With the increasing adoption of blockchain technology and cryptocurrency today, crypto payments are becoming mainstream. As with any new technology, businesses wishing to stay competitive need to integrate themselves with the new technology or risk going obsolete. Today, the markets are rife with businesses accepting cryptocurrency payments. Whether you wish to book airline tickets via CheapAir.com or purchase a host of services through Microsoft, you can use crypto to make payments.
Over 40% of crypto owners seek merchants that let them pay with cryptocurrency. Considering this demographic, it is important that merchants offer this payment option to their consumers. In a previous blog, we have highlighted how businesses could benefit from accepting crypto payments. In this blog, we aim to highlight how easy it is for businesses to start accepting cryptocurrencies.
Regardless of whether a merchant has a small or big business, it is very easy to start accepting cryptocurrency payments. In essence, there are two major ways you can start accepting crypto payments for your businesses. First, you may opt for a crypto wallet. On the other hand, you can opt for a crypto payment gateway.
The vision for cryptocurrencies was to be using a peer-to-peer transaction system. This would ensure the elimination of any third-party intermediaries like banks and other financial institutions. A merchant needs to have a crypto wallet for this. Moreover, they need to ensure their wallet is capable of accepting multiple cryptocurrencies. Or else, they need to have multiple wallets for different cryptocurrencies.
A peer-to-peer transaction between a consumer and a merchant would follow the steps below:
This option is only suitable for those merchants that seek to accept payments in cryptocurrency. Given that the crypto market is volatile, the price of the cryptocurrency may change in the timeframe when the transaction takes place. And the transaction itself may take time to process. The wallet also needs integration with the merchant’s existing website or application. Moreover, the merchant also needs to be vigilant of malware and ensure that their wallet does not fall prey to hacks or scams. Further, depending on the region or location of the merchant, they need to have proper licenses to deal with cryptocurrency.
A safe way to accept cryptocurrency payments is to integrate with a cryptocurrency payment gateway. A business that chooses to accept crypto payments using a payment gateway like IN4X Payment Gateway, benefits from faster processing time and a timeframe in which the crypto rate is locked to limit volatility. In addition to this. Using IN4X’s payment gateway involves the following steps:
Here, they need to enter the correct network and wallet address into the relevant fields.
IN4X Global Payment Gateway provides better performance and convenience to the merchant and the consumer. Since the dashboard is customizable, it helps tailor the experience as per the merchant’s preference. Since IN4X Global payment gateway supports multiple cryptocurrencies, you can accept payments in Ether, iOWN token, or stablecoins like USDT, USDC, etc.
IN4X also supports buying and selling of cryptocurrencies through their platform.
With the growing adoption of cryptocurrencies, we can easily forecast that the cryptocurrencies are the future. Cryptocurrencies seem to offer a payment solution that is easier and more convenient for businesses and individuals.