Over the last few years, cryptocurrency payments have come a long way. With the industry’s expansion and the high level of success found in Decentralized Finance (DeFi), many people have been looking for ways to use their cryptocurrencies to pay for goods and services.
If you own a business and want to adopt cryptocurrency payments, we’ll go over everything you need to know about selecting cryptocurrency payments for your store now.
More companies than ever before are accepting a range of cryptocurrencies as payment methods.
The fundamental reason for this is that, due to the decentralized structure of cryptocurrencies, they provide a higher level of security.
Cryptocurrencies also feature substantially reduced processing fees, as well as payments that are much faster and do not incur chargeback penalties.
The different Kinds of cryptocurrency payments
There are many different types of cryptocurrency payment methods. Bitcoin (BTC) is the original cryptocurrency, and everything that comes after it is referred to as a “altcoin,” which is derived from the alternative coin.
It’s tough to specify which cryptocurrencies are best for cryptocurrency payments, however there are a few popular cryptocurrencies that the majority of cryptocurrency holders have in their blockchain wallets and are highly advised to use.
The first thing you should know is that there are several blockchain networks on which other decentralized applications are built.
Some are based on the Ethereum blockchain network, while others are based on the Solana blockchain network. This effectively means that different wallets will typically support different token standards, which means that not all cryptocurrency wallets will be able to support all tokens.
This means you’ll need to decide which blockchain network you’ll offer for crypto payments in your store, as this will determine which wallets can be used.
The most widely utilized cryptocurrency tokens are usually those with the largest market capitalization. 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) are among the greatest tokens now accessible.
Many of these tokens, however, will likely require more than one wallet in order for consumers to retain and use them all.
What cryptocurrencies payments suit an online store?
There are a variety of reasons why a business owner might want to accept cryptocurrency in their establishment. Due to the lack of a central mediator, they feature low transaction fees and even shield merchants from false chargebacks.
Additionally, bitcoin allows small businesses to grow and reach out to foreign customers who would otherwise be unable to send payments due to geographic limits in traditional payment methods.
Furthermore, this improves the overall convenience for consumers, since adopting cryptocurrency can provide customers with alternative payment options while also adding an extra degree of security to their personal information.
How to choose crypto payments
To use cryptocurrency payments, you’ll need a cryptocurrency wallet and a cryptocurrency payment gateway, which will act as a transaction facilitator between you, the merchant, and the customers for payment processing. There are even options for accepting cryptocurrency payments but receiving them in FIAT currencies; the options are endless.
If you want to take cryptocurrency payments in your store, you’ll need to pick which cryptocurrencies to accept and how much of your product or service line you’re ready to give away in exchange for cryptocurrencies.
The following procedures must be followed:
At the checkout page, the customer must choose whether or not to make a cryptocurrency payment.
They will pay you an amount equivalent to the fair market value of the digital currency at the time of the transaction.
The cryptocurrency payment service will change your payment into the currency you specify in real time.
The funds will be transferred to the account you specified or the cryptocurrency wallet you chose.
This implies you’ll need to find a gateway or service to help you with all of this.
