Cryptocurrency payments have come a long way throughout the past few years. Specifically, with the growth of the industry, and due to the great level of success found within Decentralized Finance (DeFi), many people have been seeking opportunities through which they can use their cryptocurrencies as a means of paying for products or services.
If you have a business that wants to implement cryptocurrency payments, today, we are going to go over everything you need to know when it comes to choosing cryptocurrency payments for your store.
- There are now more businesses than ever that accept a variety of different cryptocurrencies as payment options.
- It has never been easier to implement cryptocurrency payments within your website or store, especially with the NOWPayments service.
- The main reason why they are preferred is due to the better level of security they offer due to the decentralized nature of cryptocurrencies.
- Cryptocurrencies also have far lower processing fees, and the payments are much quicker and fully eliminate any chargeback fees.
Kinds of cryptocurrency payments
There are numerous types of cryptocurrency payment options available. Bitcoin (BTC) is considered as the first cryptocurrency created, and everything else after it is known as an “altcoin,” which as a word is derived from the alternative coin.
It can be difficult to truly say which cryptocurrencies are suited best for cryptocurrency payments, but there are some commonly used cryptocurrencies in terms of popularity that a majority of cryptocurrency holders have within their blockchain wallets and, as such, are highly recommended to utilize.
What you need to know right away is that there are multiple blockchains networks out there on top of which other decentralized applications are built on.
For example, some are built on the Ethereum blockchain, while others are built on the Solana blockchain network. What this essentially means is that different wallets will typically support different token standards, so not all cryptocurrency wallets might support all tokens out there.
This means that you will need to ensure which blockchain network you will support within your store for crypto payments, as this will define which wallets can be used.
The most commonly-used cryptocurrency tokens are typically the ones that have the highest market capitalization. The best tokens currently available are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BNB (BNB), USD Coin (SDC), Terra (LUNA), XRP (XRP), Solana (SOL), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT) and Dogecoin (DOGE) to name a few.
However, many of these tokens will typically require more than a single wallet for users to be able to hold and use all of them.
What crypto payments suit me the best?
There are numerous reasons as to why someone might be interested in accepting cryptocurrencies within their store. They have low transaction fees due to the lack of a central intermediary, and they even provide merchant protection from fraudulent chargebacks.
Additionally, cryptocurrency enables smaller businesses to expand and open their door to international buyers, who would previously be unable to send payments due to geographical limitations found within the traditional payment systems.
Furthermore, this enhances the overall convenience for the buyers, as accepting cryptocurrencies can offer customers additional ways through which they can pay whilst also providing an extra layer of protection for their information.
NOWPayments can be integrated easily and will allow your store to start receiving online payments in the form of cryptocurrencies. The main reason as to why NOWPayments might suit your business best is due to the fact that it supports over 100 cryptocurrency tokens, including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Tether (USDT), Litecoin (LTC), Dogecoin (DOGE), Monero (XMR), Uniswap (UNI) as well as many others.
How to choose crypto payments
In order for you to choose crypto payments, you will need a cryptocurrency wallet, and you will need to find a cryptocurrency payment gateway that will act as a transaction facilitator between you, the merchant, and the customers for processing payments. There are even opportunities out there for you to accept cryptocurrency payments but receive them in FIAT currencies; the possibilities are definitely there.
If you want to enable cryptocurrency payments to your store, you will need to decide which cryptocurrencies you want to accept and how much of your line of products or your line of services you are willing to provide for cryptocurrencies.
The following procedures will need to execute:
- The customer will need to decide to make a payment in the form of a cryptocurrency at the checkout page.
- They will pay you an amount equal to the digital currency’s fair market value at the time when the transaction occurs.
- The cryptocurrency payment service will instantly convert the payment into the currency you have chosen.
- The money will then be added to the account you have provided or the cryptocurrency wallet you have selected.
This means that you will need to find a gateway or a service to facilitate all of this for you.
NOWPayments features a crypto payment gateway that will provide store owners with many useful tools for crypto payments. This includes many plugins, an API, access to invoices, and billing and subscriptions in crypto alongside customized solutions.
Hopefully, now you have a heightened perspective of how you can choose crypto for payments in your store and what all of it actually means.
As more people are starting to embrace the decentralized future of payments and have cryptocurrencies within their cryptocurrency wallets, through enabling it as a payment option, you are essentially broadening your point of appeal and overall customer base that will inevitably spark new interest within your line of products and services.
Adding cryptocurrency payments to your store has never been easier, and hopefully, through NOWPayments, you will be able to complete this procedure quickly and efficiently.