Ethereum is the second-largest currency behind Bitcoin, with its popularity that grows all the time. Perceiving boundaries in the Bitcoin network, Vitalik Buterin began working on Ethereum in 2013, proceeding to launch Ethereum in July 2015.
Ethereum has grown to become the largest and most well-established, open-ended decentralized software platform in six years. Ethereum’s success comes from its ability to support the deployment of smart contracts and decentralized applications (dapps).
Its native token, Ether (ETH), has become one of the most utilized cryptocurrencies for performing transactions today. The flexibility of the Ether in transactions has made Ethereum one of the most active chains in the cryptoverse.
The popularity of Ethereum has made it one of the most preferred choices amongst the growing number of small businesses accepting cryptocurrencies today. However, it is important for companies looking to join the trend to know how to safely accept Ethereum.
One of the most critical steps to avoid uncertainty when accepting Ethereum is to transact with verified exchanges and reputable payment gateways like NOWPayments. With the growing number of scams in the crypto space, it is important to always check for authenticity before choosing any payment option.
In specialized areas where a high level of technical know-how is required, always consult experts in the field. Employing experts will guarantee that the integration is perfectly executed. In addition, they can bear the cost of damages in the case of any mishaps.
- Ethereum, now the second-largest cryptocurrency, was created by Vitalik Buterin in 2013 and was launched in the year 2015
- The main difference between Ethereum and bitcoin is that it allows anyone to create decentralized applications.
- Ethereum has 14k live nodes, a unique address of 40m, API request daily 10B by Infura, $1.5b daily trade volume, and 1,900 decentralized applications.
Advantages of Accepting Ethereum Payments
Accepting Ethereum, which is one of the popular types of cryptocurrency, will positively benefit your business. Here are five advantages of accepting Ethereum payments in your business.
One of the biggest advantages of integrating cryptocurrency payments is accessibility. Integrating Ethereum payments into your business gives you greater accessibility, including to the unbanked.
Ethereum payments can be accessed by users with only a smartphone or computer, without needing to use traditional banking systems, credit cards, and other methods of payment.
Third-party payment gates, such as NOWPayments, make integrating Ethereum payments into businesses easier and faster. In addition, customers using the service do not need to pay maker and taker fees associated with fiat currencies and traditional financial services.
- Faster Transaction Speed
Ethereum payments are one of the fastest payment methods in the world. Although its transaction processing lasts a few minutes, which is much faster than most regular debit transactions or credit cards, it is immediately processed, giving you much quicker access to the funds.
It can help improve your company’s cash flow and give you more control over your funds, unlike traditional transactions, which can take hours or even days before the transaction can be completed, most especially if it’s an international transaction.
- Business Expansion
The globalization of the business is an essential step in development. As the practice shows, the more the company offers payment solutions, it develops faster. When purchasing products using Ethereum, customers will not worry about the currency conversion rate.
Accepting Ethereum can help expand your customer’s reach. For example, by adding Ethereum payments as an option in your payment, you can appeal to users of technology experts who can actively search for online stores with Ethereum as a means of payment.
Often you can use this fact as part of your marketing, ads in forums such as Reddit, or as part of any press communication you can switch off. And know that Ethereum has no boundaries based on the country, making international transactions much cheaper and faster.
- Customer Privacy
When making Ethereum Payments, users do not enter personal data or account information. Therefore, customers will feel safer when they have the opportunity to buy without unnecessary risks and at the same time enjoy the benefits of anonymity.
Nowadays, there are different kinds of fraud around, which mostly involves getting your details. Since this is not in place, it would give the customer a rest of mind towards payment.
- Greater Security
Once a transaction is completed, a permanent record of it is stored in the Ethereum blockchain. As a result, retailers receive greater protection against fraud. In addition, because these transactions are irreversible means, there are no repayment costs.
Integrating crypto payments is an easy way for businesses to attract the attention of a larger audience, especially the younger generation. Cryptocurrency payments are also much safer than traditional ones. With Ethereum, it is much easier to process payments.
In any case, accepting Ethereum payments on your site is the best business decision to stand out, as competitors may not be using this service. Furthermore, payment integration doesn’t cause any problems as the installation method is easier and more transparent.
For businesses that have an international audience, crypto integration makes more sense because there are no boundaries based on the country. Accepting Ethereum payments on your site is the best business decision to stand out, as competitors may not be using this service.
Steps to Make your Ethereum Payment Safe
For a merchant to be having a safe payment from his customers, he must first pick the method he would be making use of, and after, he would follow the steps in activating such a method.
That’s why we would briefly discuss the three methods of payment that we have and take you through the steps of setting up the most credible one out of them.
- Ethereum Payment Gateways
Payment gateways are merchant services that authorize direct payments or crypto transaction processing for businesses and online retailers. Payment gateways like NOWPayments simplify the process for businesses that want to accept Ethereum payments.
By integrating the Ethereum Payment gateway on NOWPayments, businesses can begin to accept Ether transactions. Since the number of intermediaries with this model is reduced, the transaction costs are lower, along with other benefits, making this payment method a reasonable business decision.
- Ethereum Payments with WordPress Plugins
Woocommerce plugin is one of the most widely used modules for online stores. It also has built-in payment functionality, including Ethereum. For example, you can try Ether if you want a separate addition to Ethereum for your store. This plugin, in addition to the standard payment features, traders can:
- Automatically converts the order value to ethereum.
- The ability to add a premium percentage to the inverted price.
- The ability to add the “Pay with Metamask” button for Metamask Chrome users.
- Ethereum API
Using Ethereum API, you can integrate and accept payments on your website without third-party accessories. This means that clients will not redirect to external resources, and the payment processing on the merchant will take place on your website. This feature is also suitable for mobile payments.
More important than knowing the methods of accepting Ethereum payment is knowing how to go about the process.
Here are the important steps necessary for making your Ethereum Payment Safe for your customers using a payment gateway, the most reliable payment method.
Step 1. Sign up:- you need to go to the site of any payments such as NOWPayments to sign up.
Step 2. Enter your Ethereum address:- You would need to insert your Ethereum address so that every Ethereum transaction would be transferred there.
Step 3. Create an API key: API stands for Application Programming Interface. The API protocol facilitates communication between different applications. While API Key is a unique identifier used to authenticate a user, developer, or calling program to an API.
Step 4. Choose your method of integration: API, plugins, invoices or a donation button, donation widget, or a donation link
Step 5. Add the payment method to your checkout.
Completing the five steps means you would have successfully created a channel by which Ethereum payment can be made safely. And if you are looking for an industry-approved Ethereum payment gateway, NOWPayments is one of the leading providers in this area, facilitating cryptocurrency payments around the world.
NOWPayments enables businesses worldwide to send, receive, store, exchange, exchange, and accept Ethereum and other cryptocurrency payments online securely and at a low cost, attracting new customers.
Before integrating Ethereum as a payment option for your business, it is necessary to confirm that your preferred option is legal within the regulatory framework of your country.
Today, more and more people want to pay in Ethereum, and now we have found that they are included more often to pay online. Therefore, providing additional services to your business can be a great opportunity to attract new customers who want to pay in cryptocurrencies, especially in Ethereum. Therefore, empowering your customers to accept Ethereum is ideal for improving your business and increasing your sales. In addition, Ethereum is enterprise-friendly, open, and flexible for businesses looking to integrate crypto as a payment option. Furthermore, payment gateways like NOWPayments make the process hassle-free.