Anonymity, high speed of transactions, use around the world – all this makes cryptocurrency a convenient way to pay for goods and services from anywhere in the world. Cryptoprocessing allows to automate the issuance of payment data, verification and acceptance of cryptopayments.
It is extremely difficult to impose restrictions on payments using cryptocurrency because it is not controlled by a single authority and its issuance does not depend on the will of a particular state.
In addition to the absence of risk of blocking funds, this form of international payments has the following advantages:
- The size of the fee. The fee of the blockchain network, which is charged when processing a transaction, is much lower than the fee for international bank transfers.
- High speed of transactions. Transferring funds directly between users via blockchain allows payments to be made at any convenient time without delays. In addition, transactions can be accelerated by setting a higher network transfer fee.
- Anonymity. The personal data of cryptocurrency owners is fully protected thanks to blockchain technology.
Using cryptocurrency allows you to cooperate with partners around the world almost without restrictions. You can send any amount of money within a few minutes. All you need for the transfer is a cryptocurrency wallet.
We talked about other advantages of cryptocurrency as a financial instrument in our article.
ACCEPTING CRYPTOCURRENCIES: THE MAIN WAYS
There are several ways to accept cryptocurrency payments: direct transfer to a wallet, payment by QR code, developing your own payment module, connecting cryptoprocessing.
Each of them has its own advantages and disadvantages. Let’s consider them in more detail.
TRANSFER TO A CRYPTO-PURSE
The process is that the customer transfers funds directly to the cryptocurrency address specified by the seller to pay for goods or services. This is the simplest method, which does not require the use of third-party services.
Nevertheless, it has disadvantages for both parties:
- The customer needs to enter the address and the amount without errors and choose the right network, otherwise he can lose money;
- The merchant must determine the appropriate network and currency for the customer, calculate the amount for each product or service, and manually track the transfer;
- With a large number of payments the recipient can get confused because he cannot see who the transfer came from and what it was for.
Inability to sort incoming payments and the need to manually deal with each transfer make this method inconvenient for big business owners. Nevertheless, accepting cryptocurrency to a wallet may be suitable for beginning entrepreneurs.
USING QR CODE
This method is similar to the previous one, but it is more convenient for the client. Instead of entering data manually, the customer scans the QR code and the payment form is filled out automatically.
This makes the payment process faster and the possibility of mistakes on the part of the buyer is practically eliminated.
For a merchant, this method has similar drawbacks: the need to manually track and sort incoming payments.
DEVELOPMENT OF PAYMENT MODULE
You can accept payments in cryptocurrency on your website via your own payment module. In this case, the user goes to your website, selects a currency from the offered ones, gets the cryptocurrency address and transfers the required amount, after which his payment is considered completed.
This method is more convenient for both the client and the seller, but its implementation may take a lot of time and require significant financial investments, and if errors are made during module development, you may face loss of money.
Cryptoprocessing is a payment gateway, which is a turnkey solution for accepting cryptocurrencies on a website and other platforms.
The process of accepting and processing payments is fully automated, which eliminates the possibility of errors when entering the address and amount. Cryptoprocessing simplifies the process for both parties and allows the merchant to sort the incoming payments.
From the buyer’s side, the process is as follows:
- Selecting a product or service and going to the payment page.
- Selecting the appropriate cryptocurrency, such as payment in bitcoins or payment in usdt.
- Displaying the automatically calculated amount to be paid, wallet address and QR-code.
- Sending of payment (similar to the usual QR-code payment).
- Confirmation of payment by the system or automatic notification of the need for additional payment if an insufficient amount was sent.
- Instant access to goods or services after successful payment.
Merchant sees information about the payment in his personal cabinet and can withdraw funds to his cryptocurrency wallet, having paid commission to intermediary company.
ADVANTAGES AND POSSIBILITIES OF CRYPTOCLOUD CRYPTOPROCESSING
This affiliate program provides universal solutions for accepting fiat and cryptocurrency payments – with their help your clients can pay in cryptocurrency, and if it’s not available, buy it for fiat when placing an order on the site.
Low commissions – the service charges 1% commission for financial transactions.
Supports wide list of cryptocurrencies: BTC, USDT, LTC, ETH, USDC, BUSD.
Minimum moderation – the service does not ask for personal or corporate documents. Email confirmation is enough.
Provides complete anonymity – to use the crypto payment system businessman does not need to have the status of a legal entity or IE.
Flexible integration – accepting cryptocurrency payments via HTML code insertion into web-site HTML code.
Specialized modules for popular commercial engines – service allows accepting cryptocurrency payments for small and medium business using GetCourse, OpenCart, WooCommerce and OpenMail. It’s also known that integration modules for Tilda, PrestaShop and Drupal will be ready soon.
Integration of specialized modules will not cause you any problems. Each of them is supplied with detailed instructions. And if you have any difficulties, you can always contact the support service. Other web-sites may be integrated with CryptoCloud with the help of native API.
HOW TO START ACCEPT CRYPTO PAYMENTS
The personal cabinet of the service user begins with the “Balance” section. It displays a summary of the amounts accumulated in each cryptocurrency wallet and their current exchange rate. As well as a table with statistics on recent transactions.
The report on transaction histories has filters for quick data sorting by projects, currencies and types of financial transactions (incoming, withdrawal, exchange).
There are also buttons for withdrawal and exchange of cryptocurrencies stored in the account. Withdrawal is carried out within an hour.
The minimum amount for withdrawal is $10.
For invoicing you need to create a new project. In its parameters the list of supported cryptocurrencies is set, the party paying the commission for transactions (client or resource owner). As well as options for accepting payment: by invoicing or using the functionality of the crypto payment system on your site.
On the second step of the project creation you specify the target site, URLs of the successful and failed payment webpages. As well as the address where system messages on payments will be sent.
CryptoCloud is one of the few crypto payment solutions with the flexibility and ease of integration.
At the same time, the service ensures complete confidentiality of transactions and provides several tools for accepting cryptocurrency payments, suitable for any sphere of activity and target audience.