Cryptocurrency Payment Gateway For Ecommerce Platforms
Cryptocurrencies have gained popularity as a payment method in various industries, including ecommerce. Many people already actively use digital assets and prefer to pay for online purchases in this way. It has spurred many companies to accept crypto payments through payment gateways, making transactions more secure and efficient.
In this article, we will explain more about the role of cryptocurrencies in ecommerce, and tell you how to accept crypto payments in your online store and integrate a payment gateway into your business.
Cryptocurrency & Ecommerce
Cryptocurrency is an attractive means of payment for ecommerce businesses due to several reasons. Firstly, you can pay with digital assets all over the world. If your store is popular abroad, but payment for goods is not available with traditional currency in some countries, your customers can always use the digital. Thus, cryptocurrency becomes a convenient solution for cross-border sales.
Secondly, the fact that crypto transactions are subject to low fees becomes advantageous for international transfers. Depending on the network load, they range from a few cents to a few dollars, while bank transfers charge 2-4% of the amount.
Another advantage of cryptocurrencies for ecommerce is the speed of transactions. Compared to traditional systems where transfers take up to hours and days sometimes, crypto is transferred in minutes or even seconds. This way, the cash flow never stops.
And of course, we cannot fail to mention the security of crypto payments that take place in the blockchain; there they are recorded forever and become immutable. All that remains is to choose a reliable crypto payment integration platform to enhance security. About how to accept crypto payments in your online store and do it in a profitable and secure way, we tell you further in this article.
How To Accept Crypto Payments On Your Online Store?
Such services as digital wallets, invoicing platforms, and payment gateways can be used to accept crypto payments in an online store. It is worth saying that the latter option, payment gateways, has proven to be the most convenient and reliable. For example, payments can be accepted on Cryptomus.
Let's take a look at how to accept crypto using payment gateways:
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Create an account by entering your business details.
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Select options for ecommerce platforms (APIs or plugins) that will link the gateway to your website.
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Specify the cryptocurrency in which you plan to accept payments, or multiple coins if necessary.
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Track incoming payments on the chosen gateway dashboard.
These are the basic steps that make up the process of accepting crypto on your website using a payment gateway. If you use crypto wallets or other services, the process is similar; the difference is the order of some steps and the platforms’ interfaces.
Integration Of Crypto Payment Gateway
To understand deeper the process of integrating a payment gateway with your website, we have prepared a step-by-step instruction for you using Cryptomus as an example. The fact is that Cryptomus has established itself as one of the most convenient and functional payment gateways for ecommerce, so it is one of the best in the field. Users choose it for its intuitive interface and a wide variety of integration options.
Now let's move on to the step-by-step integration algorithm:
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Step 1: Sign in. Log in to your account on the payment gateway, or create a new one. For example, on Cryptomus you'll need to enter your phone number or email, or you can log in directly via Facebook, Apple ID, or Telegram.
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Step 2: Secure your account. Before you get started, make sure your password is strong and enable two-factor authentication to prevent hacks. Then go through the KYC process to confirm your identity and access your business wallet.
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Step 3: Integrate a payment option. Select a payment integration mechanism from the available options on the platform. On Cryptomus you can choose a suitable one among different options of ecommerce plugins and APIs. To properly connect them, follow the instructions provided in your account.
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Step 4: Customize payment settings. Specify the cryptocurrencies in which you plan to accept payments. Then in the plugin or API integration, you need to set up the form of invoice generation and payment confirmation. Enable auto-conversion and payment notifications if necessary.
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Step 5: Test the payment system. After configuring all payment settings, check that the service operates well. To do this, conduct a few small transactions; it will help you understand if the platform is comfortable to use and if everything works as intended.
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Step 6: Launch the system. When you've made sure everything is running smoothly, you can enable the crypto-payments option on your website and start accepting digital assets. Take care to create instructions for customers and be prepared to answer questions, as this option is new and can be challenging.
Cryptocurrency payment is a convenient solution for online retailers due to security, high speed, and low fees. Digital assets are expected to enter the ecommerce field even more as they do not stop developing within the global financial market. This is bound to affect businesses as well, growing their audience and financial flow. Crypto gateways will be an indispensable tool on this path, which they are already shaping now. Thanks for reading!
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