Around 20 years ago, PayPal entered the digital market as a way to make payments online safely and easily; a complete game-changer for businesses all over the world. Nowadays, the interest in cryptocurrencies is growing, and with it, new platforms are emerging, allowing people to acquire and use cryptos in their everyday life.
Binance, Coinbase, and Crypto.com are establishing new ground for a more safe and decentralized way to handle money, resulting in great benefits for both consumers and businesses. During the year 2020, the cease of sports events caused massive growth in betting, being the Super Bowl LV, “the largest single-event legal handle in American sports betting history,” after gamblers placed $4.3 billion in bets.
With such a high inflow of money placed mostly digitally, it’s industries like sports betting or a new online casino which also deal with an immense flow of money that benefit massively from safer and more consumer-oriented platforms to keep on growing. Not to mention that a high percentage of casino and sports bets are placed using cryptocurrencies.
Anyways, let’s jump right in with three possible scenarios most business owners might face.
E-commerce: Platforms like Shopify or Magento have partnered with payment processors such as Coinbase Commerce and BitPay to have API integrations to allow you to accept crypto payments. If your platform does not, you can always create custom integrations or add payment buttons.
Customer invoices: Plenty of companies give you the ability to send invoices to your customers in crypto, usually over email, you just choose in which cryptocurrency you would like to be paid in. The customer pays the invoice at a certain exchange rate and, once approved, the crypto is transferred into your wallet.
Brick & mortar: Payments companies offer both crypto-specific payment terminals and APIs to allow integration with the current POS system. The POS system will display a scannable QR-code with the amount locked in at the appropriate exchange rate. Then the customer scans the code, approves the payment and the crypto is transferred to your wallet. That’s it.
If you are not entirely convinced here are some pros to integrating crypto payments in your store.
Zero Chargebacks: Credit card fraud is one of the biggest risks of online stores and even the most secured businesses fall victim to fraud sometimes. Bitcoin payments are a one-way only type of transaction, meaning that the possibility of a chargeback completely disappears when using these methods.
You determine Transaction Fees: When making payments using crypto, the only third party involved in the transactions are the computers running the blockchain network. The transaction fee varies on how quickly you want to receive the money; you can even pay zero fees but it will take longer for the payment to reach your wallet. This is very beneficial, especially to small businesses.
Anonymity: Nowadays, the main focus is on keeping the consumer’s data as safe as possible. Anonymous payments are beneficial for vendors who sell digital products since buyers in this market have a higher sense of cyber-security and might prefer anonymous transactions.