Cryptocurrency payment processing in 2020: new trends, pitfalls and the best solutions
The year 2020 impacted on a number of crypto sceptics. Digital currencies are being implemented month-by-month globally, penetrating every sphere. Those in authority cannot turn a blind eye to the massive adoption of these new assets. Furthermore, cryptocurrencies are becoming more competitive to fiat currency, as the number of merchants accepting BTC etc is steadily growing.
Stablecoins as game changers of crypto payments
For a long time, merchants have stayed away from digital currencies because of their volatility, but stablecoins have changed this situation. Merchants and enterprises therefore gain access to a perfect crypto alternative to fiat money, empowered by all the pros of blockchain technology.
Crypto payments are the new trend, therefore, merchants need to keep up with the times. First of all, a merchant or enterprise needs to select an appropriate gateway that provides the most convenient crypto payment processing in 2020.
What is a crypto gateway? How do merchants accept crypto payments?
Crypto gateways help merchants join the crypto world, performing all intermediary processes, hence it is important that payments entirely meet the legislative requirements. The whole process of crypto payment acceptance involves the following steps:
- First, a merchant needs to generate a payment sample.
- A cryptocurrency payment processing system generates unique addresses for digital currencies merchants are about to deal with.
- Websites are then equipped with the additional payment options offered for customers.
- A customer chooses the new option offered to purchase goods or services in crypto and selects the preferred digital asset (BTC, ETH, LTC, etc.).
- Depending on a gateway, customers may get either a crypto address or a payment form. Prices are displayed in fiat currency, but after you have selected your crypto payment options, they are automatically converted into the chosen assets.
- Customers send their crypto and wait for payment confirmation.
Crypto processing systems make it possible for merchants to avoid any pitfalls. They are able to receive crypto, stablecoins, or fiat currencies to their accounts.
H2: Key advantages of crypto payments
The number of customers preferring to choose crypto from a number of available payment options grows dynamically as this option has the following advantages:
- Crypto payments are safe. There is no risk of fraud attached since all payments need to get a certain number of confirmations inside the blockchain network before being approved.
- Fees are minimal. Crypto payment is a process of direct exchanging by assets and goods/services. Aside from a crypto payment processing gateway, there are no other intermediaries, hence, fees are the lowest in comparison with other payment options.
- Anonymity. No one gets access to your information. Such a process displays crypto addresses only, while names, contacts, and other details are not used to make transactions.
- Limits are absent. Crypto payment gateways allow customers to either rent an apartment for 0.01 BTC or buy an entire island costing 22 000 BTC! There are no limits set by the systems.
Growing popularity of crypto payments
Statistics show that the total number of merchants accepting cryptocurrencies has already exceeded 50 million businesses. The year 2020 has seen a real boom for the cryptocurrency payment method. More than 36% of US small and medium businesses accept crypto payments, while 75% of merchants are interested in joining the crypto world in the near future.
Global corporations have started following the new trends – customers can now pay for goods and services provided by Microsoft, KFS, or Starbuck, in crypto. The fact major players are involved shows cryptocurrencies have huge potential to replace fiat money.
Crypto hodlers have access to buy cars, real estate objects, airplanes, islands, or just a cup of coffee and a pizza. Furthermore, there are also some unusual things that are available to be purchased in crypto, like a space flight or Vanuatu citizenship.
There are some cities that people live in where they have almost forgotten about fiat money. This list includes Amsterdam, Buenos-Aires, Prague, and a number of other places located throughout the world. Hence, we are standing on the threshold of inevitable massive crypto adoption.
On the subject of how to process crypto payments, a merchant needs to deal with a reliable company to ensure the safety and protection of both their customers and accounts.
B2BinPay offers crypto payment processing services
B2BinPay offers progressive solutions for merchants to accept crypto payments globally. The solution helps build a merchant’s customer base, enabling businesses to accept, hold, and exchange more than 14 coins and 7 stablecoins. Merchants decide for themselves whether to obtain crypto on their personal protected business wallets or to convert virtual access into fiat money instantly.
The crypto processing solution is among nine categories of products B2BinPay has already launched. The company is focused on continuous and permanent progress hence, its products continue to improve. By dealing with B2BinPay, merchants get the chance to experience the future today.