Why accept cryptocurrency for online payments?

Richard Raw

29 April 2021

When we buy or sell products or services, the payments are often processed by a bank, or credit card company.  Whilst this is the standard situation, there are a few issues.

Firstly, the processing agent (for example, the bank) takes a cut of the transaction as their fee.  After all, banks are ultimately businesses that also need to make money, but this can make it expensive to rely on this type of payment option.

Secondly, when you have an account with these organisations, you are reliant on them being able to handle your data securely and keep it protected from hackers.  With data breaches seemingly becoming more frequent, this can be a real cause of concern for domestic and commercial users alike.

Finally, when dealing with international payments, it can take up to three days for funds to be fully processed and cleared in to the receiving account.  When it comes to business, no one wants to have to wait for their money, especially when cash flow can be an issue.

Many businesses have already discovered a suitable alternative that provides both fantastic security for their customers, as well as internal cost-savings.  Find out why many eCommerce sites are already adopting cryptocurrencies as an additional method of payment.

What are cryptocurrencies?

The simplest way to think of cryptocurrency is digital money.  It is a type of currency associated with the internet, so it’s not tangible in the same way money in your wallet is, and uses cryptography to convert your personal information and transaction data into an almost uncrackable code.  This ensures that the information is entirely secure, and in many cases, entirely anonymous.

The original cryptocurrency was Bitcoin, which was developed in 2009, but now the market has seen new additions.  Other popular currencies include Ethereum, Ripple and Litecoin.

Benefits of accepting cryptocurrencies

Although increasing in popularity, cryptocurrency as a method of payment has not yet reached the high street and traditional retailers.  However, offering it as a method of payment can be an ideal solution for many businesses including IT support and service providers.  Some well-known brands are already embracing this payment technology including  Etsy, Microsoft and some airlines.

A bank account is not needed when setting up crypto-accounts, which means for some customers, this is a preferred payment option whilst completing digital transactions.  Equally, because all transactions are processed through decentralised technology, there is a significantly smaller risk of hacking and data breaches.

With ePay247 our customers can also accept crypto payments via their websites without having to set up a cryptocurrency wallet – we will do all the work for you, using blockchain technology which not only prevents chargebacks (payments cannot be reversed), but also fraudulent payments.  It is also worth noting that once a payment has been confirmed, you are guaranteed to receive that payment.

Finally, money is transferred directly to your account quickly, even for larger, international payments, and the associated fees are ultra-low.

How it works

When your customer is ready to complete their online transaction, they will be able to select which cryptocurrency this wish to pay with (we have a variety of options). At checkout, we will calculate the correct rate needed to be paid in the desired currency, and the customer is provided with a unique wallet address to authorise payment to.

Once the payment has been received, we will automatically exchange this into your desired receiving currency (for example, GBP, USD etc) where payment will be completed the next day.

To find out more about ecrypto or to discuss whether this is the right option for your business, please get in touch.