Decentralized Finance: How To Start Accepting Cryptocurrency Payments In 3 Steps

In light of the latest growth waves in the digital assets market, many major companies, including Uber and Tesla, started considering accepting payments in cryptocurrencies alongside traditional money. This new financial instrument attracts business due to low commissions on transactions and the high speed of payment executions. Adding cryptocurrencies as means of payment also allows companies to widen their audience.

Regardless of operational scale, in most cases, organizing cryptocurrency payment acceptance includes three steps. Let’s explore them.

Step 1 – Choosing a processing service

Upon choosing a processing service, it is important to consider the security level of its technical solutions, the company’s experience on the market, and the effectiveness of its instruments. Reading and understanding the terms and conditions of the solution integration and their fees are just as crucial. Let’s dive deeper into the market’s two most in-demand processing services and their offers and which conditions they entail.

A glance at the most popular one

Plenty of companies on the market presently offer technical solutions for organizing crypto-fiat transactions. Founded in 2011, BitPay is a market leader that has partnerships with the world’s largest companies.

The BitPay official website’s home page.

This processing service has a Service Organization Control 2 (SOC2) security certificate. However, it hasn’t been enough to save BitPay users from technical problems. Many users complained about service malfunctions in internet reviews.

Another problem with BitPay is the high fees and sub-par terms of service compared to other offers on the market. For example, the clients must integrate their crypto-fiat instruments into their platforms by themselves.

State-of-art ecosystem as an alternative

BitPay’s missteps helped other processing services to make improvements basedk on their drawbacks and offer clients alternative, enhanced solutions for setting up the crypto payment functionality. One of the companies that managed to transform the competitor’s weaknesses into their strengths is CoinsPaid. That is how they stand out:

• CoinsPaid has been operating on the market for over 7 years. Its own ecosystem of products includes a crypto exchange, an OTC platform, a hot wallets system, and the processing service, CryptoProcessing. The holistic approach allows clients to get all solutions for organizing crypto-fiat payment acceptance in one place. It saves clients time and money, who need not worry about incompatibility issues when using services from different startups.

• By contrast with BitPay, this company offers full support during the integration process for Coinspaid’s CryptoProcessing product. Every client gets a personal manager.

• CoinsPaid passed the security check by Kaspersky Lab, which is a more advanced audit version than SOC2.

Don't care about security. Cryptoprocessing by CoinsPaid will do it for you.

Presently, there are no other alternatives on the market to CoinsPaid’s ecosystem approach. Despite the uniqueness of the offer, the fees for processing services are among the most favorable in the market, an attest to the ongoing growth of the service’s user base.

CoinsPaid’s services interface

There are also other crypto processing services like CoinGate, Wirex, and Simplex. Unfortunately, their excessive weaknesses make them incomparable to the two offers mentioned above.

Step 2 – Consultation

After choosing a processing service for crypto-fiat payments, the next step involves investigating the available integration options. At this point, we’d recommend speaking to a company representative to discuss the nuances of how to better integrate technical solutions into your platform.

CoinsPaid’s experts assign a suitable personal manager to each project. The company’s flexible approach to organizing crypto-fiat payments helps them to satisfy the needs of various industry players. In contrast with many other platforms, CryptoProcessing by CoinsPaid supports two of the most popular ways of payments at once:

• Payments by invoice. It is suitable, for instance, for accepting payments for fixed-price goods or services.

• Asynchronous deposit process. This way does not limit the payment sum. Internet service providers or gambling settlements in online casinos can benefit from this option.

The effectiveness of the flexible approach to solving the acceptance of crypto-fiat payments shows in CoinsPaid's statistics. In 2020, the company executed transactions that totaled over US$1 billion.

On other platforms, clients can ask for a consultation via email or chat. In most cases, the discussions with a company representative take a considerable amount of time.

Step 3 – Service integration

The integration of a crypto-fiat payment processing solution usually does not take much time. Depending on the platform’s specifics, it could take a few minutes or hours.

The key element that determines the effectiveness of the process is preparation. At CoinsPaid, the integration of the company’s instruments to the client’s platform is supported by the manager, with whom a client has already talked at lengths. Therefore, going through all the necessary processes requires only a short time frame. The unassisted integration of other companies can take much more time.

Summary

In the crypto market, many processing services help organize the acceptance of payments in crypto and fiat currencies. That being said, Crypto Processing by CoinsPaid has shown itself as a clear leader in the market thanks to its holistic approach, high level of security, and solid performance indicators.

The company has built a whole ecosystem of products that allows businesses to accept cryptocurrency payments within a short time and at minimum cost.