Cryptocurrency is replacing payments made in dollars and in other currencies slowly but stable. For this reason, conventional payment services are becoming less popular and are being replaced by crypto-processing.
How does crypto payments work?
In order to make a transaction in cryptocurrency, the sender must:
In some cases, you need to pay a commission, the size and availability of which depends on the blockchain itself, and, in addition, on the urgency of the transaction. For example, if you make a transfer in Bitcoin, then if you need a non-urgent transfer and you can wait 1 hour, you will be charged a commission of 13 cents, but if the transfer is urgent, then 25.
Many people point out that cryptopayments are especially attractive because they are irreversible. However, there is one caveat here. The operation will become irreversible only when the required number of miners approve it. Each specific company that works with transactions in cryptocurrencies sets itself how many times the transaction must be confirmed.
What is the role of crypto processing?
Processing is a service used by merchants to receive payments through various channels. Processing is, so to speak, an intermediary, and performs six main functions:
Crypto processing has a similar scheme of work, but adds a few more key steps:
Why do not merchants accept payment transactions?
Payment processing always contains a fraction of the risk of data interception by various fraudulent organizations or individuals. Operations with bankcards are especially dangerous, because the buyer must indicate all information from the card, including the CVV code. With the help of processing, an appropriate level of security can be ensured, which allows data transfer under reliable protection. Merchants themselves do not have this opportunity.
Speaking of payments in cryptocurrency, a few following points should be added to the security issue:
Engaging crypto processing will help to get off all these difficulties.
Why should you start using cryptocurrency today?
Cryptocurrency is becoming more and more popular and in demand every day. The number of people using crypto around the world is skyrocketing every minute. Over the past 3 years, the number of blockchain wallets has increased from 6 million to 40. Very soon, payment with cryptocurrency will become as common as transferring money through conventional payment services.
Moreover, if it seems to you that making transactions in crypto is too difficult and tricky, we assure you that you are mistaken. The processing integration procedure will take only 2-3 days, while the costs will be minimal. The recipient only needs to decide in what currency he will receive the money.
According to forecasts, in some developed countries, crypto payments will very soon be able to replace fiat completely. That is why those companies that start connecting cryptocurrencies to their activities will become one-step higher than their competitors will. Accordingly, the more you will benefit from the impending crypto-integration of your business, the sooner you start using cryptocurrency payments on your website.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.