The cryptocurrencies are not only attracting investors anymore. Business are now aware of the benefits that blockchain technology can bring. That is the main reason why so many of them are now accepting and implementing new models, where the main result is a wide range of payment methods.
Adding this as a feature on your website is not complicated. All you need to is to select a proper payment gateway, such as Cryptomus. In this article, I will share more insights about the benefits e-commerce will get from adding crypto payments.
How to Integrate Crypto Payments On a Website?
The first step is to select a method you will use to provide your customers with an option to use their e-wallets for payments.
- Choose a Wallet: Start by selecting a reliable cryptocurrency wallet. Popular options include MetaMask, Coinbase, or Trust Wallet.
- Explore Payment Gateways: Look into payment gateways that support crypto transactions. These gateways act as bridges between your website and the crypto network. CoinGate, BitPay, and Coinbase Commerce are well-known options, along with with Cryptomus we already mentioned before.
- Generate Payment Addresses: Create unique wallet addresses for your website. Each product or service can have its own address.
- Display Payment Options: On your checkout page, add a “Pay with Crypto” button. When users click it, they’ll be directed to the payment gateway. Provide clear instructions for sending funds to the designated address.
- Monitor Transactions: Regularly check your wallet and the payment gateway for incoming payments. Most gateways notify you when funds arrive.
- Confirm Transactions: Once confirmed, update your website to reflect successful payments. Send order confirmations to customers.
Main Benefits
Improved Security
Unlike traditional payment methods, where sensitive information is vulnerable, crypto transactions remain confidential. Whether you’re buying goods online or transferring funds globally, the blockchain ensures transparency and immutability.
- Immutable Transactions: Once recorded on the blockchain, crypto transactions are practically unalterable. This permanence ensures transparency and prevents tampering.
- No Chargebacks: Unlike credit card payments, where chargebacks can occur due to disputes or fraud, crypto transactions are irreversible. Sellers receive their funds without the risk of chargebacks.
- User Control: With crypto wallets, users have direct control over their funds. No central authority can freeze or seize assets, providing financial autonomy.
- Two-Factor Authentication (2FA): Many crypto wallets offer 2FA, an extra layer of security. Users must verify their identity through a separate device or app before accessing their wallet.
- Cold Storage: Storing crypto offline (cold storage) minimizes exposure to online threats. Hardware wallets or paper wallets are popular cold storage methods.
- Smart Contracts: Ethereum and other platforms allow for programmable contracts (smart contracts). These self-executing agreements enhance security by automating processes without intermediaries.
Global Access
One of the main advantages over traditional currencies tied to specific countries is that cryptos don’t care about borders. Whether you’re in New York or Bali, you can send or receive funds instantly.
Cryptocurrencies eliminate the complexities of currency conversion. Their universal acceptance ensures seamless transactions, regardless of borders.
The key benefit of this is related to your potential customers from around the world. There won’t be no difference when it comes to which country a buyer is from. There are no conversion fees, which is the case with standard payments.
Lower Transaction Fees
As we already mentioned, there are always certain fees that you must pay when using traditional payment methods like a credit card.
That is affecting businesses as well since they must calculate those fees, and integrate them into the price so they can stay competitive on the market.
On the other side, use of crypto is much cheaper, leading to a higher profit for businesses, but also allowing them to keep lower prices, and attracting more customers in the end.
Fast Transactions
Cryptocurrencies redefine the speed of financial transactions. When you pay with crypto, the process is swift—no waiting for bank approvals or payment processing delays.
The moment you hit “Confirm,” the funds zip across the digital highway. For e-commerce platforms, this speed translates to happier customers, reduced cart abandonment rates, and streamlined order processing.
Privacy
When you pay with cryptocurrencies, your transactions remain discreet. Unlike credit cards, where every detail is recorded, crypto payments allow users to conduct business without revealing personal information. No need to share your name, address, or credit card number.
And businesses benefit too – fewer data breaches mean less hassle.
Transparency
Cryptocurrency transactions are recorded on a publicly viewable digital ledger called the blockchain. Anyone can verify these transactions, ensuring openness and accountability.
Once a transaction is added to the blockchain, it’s there forever. No alterations, no hidden changes.
With crypto, there’s no need for intermediaries like banks or payment processors. Transactions occur directly between parties, reducing opacity and potential manipulation.
Also, users can track their payments in real time. Therefore, there is no need to wait for bank statements or worry about hidden fees.
You Must Keep Up With Trends
It is essential to check on your rivals on the market and see which innovations they are implementing to stay ahead. Since crypto is a huge trend in recent years, avoiding to implement crypto payments may cause your business to fall behind.
Also, it is important to evaluate official regulations and new laws that we can find in many countries, with a main focus on regulating this market. That is another proof that crypto is here to stay, and we expect that majority of people will adopt it in few years.
Conclusion
As you can see, there is a long list of benefits your online business will secure with the adoption of blockchain technology.
While it is quite advanced and complex by itself, the whole process is quite simple. And what is even more important, your platform will become safer since chances of data breaches will go to minimum.
Besides that, the fact that you are providing flexibility to your customers can also bring more of them. When an online store offers a combination of standard and advanced payment methods, people will find it more reliable and trustworthy.