How to Accept DAI as a Payment on Your Website

Implementing DAI payments is a strategic step for your business that will ensure its future growth. That is connected with the coin's price stability and the Ethereum blockchain as the base on which it was launched. We’ll talk about these and other advantages of DAI as a payment method in this article in more detail. Moreover, we’ll give you a step-by-step algorithm of how to implement DAI in your business using the example of a payment gateway.

DAI As A Payment Method

The DAI payment method refers to sending and receiving money with this coin. To do it, a digital wallet is required; it offers secure transfers on the blockchain and does away with the need for intermediaries like banks. As a result, an increasing number of businesses and clients are processing and accepting payments with DAI.

So why is DAI so popular? The fact is that it is a stablecoin, equating to the US dollar. This makes it a convenient choice as a payment method for both businesses and individuals, as it reduces volatility. Being an ERC-20 token and operating on the Ethereum network as well as some Layer-2 solutions, DAI is used in an extensive ecosystem of wallets, exchanges, and DeFi platforms, which only broadens its reach. It also offers the opportunity to significantly lower fees and speed up transactions by choosing the right network for your needs.

Why Should You Accept DAI Payments?

Let's look at a few more factors that make DAI the wise choice for B2B and B2C transactions. Here they are:

  • Stability. As we said, DAI is a stable cryptocurrency that is pegged to the US dollar. It helps avoid price volatility and makes DAI a reliable option for both businesses and customers.

  • Strong security. Each transaction is securely stored on the blockchain and cannot be altered. Moreover, the smart contracts that DAI transactions utilize reduce the risk of fraud and chargebacks to zero.

  • High speed. Payments using DAI are processed quickly, not exceeding a few minutes. For example, on the Ethereum network, transfers take 1-5 minutes, and on Layer-2 solutions (e.g., Polygon and Avalanche), only a few seconds.

  • Low fees. DAI fees are typically under $10 on the Ethereum network, while they are $0.50 and less on Layer-2 solutions. This fact allows cross-border transfers to benefit especially a lot from such low fees.

  • Access to the DeFi ecosystem. By accepting DAI as a means of payment, businesses enjoy all the benefits of the DeFi ecosystem, including interest earning.

  • Global presence. Companies may connect with more people worldwide, including those who would prefer to use digital currency, because the DAI network is available everywhere.

Businesses automatically receive these advantages and increase their financial returns when they accept DAI payments. Additionally, a company’s positioning in the competitive market system can be greatly improved by utilizing DAI payments.


How To Accept DAI Payments

How To Accept DAI Payments?

DAI payments can be made in a number of ways. These include crypto wallets, point-of-sale (POS) systems, invoicing services, and payment gateways.

It should be noted that the last option, payment gateways, is the most popular to receive DAI payments due to their robust security and ease of use. For example, the Cryptomus payment gateway offers a number of payment integration choices. Furthermore, even those who are unfamiliar with the crypto field will find the platform's user-friendly interface to be pleasant and straightforward to use.

You must take the following actions in order to start taking DAI payments:

  1. Choose a crypto payment gateway that appeals to you, making sure it supports DAI.

  2. Register on the platform of your choice.

  3. To safeguard your account, set up two-factor authentication (2FA) and come up with a strong password.

  4. Select and set up a suitable payment integration solution.

  5. Make the payment form.

  6. Prepare the customer service and provide it to your customers and partners.

We have prepared an algorithm on how to set up a payment gateway to accept DAI using the Cryptomus example to help you better understand the procedure. Here it is:

  • Step 1: Sign in. If you don't already have an account on the platform, create one. To log in to Cryptomus directly, you can use your email address or phone number or do it via Facebook, Apple ID, or Telegram.

  • Step 2: Protect your account. Make sure your password is strong and that 2FA is enabled to prevent hackers. At this step you also need to pass the KYC procedure to access the DAI business wallet.

  • Step 3: Integrate the payment option. Select the payment integration mechanism. For example, on Cryptomus, it may be e-commerce plugins or APIs. You can find the additional guidance on integrating each option on your account page and on the Cryptomus blog. Follow them to guarantee correct configuration.

  • Step 4: Set up the payment form. Choose DAI as your preferred cryptocurrency at this point, and if required, add an automatic converting function. Additionally, you can modify how payment links function.

  • Step 5: Test the payment gateway. After everything is configured, confirm that the service operates as you had anticipated. To check the user interface and find out how long it takes for money to get into your business wallet, do a few small transactions.

  • Step 6: Offer customer support. Inform your clients and partners about the new payment option your company has introduced. Prepare DAI payment instructions and be prepared to respond to inquiries.

You may quickly and simply integrate a payment gateway into your business to accept DAI payments by following these steps. The Cryptomus support staff will assist you with the setup and quickly resolve any questions or issues you may be experiencing.

Is It Safe To Accept DAI?

Accepting DAI payments is totally secure. Firstly, your data and money are always safe since every transaction is stored in a blockchain that only its nodes can access. Additionally, they are protected by encryption, which makes transactions immutable. Secondly, most DAI transactions take place on the Ethereum blockchain, which is one of the most secure ecosystems. Thirdly, the stability of DAI price protects you from volatility and possible loss of funds, which gives you more confidence in your financial planning.

At the same time, it is worth taking extra protective options by enabling 2FA and creating a strong password for your business account. To ensure that your money is safeguarded, the platform you use may also have additional security measures.

We hope that you found this article useful and that it has given you more confidence to accept DAI as payment at your business. Please leave a comment below if you still have questions or problems, and we will be pleased to help you as soon as possible!

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