Broaden your horizons – cryptocurrency payments will be in high demand

In the near future, online merchants will soon need to accept crypto as a standard. Realising this, it makes sense to be prepared by choosing a multifaceted platform like COINQVEST, to help simplify the process.

Where will the biggest demand for B2B crypto payments be?

• Digital commerce

Digital commerce companies that operate in areas like e-commerce, Software-as-a-Service (SaaS), subscription-based businesses, NFT vendors, content producers or online gaming.

Any kind of business that has an online checkout process and already accepts other payment methods like credit cards or are pure crypto companies are primed for integrating crypto payments.

• Payment infrastructure providers

Payment service providers with existing payment infrastructure for traditional payment methods like credit cards or direct debit will have a high need to add cryptocurrency payments to their payment rails.

This can be traditional payment gateways, money remittance services, mobile payment apps or loyalty apps that aim to offer crypto payment processing under their own brand.

Crypto payments are starting to enter the realm of the norm and will be in demand within the e-commerce world in the months and years to come.

A versatile platform, a one-stop-shop, that can leverage hosted checkouts, APIs, and plugins to accept multiple cryptocurrencies and auto converting to fiat currencies in seconds is highly desirable for merchants. They need to think about fulfilling the range of payment expectations of their customers.

A service like COINQVEST, with a host of additional administrative features, can also make life easier for merchants, leaving them free to focus on building their offering.

What should you look out for if you want to accept crypto payments?

• Protection from currency volatility – if you list a product for €100, and the customer pays in Bitcoin, the merchant will receive €100 in their account. COINQVEST protects merchants from currency exchange business risk.
• Direct withdrawal to a bank account.
• Automated payment exception handling – does your provider detect and mitigate over/under/multiple payments?
• Tax and regulatory compliant crypto payments, i.e. normally anonymous crypto payments get de-anonymised by adding sender and receiver data and order information to payment.

Indeed, crypto as a payment mechanism is seeing growing demand, particularly in Europe. There, consumers and investors alike have a good awareness of how crypto works and the advantages of using it as a payment mechanism.

Being able to accept payment in cryptocurrency allows merchants to have an appealing offering for the broadest possible audience and just makes business sense. Major companies know this. Firms like Mastercard, Microsoft, Starbucks, Amazon, and many other successful companies already accept cryptocurrency and there is no reason why all e-commerce merchants shouldn’t offer it, too.

Aside from meeting customer demand, there are benefits to the merchant in accepting crypto payments such as lower fees, faster-settled payments, and higher levels of security.

How do you choose a cryptocurrency payment processor?

In theory, setting up to accept crypto is straightforward – simply sign up for a crypto payment gateway, and connect it to your website through plugins or APIs.

But choosing the right company is crucial. Having the right partnership can have a positive impact in terms of the payment itself as well as all the administrative elements that surround it.

COINQVEST is a leading enterprise cryptocurrency payment gateway designed to provide an all-in-one experience. We help online merchants and e-commerce shops programmatically accept and settle payments in new digital currencies.

For starters, merchants can use COINQVEST’s hosted checkouts, APIs, and plugins to flow seamlessly through the payment process. It automatically calculates the payment price in each supported cryptocurrency; Bitcoin, Ethereum, Litecoin, and Stellar Lumens. COINQVEST also supports fiat currencies such as USD, NGN, EUR, and is in the process of adding an additional 45 currencies.

The platform is fully customisable and white-label ready. Developers like the fact that it is easy to set up, and has ready-made e-commerce extensions and plugins for popular platforms such as WordPress, WooCommerce, Shopify, and Magento.

The platform also helps with regulatory compliance and taxes. It automates invoicing and accounting and will keep a record of all customers’ payments and transactions. For optimal viability, merchants can view APIs in real-time to instantly identify errors when they occur and audit the interactions between the merchant’s system and COINQVEST.

Unlike many payment platforms, COINQVEST will also offer refunds and rectify overpaid, underpaid, or invalid payments to provide maximum flexibility and functionality to merchants – making it easier for them to do business.

The platform is easy to set up and offers the first 50 transactions for free. There is a charge of 0.5% thereafter.

COINVEST is important because it takes the hassle of setting up crypto payments away from merchants. It offers a one-stop platform that not only fulfils the customer transaction expectations but also makes life easier for the merchant. With customisation and the handling of administrative tasks, this leaves the merchant free to focus on the business itself.

In short, COINQVEST offers a competitive, comprehensive and easy solution for a fast-growing market that will be in high demand.