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While accepting cryptocurrency payment gateway payments can bring numerous advantages, it also comes with some risks. Here are a few of the main benefits to accepting cryptocurrency payments.

Increase conversion rates

Accepting crypto payments is an excellent way to increase your customer base and cut down on processing costs for payments. These payments are quick and flexible, however you will have to modify your customer service policies to accept the payments. These new payment methods could save your company hundreds of thousands in chargebacks, new customer services policies, and administrative appeals. Here are some tips to increase conversion rates to maximize the benefits of cryptocurrency payments.

As the use of cryptocurrency increases increasing, so will your conversion rates. Although it's still a futuristic trend certain businesses are making the leap. Offering an option that accepts crypto payments is a great method to boost conversion rates and keep ahead of the pack. While cryptocurrency is still new and how to accept crypto payments difficult for a lot of people to accept, they are quickly becoming a popular method for payment. Being early adopters will benefit from accepting cryptocurrency.

Security

Although this would be minor technological advancement that could have massive impact. Illicit actors are always on the lookout for opportunities to take advantage of technological advancements in the financial sector and loopholes in the regulatory system. To be prepared for the scenarios, U.S. national security and law enforcement personnel need to think about the different ways these new technologies could be used to harm. The best method to close these loopholes is to be alert and anticipate threats before they occur.

In comparison to traditional credit card payment methods, crypto is considered safer. It does not rely on a third-party verification system. Customers store their personal information in crypto wallets. In addition, the blockchain general ledger keeps track of every transaction. This ledger is decentralized so it is easier to steal customer's identities with cryptocurrency. Customers can make transactions with businesses with cryptocurrency simpler.

Businesses can accept cryptocurrency using a third-party payment processor or a personal wallet. Many cryptocurrency payment processors provide multi-factor authentication and cold stores. These features shield the user's private keys and account information from unauthorized access by third-party parties. This allows businesses to accept cryptocurrency in a secure and reliable way. Businesses can also utilize these systems to manage payments.

A third-party money transmitter may be used to verify identity if the user doesn't own a credit card or an electronic bank account. A third-party money transmitter validates transactions using the private keys of the customer, also known as a private key. It can take up 10 minutes for a transaction's processing time to reach. Third-party payment providers may offer faster verification times or a rate-locked system to limit fluctuations for businesses.

Processing fees

There are a few reasons for a business to accept crypto payments. The standard transaction fee for cryptocurrencies is approximately 1.1% that is considerably less than credit card processing fees and some ACH direct deposit charges. CoinPayments has a fee of 0.5 percent. Some processors charge an additional network fee in addition to the 1% transaction fee. Other fees that could be charged include charges for currency conversion and withdrawal charges. However, the majority of companies find that the processing fees for accepting cryptocurrency transactions are less expensive than credit card processing.

Although there are no fees for processing directly associated when accepting crypto payments, the cost of maintaining an automated payment system can add up. Although the fees are not excessive but it requires technical know-how to duplicate the payment service interface. As opposed to credit card transactions, the processing fees for crypto transactions typically are 1percent or less. This is considerably less than credit card transaction charges that typically comprise an interchange fee of between 1% and 3% per transaction plus other charges imposed by the card issuer. Crypto payments have the benefit that you don't need to worry about identity verification and compliance or chargebacks.

While it's true that processing costs for crypto transactions are less than conventional credit card payments but you'll have to think about the pros and cons of the new technology prior to incorporating it into your own business for processing payments. Although they are not regulated they can assist businesses lower processing fees while maintaining the same security. They are also affluent and typically cheaper than credit card interchange fees or payment processor markups.

Peer-to-peer transactions

Many online stores are integrated with payment processors like Bitcoin. To accept cryptocurrency payments, merchants can install payment buttons, or develop custom integrations. To facilitate these types of transactions, Shopify has partnered up with Coinbase Commerce and BitPay. If you'd like to know more about how accepting cryptocurrency payments will help your business, check out its cryptocurrency page. You can also check out the FAQ that explains the benefits of accepting crypto payments.

Accepting crypto payments via peer-to-peer processes is feasible with a processing fee of approximately 1 percent. This is significantly lower than the 4% that most small companies pay with crypto when they accept credit cards. Smaller businesses are typically required to meet minimum requirements for credit card purchases and must pay higher costs than larger merchants. Crypto payments require no transaction fees in comparison to processing charges for credit cards that are usually up to 4% of the transaction amount. Accepting crypto payments could also open your business to international buyers. One instance saw a small electronics retailer receive orders of more than $300,000. These orders were from customers from 40 countries.

A centralized exchange is not always the best option however. Many businesses are shifting to decentralized, pure P2P exchanges over central exchanges like Coinbase and Binance. PayPal is one of these companies. Its payment processing platform is based on B2Broker technology. This company also enables users to use crypto in their own merchant accounts.

Are you considering adding crypto-based payment options to your online store? This is a great option to attract new customers and increase revenue. Your customers can avail digital payment alternatives without the need to use credit or debit cards or bank withdrawals. There are no security concerns since crypto transactions are stored in a blockchain ledger and secured.

Cyber-attacks

There are many types of cyber-attacks that target cryptocurrency payments. Some are just for fun, while others are designed to be a stoic attack. Cyber thieves can extort large sums of money from corporations or government agencies, and even city authorities. Cryptocurrencies can be a lucrative target for cyber criminals, and protection against crypto-related attacks should be part of every security plan. Here are some examples of the most common crypto-attacks

Ransomware is a kind of cyber attack where attackers take over a victim's network in return for payment in crypto. The attackers will require bitcoin payments in exchange for a number which they then use to launch an attack using ransomware. For instance, in 2020 the transfer of $1 billion was made through dark-web cryptocurrency. In addition, hackers used a new variant of the exploit builder kit called ThreadKit to carry out scams by impersonating banks, digital wallets as well as employees of organizations. They will personalize emails so that they can convince people to take an action.

Ransomware attacks had raked in more than $81,000,000 in bitcoins as of May 1. The number is likely to increase as more ransomware attacks are uncovered. Elliptic Security, a cybersecurity company recently discovered a Bitcoin wallet belonging to DarkSide criminal organization. The group has been accused of receiving ransomware payment from several victims. DarkSide criminals extorted more than 75 bitcoins worth more than $4,000,000 in a single attack.

Although crypto wallets aren't easy to track, noncustodial wallets can help detect warning signs by using their customer profiles. These profiles of customers contain details about the normal volume of transactions in terms of value, accepting crypto payments the amount, the type of tokens purchased, and the blockchains that customers interact with. The company then has the ability to trace the transactions. These investigations can be vital for the future of crypto-based payments. These attacks are increasing in frequency, and the cyber security industry must increase its efforts to counter these attacks.