will be applied. Covering a wide range of currencies and market verticals, Coinbase’s only drawback is that it operates in a very limited number of countries.
crypto dot com
Crypto.com offers a “Pay Checkout” service to merchants. This system is highly specialized and tailored to the e-commerce market. Plugins that can be used with services such as Shopify are prepared in advance, and the number of supported countries is overwhelmingly large.
Crypto.com’s payment fees are only 0.5%, the lowest among all competitors. We also have a component discount scheme where merchants can claim rewards. However, this low price comes at a price. With a high degree of platform automation, businesses that require a more customized approach can become cumbersome facilities.
Crypto gateway i am here to stay
Regardless of the cryptographic solution you choose, the proof is in the pudding. Businesses are starting to embrace crypto at record speed, according to the latest data, global ownership of digital assets has already reached 4.2%, and worldwide he has over 320 million crypto I have a user. Massive adoption is therefore in full swing, with businesses integrating crypto as a payment option.
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