Making payments through cryptocurrencies is currently becoming a trend. The use of cryptocurrencies in online transactions is increasing and has even doubled in the past few months. With reliable services and apps like Rapidz, you can easily accept payments from users of different types of cryptocurrencies. As a growing business, you do not want to miss out on the payments made by crypto users. In this blog, you will learn how to join the other online businesses in improving the numbers of clients who are only paying through crypto coins.
To easily accept crypto payments, you need to be fully aware of the nature of such payments.
Facts about crypto payments
Decentralization is one of the most notable features of crypto currencies. This means that no governments or central banks are controlling the coins or their value. You just need to have an active crypto wallet so that your clients can transfer their payments to it directly from their own wallets. There is no need for bank processing or direct intervention from the networks of your cards.
With all the features offered by different crypto coins, you need to give ‘accepting these payments’ some serious thought. When you go for this option, you enjoy numerous benefits. For instance, expand your client base to an international audience. Crypto currencies know no geographic boundaries. Also, they offer quicker transactions, as the payment process is far less complex than traditional banking transactions. Another perk is the improved security and protection, thanks to the decentralisation policy. The overall transaction fees are way less than traditional card or banking transfers.
Traditional credit card transactions can be delayed when payments are made on holidays or weekends. But this is never the case with crypto payments. Your clients make purchases on your site, and the payment reaches your account instantly.
Important Steps for Accepting Crypto Payments
It is not really difficult for any type of business to start accepting such payments. All it takes is a few simple steps. These steps include:
1. Opening or setting up a crypto wallet
The concept of crypto wallets resembles traditional bank accounts. This means that your wallet is what will make you able to receive and/or transfer digital coins. It is true that Bitcoin is the oldest and most famous of all digital coins, but there are others with big values and similar popularity. Therefore, you cannot expect all your customers to use the same digital currency. This is why you need a crypto wallet that supports various kinds of coins.
When it comes to the diversity of coins, Rapidz Wallet supports up to ten different coins. This way, you can receive all types of payments in one wallet without having to open another wallet. Also, you can access your Rapidz wallet from different devices, including your smartphone.
Things to look for in a crypto wallet
There are different crypto wallets out there, but they are not all the same. For example, you should not settle for anything that supports less than 10 currencies. Also, you should look for a service provider offering smooth integration with any e-wallets you might have. Another great feature that Rapidz offers is the ability to make transactions to all the users of the same wallet for free.
Safety and efficiency elements should be a major factor when it comes to picking the right crypto wallet. You should not go for any wallet that is vulnerable to cyberattacks, as it will jeopardise your hard-earned cash.
Fast performance is nothing to be concerned about, especially since Rapidz wallet offers instant payments.
A crypto wallet that is used on a wide scale all over the world is highly recommended if you want to be an international business. Rapidz Wallet is used in more than 100 countries across the globe. And there are thousands of daily active users making and receiving payments through Rapidz.
2. Integrating digital payments with your business website
After choosing your digital wallet and opening your account, you will need to activate crypto payments on your website. There are a couple of options for making these steps. You can either use a plugin or a gateway or processor for crypto payments.
This is the most straightforward option, but it is not a one-size-fits-all kind of solution. These add-ons or plugins can vary according to the ecommerce provider you are using. For instance, there are plugins that work best for Shopify sites, while other plugins offer top performance with WooCommerce sites. When you search for and find the right plugin, it only takes a few clicks for downloading and installing, and you are good to go.
CryHow to accept crypto paymentspto gateways or processors
If a plugin is not an option for any reason, you can look for a suitable crypto processor. The right processor or gateway will facilitate integration with any business website. This gateway will be responsible for processing the crypto payments. But just like with wallet selection, crypto processors can vary according to the number of supported currencies, security measurements, payment restrictions, and so on.
Generally, opening a crypto wallet and making transactions using digital coins will not be as costly as wire transfers or credit card operations. It can cost under 1% of the whole value of the deal, while traditional actions can reach up to 3% as banking fees. This is why many online shoppers are more interested in using this method. In fact, shoppers are more tempted to spend more on their online purchases if they have enough digital coins. As the overall cost will be much less, shoppers will be more generous with their shopping lists.
So with all these benefits, you have the right to reap them. If you are the first in your commercial area to use crypto coin payments, it is your lucky day. This step can get you ahead of the competition. Even if you are competing with others who have integrated this payment option, you get to stay in the competition and find new markets for your products and services. But the most important factor is to be selective in finding the right wallet for your digital payments.