Cryptoprocessing Services ― These are payment gateways that process transactions on the blockchain and convert cryptocurrencies into fiat. They are an important part of the industry, providing fast settlements and contributing to the mass adoption of digital assets.
Together with the CryptoProcessing team, we talk about the work of cryptoprocessing and the integration of bitcoin payments into the business.
Why does Business Need Cryptoprocessing
There are two ways to add support for cryptocurrency payments: create your own solution or connect gateways for digital assets.
In the first case, the company needs to hire a development team and allocate a budget for infrastructure creation. To avoid the burden on business, market participants turn to firms that provide ready-made solutions for processing crypto payments. As a rule, they work according to the following algorithm:
the client buys the product with cryptocurrency;the cryptoprocessing service accepts and processes the payment;the seller receives money in a form convenient for him: to a bank account after converting assets, for example, into dollars or euros, or directly to a cold crypto wallet.The scheme of operation of the cryptoprocessing service. Data: CryptoProcessing.When using ready-made payment solutions, business owners do not need to worry about the safe receipt and storage of crypto assets. CryptoProcessing has been audited by 10Guards and Hacken, and also uses transaction verification systems using Crystal and Chainalysis AML services.
In addition, in July 2024, the CryptoProcessing service received the ISO/IEC 27001 security certificate. It confirms the implementation of a risk management system related to data security, as well as full compliance with the practices and principles of the International Organization for Standardization.
"We can safely say that digital payments are not a fleeting trend, but an established payment instrument. According to Statista, more than 580 million people worldwide are already using cryptocurrency, and this number is constantly growing. About 15 thousand companies accept bitcoins, including giants such as Microsoft, PayPal, Tesla, Twitch and Shopify," CryptoProcessing representatives comment.
According to them, the growth in popularity of crypto payments is facilitated by:
attracting new users. Cryptocurrency owners make payments all over the world, which allows companies to enter the global market and expand their customer base;low fees. As a rule, banks charge high fees for processing international payments. In the crypto industry, the fee for such transactions can be less than $0.01, depending on the blockchain and network congestion;quick calculations. Traditional financial companies require several days for clearing and settlement. Payments in cryptocurrencies are usually processed in minutes. brand awareness and positioning. Accepting digital assets can improve a company's image, attract a tech-savvy young audience and, as a result, set the business apart from competitors and attract media attention.CryptoProcessing also solves the problem of cryptocurrency volatility by fixing the exchange rate and allowing instant conversion to fiat.
In addition, partnering with a licensed crypto processor will help businesses accept crypto payments legally to avoid problems with regulators and focus on their core business.
How it works
Let's consider the processing of cryptocurrency payments using the example of the CryptoProcessing service, which serves more than 800 merchants in various industries. On the user's side, it consists of two steps:
initiating a payment. While on the seller's website, the buyer chooses to pay with cryptocurrency, initiating the launch of a cryptoprocessing service;processing via the API. CryptoProcessing automatically generates a payment request using the API, verifies the details of the transaction and its confirmation in the blockchain.Further processing on the cryptoprocessing side can take place in two ways, depending on the settings selected by the client:
the merchant holds the cryptocurrency. CryptoProcessing transfers cryptocurrency to a cold wallet address to secure the client's funds;instant conversion to fiat. The service converts cryptocurrency into fiat at the market rate and transfers money to the merchant's bank account."CryptoProcessing provides the necessary accounting documentation. The reports include transaction records, conversion rates, amounts, dates, and other important details. We provide this information to the seller for accounting purposes, ensuring transparency and ease of financial management," explains the service team.
CryptoProcessing offers three payment methods:
channels. Automated acceptance of cryptocurrencies without reference to a specific amount;invoices. A deposit for a certain amount, which must be paid within the specified period;payment links. It works the same way as an invoice, but has no maturity date."CryptoProcessing does not charge an integration fee and has no hidden fees. The transaction fee is less than 1%," the representatives of the service note.
In addition to processing payments, CryptoProcessing offers a wallet for managing cryptocurrency assets and an OTC center for making large transactions.
Conclusions
Cryptocurrency payments allow you to expand your customer base, reduce transaction fees and increase the speed of their processing. There are various solutions on the market that simplify the process of integrating digital assets and do not require the development of a new architecture.
CryptoProcessing provides customers with a gateway with the ability to convert digital assets into fiat, which is suitable for owners of large and medium-sized businesses. The service allows you to accept cryptocurrencies around the world, as well as withdraw funds to cold wallets and bank accounts.
Company owners can order a free consultation in CryptoProcessing and receive a personalized offer tailored to the needs of a particular product.