As a merchant, you may want to accept cryptocurrency payments as another form of payment from your customers. Cryptocurrency can be used to pay for goods and services just like any other currency, and there are a few different ways that you can accept these payments.
In fact, many businesses are already using cryptocurrency to make payments and accept payments from customers. Cryptocurrency offers a number of advantages for businesses, including lower transaction fees, fast and secure transactions, and international payment processing.
Pros and cons of accepting cryptocurrency as a merchant
The benefits of accepting cryptocurrency as a payment method are:
- You can avoid traditional banking fees by using cryptocurrency.
- Transactions are fast and secure.
- Cryptocurrency is global, so you can accept payments from anywhere in the world.
The drawbacks of accepting cryptocurrency as a payment method are:
- The value of cryptocurrency is volatile, so the price of what you’re selling could change by the time the transaction is completed.
- There’s a risk that the buyer may not have the funds available to complete the payment, which could result in a chargeback.
How to start accepting cryptocurrency payments
But the main thing for them is processing fees, they have to pay high withdrawal fees. Because of this reason, some merchants are stepping down and their dream of accepting payment in crypto remains the dream. Conversely, there is a crypto payment gateway which is able to fulfil the requirement of these small merchants and empower them to accept payment in cryptocurrency, and that gateway is Coinremitter.
If you want to start accepting cryptocurrency payments, there are a few different ways to do it.
The first way is to simply give your customer your cryptocurrency wallet address and let them send the payment to you. This is the easiest way to accept payments, but it’s also the least secure since you don’t have any guarantee that the payment will be made.
1. Giving your wallet address
One way is to simply ask your customers if they would like to pay using cryptocurrency, and then give them your wallet address. They can then send the payment to you using their own wallet. This method is relatively simple, but it does require that your customers have their own cryptocurrency and know how to use it.
So how do you find your cryptocurrency wallet address? In most cases, it will be displayed prominently within your wallet’s interface. If you’re still unsure, take a look at our guide below.
Assuming you already have a cryptocurrency wallet set up, the first step is to open it and look for the “receive” or “deposit” section. This is where your unique wallet address will be displayed.
In some cases, you may need to generate a new address each time you want to receive a payment. This is usually for security reasons, to prevent someone from tracking your payments. If this is the case, simply follow the instructions within your wallet interface to generate a new address.
Once you have your wallet address, simply share it with the person who wants to send you money. They’ll then be able to use that address to send the funds directly to your wallet. And that’s it! Now you know how to find your cryptocurrency wallet address.
2. Using a third party service like Coinremitter
Another way to accept payments is to use a third-party service like Coinremitter. With this method, you can accept payments in major cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Dogecoin, Dash, USDT ERC20, USDT TRC20, TRX & BNB. The funds will then be deposited into your account, which you can then withdraw.
The main thing that concerns most merchants when it comes to accepting crypto are the processing fees and high withdrawal fees. Because of this, some merchants are stepping down and their dream of accepting payment in crypto remains just that, a dream. However, Coinremitter is crypto payment gateway which is able to fulfill the requirement of these small merchants and empower them to accept payment in cryptocurrency.
The service allows merchants to accept cryptocurrency payments without having to deal with the underlying technology. These services will usually take care of the conversion from cryptocurrency to your local currency, and will also often offer other features such as invoicing and customer support.
Let’s dive in and take a closer look at this service.
Low fees
Coinremitter charges only a 0.23% processing fee on each transaction. Which is very low compared with other payment gateways.
In addition, recently Coinremitter has launched one of the most cost reduction functionality which is called Gas Station. When merchants are accepting payments in ERC20, they have to pay high gas fees in order to withdraw their payments. But with Coinremiter’s gas station, users are now paying at least 70% fewer gas fees compared with other platforms that are offering gas station services. And the important part of this service is that Coinremitter is paying the gas fees on behalf of the merchant. Click here to know about Coinremitter Gas Station.
How does Coinremitter work?
Coinremitter offers a variety of services to merchants so apart from accepting payments, merchants can utilize the services of Coinremitter.
Many merchants are opting for online business and showing their interest in accepting payment in cryptocurrency. Therefore, the merchant can create their account and wallet on Coinremitter’s official website and they can send their wallet address to customers to make the transaction possible. Most important after the Payment Coinremitter shares an invoice through email to the user as an assurance that the payment is done.
The other way of accepting payment is Coinremitter’s open-source plugins. Coirnemitter is providing free plugins in WordPress, Magento, Opencart, Laravel & Rest API. So, in this term users can use Coinremitter’s Bitcoin API(if you are a developer), or if you are a non-technical person then you can hire a developer and integrate Coinremitter plugin on your website using the rest api documents. So if any person wants to integrate Coinremitter plugin for BTC payment then they can use coinremitter bitcoin api on their website.
For each withdrawal, Coinremitter is charging 0.23% withdrawal fees which is very low compared with other crypto payment gateways available on the internet.
Other advantages
Apart from having exciting services, Coinremitter is taking care of merchants’ transactions and their privacy. One of the biggest advantages of coinremitter is that it is not charging any monthly fees except if you purchased its Premium Plan. Conversely, if you have selected Free Plan then you don’t have to pay anything but you get limited services, though this plan is good for beginners.
To become a user of Coinremitter, you don’t have to provide any ID or Bank Account Details, as coinremitter is not dealing with Fiat currency. So, merchants can safely receive payment in their wallets.
Coinremitter has also a feature of Auto-Withdrawal, which is a service where merchants don’t have to check their every time, Coinremitter does it on their behalf of them. When the user sends a payment to the merchant, Coinremitter auto-forwards the amount to the merchant’s wallet and this occurs every 30 min. Whenever a customer pays the merchant.
Coinremitter is being used by merchants from around the world. You are well known for the global availability of Coinremitter, and when it comes to any third-party involvement, then you shouldn’t worry about it because there ain’t any third-party who is going to know about your transaction because all transactions are decentralized and Coinremitter remains anonymous.
Coinremitter also offers a Coin Listing service where any user can come on Coinremitter using its API and easily list coins on the website. This service is really important because not every payment gateway is providing this service and with the help of coin listing users can gain the trust of their community, which is important for ICO and ITO.
Unethical or fraudulent activities never occur on the coinremitter as it is secured by high-level security such as 2FA, and most important transactions are getting done extremely fast on Coinremitter. Well, this is the reason, Coinremitter become the home of 33k merchants and have done 100M+ transaction and processed 13,578+ BTC around the world.
Conclusion
Whichever method you choose, make sure that you are aware of the risks involved in accepting cryptocurrency payments. Cryptocurrency is a volatile asset, and its value can change rapidly. You should always ensure that you have enough local currency on hand to cover any potential losses from fluctuations in the value of cryptocurrency.
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