Forward-thinking entrepreneurs, who desire to set for sustainable success, can consider the cryptocurrency payment method. Crypto owners find this option appealing as the transaction fee is 1% to 3% lower than banks or credit cards. As cryptocurrency is decentralized and unfettered, it appeals to high-risk businesses like cannabis retailers who are not supported by banks or other financial institutions.
Steps to add cryptocurrency payment option
1. Understand cryptocurrency payments
Crypto payments work P2P or peer-to-peer. The cryptocurrency is transferred from the sender’s [buyers] wallet to the receiver [sellers] wallet. There is no third party like the banks or credit card providers involved.
2. Set crypto gateway or wallet
First, determine if you need to receive crypto payments in cryptocurrencies or as fiat currencies. If you need to use, collect and store cryptocurrency for personal or business, then you will need a reliable crypto wallet. In case you need crypto-enabled payments but want them converted to fiat or government-issued cash then a reliable crypto payment gateway is needed. Suissebase Exchange is a great payment gateway option to transfer bitcoin in FIAT with bank account for high net worth clients.
A Crypto payment gateway functions like a crypto wallet but offers extra functionality. It offers a noncustodial or hosted wallet that stores cryptocurrencies until you choose to exchange them for fiat currency and transfer it to your business bank account.
The cryptocurrency world is extremely volatile, so you need to invest energy and time to delve in deeply. It is wise to choose a reliable payment gateway because they pay real-time market rates during the transaction. If cryptocurrency’s value decreases when the transaction is in the verification process, you don’t lose.
If the crypto wallet is used transaction fee is low. In crypto payment gateway the transaction fee is high as conversion charges are included. Fortunately, with Suissebase – an independent digital asset exchange businesses can approach successfully adding BTC to their balance sheets. A custodian wallet is offered for convenience and ease of accessibility.
3. Integrate crypto payment in the checkout process
After you have set up a crypto wallet or/and payment gateway, it is time to add crypto as a payment mode on your website’s checkout process. It can be attained in two ways.
Open source API– In general, self-hosted wallets offer open source API. Integrate it with your website but there will be a need for HTML coding knowledge. The advantage of using this method is you will have more control over the feel, look, and functionality.
Plugin/app– Download an app or plugin and install it on your website. Crypto integration is easy because the entire technicality is taken care of.
4. Offer in-person crypto payment option
In-store shoppers can benefit from the in-person crypto payment option mode. You need to add a crypto-compatible NFC terminal or QR code scanner to your in-store checkout counters.
Crypto payments are fast, which helps enhances conversion rates as well as lower cart abandonment percentages. The payment processing charges are significantly low, which facilitates simplified international sales and currency conversion.
If you are concerned about cyber security theft then choose Suissebase because they secure digital assets using bank-grade security protocols. They operate under ARIF supervision, so the worries about money laundering are eliminated.