As technology develops and improves, the way we do business is constantly changing. This also applies to the methods of receiving payment for the sold product or service.
Gone are the days when you could pay for a product / service in only one way – in cash. The advent of the Internet made it possible to develop Internet acquiring technologies, when payment for goods is made remotely using pos-terminals or a payment gateway of a payment system provider.
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Thanks to this, the buyer is provided with several payment options, differing both in the technology of transferring money to the seller and in the type of money itself. It can be fiat currencies that are debited from the card, as well as electronic money, and cryptocurrency.
Having appeared relatively recently, it has become one of the most popular forms of payment. And its popularity is constantly growing. More and more people are paying for more and more products.
Especially digital currency has become popular among young people, who, due to their age, are drawn to everything new, revolutionary.
What is cryptocurrency?
Cryptocurrency is a form of digital money. They are mainly related to online transactions and use encryption technology to secure and verify said transactions. Unlike other digital money, cryptocurrency is based on blockchain technology, which allows you to record all transactions with this currency as a blockchain. Each block stores information about the previous block. Therefore, in order to change the information in any block (for example, for an unauthorized transaction), it is necessary to change all blocks. And since they are scattered across the computers of millions of cryptocurrency owners, this is almost impossible to do.
The most widespread and popular currency is bitcoin, which appeared in 2009. It became the first in its class and was created by the creator of the blockchain technology Satoshi Nakamoto
Types of digital currencies accepted for payment
While Bitcoin is the most popular and commonly used digital currency used for payment, there are other well-known similar currencies. Ethereum, Litecoin, Dash, and Monero are just a few that merchants accept as payments. Currently, there are already over a thousand types of cryptocurrencies with a total capitalization of over $ 133 billion.
Why do you need acquiring for cryptocurrency?
In addition to the obvious need to grow as a business and meet customer preferences (again, cryptocurrency is rapidly gaining popularity and it is still imperceptible that this trend is fading away), there are many other reasons why you, as a seller, should consider adopting cryptocurrency as a payment method. For example:
- Due to the decentralized payment structure inherent in cryptocurrencies, payments are transferred directly online to the seller without the participation of third parties, and also without hidden fees.
- Security is one of the main benefits for both merchants and customers. Multi-level encryption technology provides additional security during transactions and reduces the threat of identity theft or fraud.
- If you are running a high-risk business (casino, betting, selling marijuana, etc.), you must be well aware of the chargeback threat to your business. The use of cryptocurrency eliminates this.
- Cryptocurrency processing fees are lower than credit card processing.
- Cryptocurrencies are accepted both in the UK and around the world. Transactions are faster, without additional fees for international payments.
Let’s return to the main incentive for accepting cryptocurrency as payments for your product or service – to reach the largest possible audience by providing a variety of payment options. As a reminder, for a high-risk business, paying with cryptocurrency is the main option.
Satisfaction of the client by providing him with the opportunity to choose the most comfortable payment method for himself has a beneficial effect on the image of your business and contributes to its expansion. This is especially popular among the youth audience. In some cases, the introduction of a payment method through cryptocurrencies into your business can expand it significantly!
Accept cryptocurrency using the solutions provided by the international company Wellcoinpay, a payment system provider.
You have a highly risky business and you really need to organize the acceptance of payments using cryptocurrency? Have you contacted banks and other payment system providers and got rejected? We are very familiar with this situation. Traditional financial institutions do not want to cooperate with high-risk businesses due to possible financial and reputational losses, the difficulty of processing payments in real time, and the instability and unpredictability of cryptocurrency rates. Our company will help you!
Wellcoinpay, headquartered in London, offers high-risk business solutions for accepting cryptocurrencies. Thanks to its extensive network of acquiring banks and significant experience in this area, Wellcoinpay has established itself as a reliable, stable and secure payment system provider for businesses with a high level of risk for merchants. Our company provides end-to-end solutions for handling high-risk merchant accounts, including a secure cryptocurrency payment gateway and a POS terminal so merchants can accept payments both physically and online.
Providing services in London and across Europe, Wellcoinpay has a strong team that provides 24/7 support to our merchants.
Looking for acquiring for your high risk business with fast approval to get started with cryptocurrency processing? Wellcoinpay is the perfect choice for your business. We have over 95% approvals!
For cryptocurrency traders, our company offers a crypto payment gateway to buy cryptocurrency using a debit or credit card. Now you can accept card payments and sell cryptocurrency to individuals or companies.