After years of criticism and limitations on cryptos around ten years ago, nowadays, businesses are adopting Bitcoin payment as an advantage to their services.
Crypto payments are faster and more private than traditional payment methods, and these payment options have become widely spread in digital stores, e-commerce, and various online platforms.
Setting up a crypto payment solution for your business might be challenging for the first time. However, there is little to do once the system is installed and running. So, here’s how to get started.
Why You Need Crypto Payments?
The simple answer to this question is due to increasing demands to transact with cryptocurrencies. Decentralized transactions are faster and protect users’ privacy than classic payment methods.
Users increasingly value their privacy and seek solid options and websites that accept crypto payments. Therefore, adopting these innovative solutions can deliver a genuine market demand.
Accepting Crypto in Your Website: Step by Step.
Dealing with cryptocurrency payments may be intimidating due to the technicality included in how payments are made and the various tools used. However, this process can simplified as follows.
Adding a Crypto Payment Gateway
Payment gateways facilitate online payments by interacting with involved parties, such as Bitcoin wallets and the blockchain, to initiate the transaction and ensure the wallet has sufficient funds.
Gateway providers have different fees and charges, which can be fixed per transaction or variable according to the transfer volume. Therefore, check out the fee policies and the pricing plan to ensure the gateway cost is within your budget.
Integrating API
APIs (application programming interfaces) are protocols for data exchange between consoles and servers, allowing the free flow of information and data between applications and websites.
The API can be part of the payment gateway, which triggers the communication between the website and the blockchain to initiate smart contract execution.
Add an On-ramp/off-ramp Exchange Tool
On/off-ramp exchanges are tools that enable the bilateral exchange between fiat money and virtual currencies. This way, clients can exchange their USD for BTC, for example, and carry out various transactions.
Support Various Payment Methods
Bitcoin is the most valuable and useful cryptocurrency. However, some other major currencies and altcoins incorporate various utilities, such as Ethereum, MATIC, Litecoin and Ripple. Besides that, some users prefer stablecoins like USDT and USDC.
Supporting a wide variety of virtual currencies gives more options to your clients and contributes to onboarding more customers according to their preferred currency.
Final Remarks
Businesses are increasingly adopting crypto payment as an advantageous tool in response to the rising demand for DeFi transfers. Ensure your company covers the latest market needs by accepting Bitcoin payments and adding more virtual coin choices to your website.
