PYMTS revealed in a survey in April 2022 that 25% of consumers prefer to pay in cryptocurrencies. Sooner or later, the world is expected to adopt, especially in the world of online shopping and digital payments.
The merchant reading this must be one to adopt the method soon. But a merchant is someone who wants to yield some extra profits. Crypto payments are meant to benefit merchants with such extra profits. But it requires some crucial decisions if they want to grow along with the cryptocurrency future. A merchant must remember the following terms before he starts accepting crypto payments:
1. Diversify Your Cryptocurrency Acceptance
2. Security Measures
3. Choose Secure Crypto Wallets
4. Use a Crypto Payment Gateway
5. Keep Records
1. Diversify Your Cryptocurrency Acceptance
While Bitcoin is the most popular cryptocurrency, merchants must remember to diversify their options while accepting crypto payments. Merchants must consider accepting crypto payments in currencies like Ethereum, Tether, Tron, BNB, etc. to be a part of a promising crypto future. By doing this, merchants can reduce risks and attract a wider range of customers willing to pay in preferred cryptocurrencies.
2. Security Measures
Rely on strong security measures to protect your funds and customer information. Use strong passwords on the platform that you prefer to accept crypto payments and keep changing them regularly to protect your account from getting hacked. Educate yourself about basic cyber attacks and crypto scams and be prepared for them. Enable security features like two-factor authentication and login shield to prevent random unauthorized logins.
3. Choose Secure Crypto Wallets
Go with the crypto wallets that aren’t vulnerable. Rely on reputable & secure wallets to keep your crypto holdings secure. Using hardware wallets gets the job done for you. Software wallets with strong encryption and backup options may offer a good level of security.
4. Use a Crypto Payment Gateway
Rather than receiving crypto payments directly into your crypto wallet, use a crypto payment gateway like Coinremitter to optimize the process of accepting crypto payments. This may seem an unnecessary move at once. However, choosing Coinremitter as your preferred crypto payment gateway may be helpful to merchants in the following ways:
- The process of accepting crypto payments will be automated with the help of crypto plugins and crypto APIs. Customers will be able to pay directly during checkout instead of manually entering merchants’ addresses manually.
- Merchants can keep a record of past payments in one place, rather than searching them manually.
- The end-to-end encryption will help merchants keep their transactions untraceable from hackers.
- No other parties will be able to view the sensitive information of the transactor and the receiver.
Merchants will be able to minimize the fees on selected crypto withdrawals with the help of the Gas Station.
5. Keep Records
Merchants must maintain accurate documentation of the crypto transactions taking place within their businesses. This record-keeping consists of maintaining data such as the date and time of transactions, received amount (per customer), transaction details (wallet addresses, transaction IDs, hash values, etc.), and transaction fees.
Conclusion
In the emerging world of digital payments, accepting crypto payments may be an essential part. The security and transaction speeds they offer are unmatchable to fiat transactions. However, remembering the things shown above can help merchants get better for themselves with crypto payments.