Cryptocurrencies have recently become extremely popular, and because of this, the usual methods of payment in online stores are gradually receding into the background. Many customers have already acquired Crypto wallets and use them not only to store digital currency, but also to pay for services and goods with BTC/USDT/ETH etc. This shift in financial preferences has led merchants to update their platforms’ suite of payment tools to include Crypto payment options. If you also prefer to use cryptocurrency to pay for goods and services, you will find it useful to learn about Crypto payment gateway!
Let’s understand what a Crypto payment gateway is. What is the difference between it and a traditional gateway? It’s really quite simple. A Crypto gateway is a technological solution through which entrepreneurs can both receive and process Cryptocurrency payments.
If a company has the ability to implement a cryptocurrency payment gateway, its customers can pay for goods and services using Tether, Bitcoins and popular altcoins (e.g., Litecoin, Monero, Ethereum etc.). Such an option opens great prospects for entrepreneurs to conquer new markets, which, in turn, means a multiple increase in profits.
Payment with Crypto: a modern solution
It is very convenient to pay for goods and services with Crypto. In addition, this way is quite fast. The buyer needs to get a cryptocurrency wallet, go to the seller’s website, scan the QR-code of the payment account and perform the confirmation procedure (enter a pin-code).
The main functional features of a Crypto gateway
However, the process of accepting cryptocurrency is not as simple as some might think. It doesn’t look like operations with traditional currencies. To make a transaction using cryptocurrency, the buyer must have a cryptocurrency wallet and the seller must possess a Crypto payment gateway.
The process of processing cryptocurrency transactions does not take much time. If you want to buy a product/service, you need to go to the cryptocurrency wallet, scan the QR-code of the account at the merchant’s website and verify your action with an additional procedure (e.g., enter a pin code). When the money is credited to the account, the only thing left is to recognize and confirm the payment (the BTC/ETH or other network will take care of that). Each payment transaction is kept and stored in a single ledger.
This information is publicly available. However, this does not mean that any party can alter or falsify transaction records. In addition, the network has the important advantage of being anonymous. Once the money is in the seller’s account, the seller has two options: either transfer the funds into fiat and then cash them out, or keep them as cryptocurrency in their account. There are cases where a service/good is tied to a fiat currency counterpart, then the account has a limited validity period, the duration of which is usually up to 15 minutes. The reason for this is the volatility of the exchange rate.
The strengths of Crypto payment gateway
If your company has integrated with the Crypto payment gateway, you and your customers have an exciting future ahead of you.
Conquering new markets
Recent events have clearly proved that cryptocurrencies will dominate the online payment market in the future. Vendors who implement a BTC gateway will soon be able to enjoy tangible benefits. One of the main properties of cryptocurrency is decentralization, so sellers can operate with a definite type of funds that can be accepted anywhere in the world. Introducing the practice of accepting Cryptocurrencies through a payment gateway will help entrepreneurs tap into new markets and increase their revenue. In addition, the use of cryptocurrency allows companies to forget about the problems and expenses arising from exchange rates and commissions.
Lightning-fast transaction processing thanks to peer-to-peer technology
BTC was among the pioneers to use peer-to-peer technology to greatly facilitate transaction processing. Thanks to this cutting-edge solution, transactions can be exchanged directly, without the involvement of third-party financial institutions. The Crypto payment gateway is able to process cryptocurrency transactions without intermediaries, enabling instant transfer of money to the merchant’s account.
Forget about chargebacks
In the past, when a customer bought something online, there was a risk of such an unpleasant phenomenon as a chargeback. When goods/services are bought using cryptocurrency, you can forget about this problem. Such transactions are not subject to adjustments. In addition, the advanced BTC technology checks if there is enough money in the buyer’s account. Cryptocurrency transactions cannot be reversed, and funds are credited to the seller’s account instantly.
TODA is always ready to help you
If you are interested in giving your business a powerful boost, our multifunctional service is ready to help. With our advanced platform you can accept cryptocurrency payments in 40+ ways (including BTC). All you have to do is contact us. We’ll give you all the details and get to work right away.