Cryptocurrency has taken the fintech world by storm, changing the way we do payments. So, the big question is do you accept crypto payments on your website?
We’ll be taking a look at why you should accept this form of payment and how, so that you can start earning with crypto.
What is cryptocurrency?
To begin, let’s recap what cryptocurrency is. Cryptocurrency is basically a digital form of money. The biggest difference from traditional money, besides crypto having no physical cash, is that it’s unregulated, meaning the banks or other institutions have no control over it. Instead, it has a peer-to-peer system where volunteered participants verify each transaction and update the blockchain (the system that holds all the record data).
The benefits of accepting cryptocurrencies
Since crypto is virtual money, it’s stored in a crypto wallet, similar to a digital wallet, making it an inclusive and global payment option. But that’s not all, there are so many advantages. So, if you’re wondering ‘why should my business accept cryptocurrencies?’ then here’s why:
- More clients – You’re opening your business up to more consumers by offering crypto as an alternative payment method.
- More payment options – Crypto isn’t just Bitcoin (the original crypto). So many altcoins have been launched over the years and the more you accept, the more payment options you’re providing.
- Faster checkouts – Crypto payments can be made anywhere in the world; they aren’t limited like other cross-border payments and are transferred in real-time giving the merchant faster access to the funds.
- Lower transaction fees – Since crypto does not need to be verified by banks or card schemes, transaction fees are much lower than traditional payment methods.
- Protection from fraud – Although crypto isn’t exempt from fraudsters trying their luck, once a transaction has been made, it can’t be reversed, limiting the amount of risk from a merchant’s point of view.
Cryptocurrency for cross-border payments
To successfully optimise cross-border payments, merchants will need to accept local payment methods and integrate local acquirers. Although we highly recommend that any business that wants to excel internationally should take these tips on board, another way to grow its global success is by accepting cryptocurrency.
Crypto payments have no boundaries. Since they live in the digital world there are no national currencies, it doesn’t require conventional currency conversions and can be sent to anyone in the world making it a quick and convenient way to make purchases online.
The risks of accepting cryptocurrencies as a UK business
Just like any form of payment, cryptocurrency does come with its risks. But knowledge is key to help mitigate those risks. Here are the two main factors to be aware of.
Unless you’re a crypto guru, decentralised finance (DeFi) can be very confusing. With new coins, technologies and metaverse developments being introduced all the time, it can be difficult to keep up.
One of the biggest areas of concern when it comes to crypto is how volatile the market is. You’ve probably seen on the news on more than one occasion that crypto has crashed. However, as a merchant, you can liquidate your crypto as soon as the funds are transferred to combat this risk. Merchants can also benefit from volatility when the market goes the other way and the price value of crypto skyrockets.
How to accept cryptocurrency payments with a payment gateway
To receive crypto payments you’ll need a payment provider with a gateway that can facilitate this type of payment. Here at Total Processing, we have partnered with Rocketfuel, a global payments processor that specialises in helping merchants accept Bitcoin payments and other cryptos on their websites.
This partnership allows us to offer our merchants the ability to accept crypto payments on their website on top of the other 198+ alternative payment methods.
How long will it take to get set up with accepting cryptocurrency?
Whether you’re new to payments or just looking to add crypto to your current payments solution, getting set up is quick and simple. At Total Processing, we operate on a same-day integration, so our team will get you ready to accept crypto payments in no time.
What cryptocurrencies are accepted as payment?
What cryptocurrencies you can receive as a merchant will depend on the payment gateway and provider you go for. In general, the main cryptos that a business would accept are the biggest in the game, Bitcoin and Ethereum. But with Total Processing, you can take so much more than that.
Can I accept more than one form of cryptocurrency?
Yes! Why hold yourself back by only accepting one type of crypto? Take a look at more than 120 coins you can accept with us via Rocketfuel.
The benefits of Total Processing’s tools to accept crypto payments
Our cryptocurrency payment solutions for businesses have a whole host of benefits. We chose Rocketfuel to help us facilitate these types of payments for a reason, being the most advanced payment system for merchants who want to accept payments in crypto.
The benefits include:
- Low fees
- Protection from price volatility
- Invoice generation
- No chargebacks
The number of companies that have focused on using crypto to facilitate payments is drastically growing. In fact, 18,000 businesses are already accepting cryptocurrency payments, and it’s not hard to see why. To find out how you can integrate crypto into your payment offering, get in touch.
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