While in some countries of the world, the economy is collapsing, and the national currency is depreciating, the cryptocurrency sector is thriving and growing. We suggest finding out why crypto payments are crucial in 2022 and how to start accepting Bitcoin and other cryptos in a few clicks.
Key Points:
- The economic situation in some countries pushes residents to look for alternative financial instruments.
- Cryptocurrency transactions can become a substitute for international banking transactions.
- With NOWPayments, you can start accepting crypto payments via various payment tools.
Reasons crypto payments are important
They are borderless
To date, not all countries are positively disposed towards each other. In an attempt to complicate the economic situation of the opposing country, some impose various sanctions and block international bank transfers. All this has a negative impact not only on the sphere of trade but also on the standard of living of residents in general. In addition, sanctions have a negative effect on both sides. The import and export of goods stop; therefore, both sides lose either the resources they need or a profitable market. Many small business owners who are mainly dependent on the incoming cash flow for the functioning of their companies are experiencing not the rosiest times. However, companies can use an alternative to the traditional banking system — cryptocurrency. Cryptocurrency transactions are borderless and peer-to-peer in nature so that no bank can prohibit or freeze a payment. Establishing a system of international payments in cryptocurrency can help companies circumvent restrictions.
Crypto payments can help hedge inflation risks
In addition to the fact that due to the current political situation, many companies are simply cut off from potential customers and partners, they also experience losses due to the devaluation of their national currencies. Because of the sanctions, the GDP and the economic situation of the countries suffer, the national currency depreciates. The salary of local residents can’t keep up with the rise in prices for goods and services; therefore, the purchasing power of residents decreases. The state prints more money to pay for material assistance and subsidies. Because of this, the inflation rate increases. Cryptocurrency, on the contrary, is not subject to inflation, and the rate of the same Bitcoin has been steadily growing for many years. Thus, accepting crypto payments can protect many merchants from the risk of losing funds, as well as serve as a tool for preserving value.
Crypto payments can increase profits
The essence of any business is ultimately to accumulate and increase the welfare of the owners. Unfortunately, for various reasons, the national currencies of different countries are losing value. On the other hand, although volatile in nature, cryptocurrencies have recently shown themselves to be fairly stable financial instruments. For example, if we open the Bitcoin price chart, we can see that the price of the first cryptocurrency has been steadily growing for many years. All this encourages merchants to accept cryptocurrency as a payment option and to use it as a savings tool. In addition, due to rising prices for maintenance, transportation, production, and so on, along with the devaluation of national currencies, merchants are forced to constantly put cash into circulation, depriving themselves of a safety cushion. In the case of cryptocurrency, your profit can literally grow before your eyes, opening up vast opportunities for your business development.
How to accept crypto?
Due to the current economic situation in different countries, more and more merchants are becoming friendly to crypto payments. Furthermore, the inflation rate of some countries reaches such rates that crypto volatility is no longer so frightening. In addition, there are various ways to manage volatility. NOWPayments is a non-custodial crypto payment provider which stands out for its extremely low fees. With the help of our service, you can accept more than 100 cryptocurrencies for payment via various payment tools:
Plugins
NOWPayments plugins have been developed for those merchants who run their commercial activities on various CMS solutions. We provide plugins for the most major CMS solutions such as PrestaShop, Shopify, WooCommerce, OpenCart, and others. In order to start accepting cryptocurrencies in your online store, follow these instructions:
- Log in to your account.
- Enter your payout address.
- Generate API and IPN keys.
- Install the plugin that suits you.
- Get paid in cryptocurrency.
API
NOWPayments provides a cryptocurrency API with which merchants can easily start accepting crypto payments on literally any platform, website, and even in an application. In addition, our service provides an opportunity to pay for a purchase using several crypto payments. For example, a client can pay $50 in Ethereum and $50 in Bitcoin. Moreover, you can configure the reception of instant payment notifications by setting the time interval and the number of recurring notifications yourself. Finally, you can test how it all works using Sandbox.
Invoices
Crypto invoices allow you to significantly facilitate the purchase process and therefore increase the chances of interaction with your store. The invoice includes all the information necessary for the payment: currency, amount, and your payout address. You can place an invoice in your online store or send it directly to your customers. To create an invoice:
- Sign in to your NOWPayments account.
- Specify your payout address.
- Generate an API key.
- Navigate to the “Invoices” section and fill out the form.
- Place an invoice in your store or send it directly to customers.
PoS terminals
As we have already understood, many residents of countries experiencing harsh times are converting their funds into cryptocurrency. These users see the potential in digital assets and would be highly grateful if local merchants would accept crypto right at the checkout. You can become one of the first merchants who provide the opportunity to pay for goods and services using cryptos. Just use the NOWPayments virtual PoS terminal. To do this, you need to perform only a few steps:
- Log in to your account.
- Add your payout address and generate an API key.
- Go to “Store Settings” >> PoS terminal link.
- Create a link.
- Open the link on your device and enter the order amount and cryptocurrency.
- Provide your customer with a QR code to scan.
- The clients will be redirected to their crypto wallet, where they will be able to complete the payment.
Crypto billing and subscriptions
NOWPayments provides a handy payment tool with which you can configure the receipt of recurring crypto payments from your customers or B2B partners. To do this, you just need:
- Log in to your account.
- Enter your payout address and generate an API key.
- Navigate to the “Subscriptions” section and fill out the invoice creation form.
- Select the frequency of sending an email with an invoice.
- Add a list of emails to which this invoice will be sent.
- Receive payments within the specified period.
You can create several subscription groups with different billing frequencies and subscription amounts.
Conclusion
Cryptocurrencies have been experiencing a real boom in popularity in recent years. As a result, more and more merchants and ordinary people are using cryptocurrency as a trading or investment tool, as well as a convenient payment method. With NOWPayments, you can start accepting crypto for payment via the payment tool that suits your requirements.