Why you’ll eventually have to accept crypto payments, and how to do it right

As more people use cryptocurrency, demand is growing for businesses that accept it as a form of payment.

Companies that don’t adapt risk losing customers to more crypto-friendly competitors. The numbers are clear – cryptocurrency adoption is skyrocketing. In 2024, over 600 million people own crypto, reflecting a significant increase in the last several years.

With this surge in ownership, there’s a natural expectation that people will want to spend their crypto. That’s why businesses accepting cryptocurrency as payment are on the rise. By mid-2024, it’s estimated that over   and other digital currencies, and this figure is steadily growing as crypto becomes more integrated into everyday financial systems.

So, what does this mean for businesses?
Essentially, staying ahead means embracing crypto now rather than later. Companies that adopt crypto payments not only tap into a growing user base but also future-proof themselves.

The Compound Annual Growth Rate (CAGR) of cryptocurrency adoption is projected to be approximately 12.5% from 2023 to 2030, positioning it as one of the fastest-growing trends in finance. If you’re not considering crypto as a payment option, you might see your profits stagnate or even shrink as customers flock to competitors that offer more convenience.

By adding crypto payment options, you can offer a seamless experience to this growing demographic, boost customer retention, and position yourself as a forward-thinking brand.

More benefits to accepting crypto payments than meet the eye
Accepting cryptocurrency offers a range of benefits that extend beyond just staying competitive or attracting new customers.

• One major advantage is the reduction in transaction fees. Compared to traditional credit card processing, crypto transaction fees can be significantly lower, saving businesses up to 80% on fees. This cost-efficiency becomes especially impactful for high-volume merchants or those operating with tight margins.
• Another key benefit is the speed of transactions. Cryptocurrency payments are often confirmed in minutes or even seconds, giving businesses faster access to funds compared to the delays commonly associated with credit card payments or bank transfers. This quicker access to liquidity can improve cash flow, particularly for businesses that rely on immediate funds for operations.
• Security is also greatly enhanced with crypto payments. Blockchain technology, the foundation of cryptocurrency, is inherently secure and helps reduce the risks of fraud and chargebacks. Each transaction is recorded on a distributed ledger, ensuring transparency and making it nearly impossible to alter or counterfeit. This protects businesses from unauthorized reversals and reduces the burden of handling disputes or fraud claims.
• Moreover, accepting crypto opens the door to a truly global customer base. With cryptocurrencies, businesses can accept payments from anywhere in the world without the usual concerns about cross-border fees, currency exchange issues, or delays caused by international banking systems. This is especially beneficial for businesses looking to expand their reach into emerging markets where traditional banking systems might be less reliable or accessible.

In summary, the benefits of accepting crypto payments – lower fees, faster transactions, enhanced security, and global accessibility – make it an attractive option for businesses, even if customer numbers remain the same.

Are there any risks in accepting crypto payments?
Accepting crypto payments does come with certain risks, but partnering with a trusted provider like CoinsPaid can significantly minimise them. Here’s how:

1. Price volatility – CoinsPaid offers automatic fiat conversion, allowing businesses to instantly convert cryptocurrency payments into traditional currencies like USD or EUR to avoid price fluctuations;
2. Irreversible transactions – CoinsPaid provides secure transaction processes and advanced support, making it easier to handle errors and customer refund requests compared to standard crypto transactions;
3. Regulatory compliance – CoinsPaid ensures compliance with local regulations by implementing strong regulatory measures and monitoring, helping businesses navigate different legal requirements;
4. Fraud and cybercrime – CoinsPaid employs advanced security protocols, including encryption and anti-fraud systems, to safeguard against hacking and theft, ensuring transactions are secure.

A step-by-step guide on integrating crypto payments
So, what does it take to start accepting crypto?

Step 1: Sign-Up & Consultation
Businesses can visit the CoinsPaid website to request a consultation. CoinsPaid will review their business needs and assign a dedicated account manager to guide them through the integration process. Completing the Know Your Business (KYB) verification is required to ensure regulatory compliance.

Step 2: Integration & Onboarding
CoinsPaid’s user-friendly API simplifies integration, even for businesses with limited technical expertise. Whether adding a “Pay with Crypto” button or fully integrating into existing systems, CoinsPaid supports the process. Businesses can choose which cryptocurrencies to accept, including Bitcoin, Ethereum, and stablecoins like USDC.

Step 3: Configuration & Testing
Businesses can configure accepted cryptocurrencies, set fees, and choose withdrawal options such as automatic fiat conversion. CoinsPaid provides a sandbox environment for thorough testing before going live, with their team available to assist throughout the process.

Step 4: Go Live
After successful testing, businesses can start accepting cryptocurrency payments, with automatic fiat conversion if needed. This enhances the payment process, offering customers more options and improving retention.

A bit more about CoinsPaid
When businesses choose CoinsPaid as their cryptocurrency payment processor, they are selecting a secure, reliable, and award-winning solution tailored to meet their specific needs.

CoinsPaid ensures top-tier security through advanced encryption, anti-fraud measures, and independent audits, guaranteeing that transactions remain protected. The platform is fully compliant with strict EU regulations and holds an operating licence from Estonia’s Financial Intelligence Unit (FIU).

Offering support for over 20 cryptocurrencies and instant conversion to more than 40 fiat currencies, CoinsPaid makes international payments seamless. The integration process is straightforward, backed by a user-friendly API, enabling businesses of all sizes to easily adopt crypto payments.

With high processing volumes – handling over 800K of transactions monthly – and an international reach, CoinsPaid provides a scalable solution that grows with businesses, helping them stay ahead in the market.

If you’re interested in learning more, visit CoinsPaid to get started.

Maybe I am inattentive but I don’t find such a number in this report. Perhaps, we have to put here another link?

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