3 Things to Know Before You Start Accepting Cryptocurrency Payments

Nowadays, cryptocurrency payments are widespread. As a result, many businesses are showing their willingness to accept crypto payments. If you are one of them, you must know certain things before you start. In this article, we will tell you the three things you should know before you start accepting cryptocurrency payments.

3 Important Things Before You Accept Crypto Payments

1. Never Pay High Fees

Cryptocurrency payment gateways offer the most reliable way of accepting payments. So, most of you will rely on such a platform to accept payment in crypto. There are two types of fees associated with such platforms: Transaction fees and processing (platform) fees.

Transaction fees depend on the network of the cryptocurrency, while processing fees depend on the platform you have chosen. Currently, the average platform fee ranges between 0.5% to 1%. Therefore, you mustn't choose a crypto payment gateway that charges a higher platform fee than 1%. Platforms that charge equal or lower fees must be your primary ones.

For example, CoinRemitter's platform fee is 0.23%, which is 54-77% lower than the average. Paying such a low fee will reduce your transaction costs, resulting in higher profits.

2. Prioritize Crypto Payment Integration Over Manual Requests

Manually sharing the wallet address is never a good way of requesting cryptocurrency payments. This way, the payment process may feel lengthy, time-consuming, less user-friendly, and unprofessional to customers.

A crypto payment system must look like an integral part of your platform, even if it isn't. This is only possible with crypto payment integration. Many crypto payment processors allow you to integrate their services into your website. So, you can allow your customers to make payments on your website.

However, the integration process can be technically complex for some of you. This complexity may result in errors and delays. To avoid such issues, you can look for crypto gateways with easy integration and proper instructions/guides. For example, CoinRemitter's Crypto plugins are simply installation files. You can download the necessary plugin file and install it on your website. This job takes only minutes, but these plugins include detailed installation guides to help you achieve error-free integration.

It is also important to check other integration methods. Plugins may have limited compatibility, or other solutions may better align with your business website. So, you can also check other integration features, including the crypto API for better compatibility and flexibility. You can also rely on digital invoices to request payments.

3. Always Protect Your Account and Crypto Wallets

Cryptographic security is the reason behind secure transactions. But that doesn't mean it will protect your account or assets. You will need a platform that offers built-in security measures to protect your assets. Otherwise, you'll have to rely on third-party security providers.

Two-Factor Authentication, Login Notification, etc, are some of the basic yet must-have security features. Consider choosing a platform that has these features, so you can accept payment in crypto securely.

Platforms without any non-gimmicky security features are big red flags. Using them, you may effortlessly accept crypto payments, but your account and assets are never safe with them. Since cyberattacks are becoming common, additional security features are a bare minimum to ask for.

Other Important Things to Remember

• Privacy: Online privacy is something that can never be compromised. You can choose a platform with a trustworthy privacy policy, or go with a KYC-free cryptocurrency payment gateway.
• No Hidden Charges: You must be aware of all the costs associated with the payment process. If you are relying on a platform, make sure it has an appropriate fee chart that lists all associated costs. Any hidden charges can result in an additional cost.
• Stablecoin Payments: Getting started with stablecoin payments is a good option, as it helps you avoid volatility risk. Always consider a platform that lets you accept stablecoin payments.
• Quick Settlements: If you are relying on a cryptocurrency payment gateway, make sure that it releases your funds quickly. Some platforms hold funds for days or weeks, which may affect your business operations. Platforms that release funds in minutes or hours can be trusted more.

Final Thoughts

If you are thinking of starting to accept crypto payments for your business, you are about to make a good decision. However, you must be aware of transaction costs, online privacy, and security (for account and funds). Apart from that, you must be able to set up cryptocurrency payments easily on your website without any hidden costs. Stablecoin payments and fast fund settlements are good to have if you can get them. We advised you to rely on a crypto payment gateway that provides all these benefits, so you can have a better experience of accepting cryptocurrency payments.