Accepting payments in cryptocurrency today is especially relevant for businesses and offers several really valuable advantages: an unlimited coverage of the audience from all over the world, confidentiality, low transaction fees, no chargebacks.
And if it is more or less clear with chargebacks - transactions cannot be cancelled, what is the situation with everything else? How security is ensured, how payments are accepted and how clients are attracted? Let's look at the example of 0xprocessing, a cryptocurrency processing service.
Nowadays, the number of audience in the cryptocurrency industry reaches more than 100 million. In our opinion, it is possible to cover such a big number of users not just by providing a ready-made crypto payment gateway (because this is just the basis), but also by using tools and features that will increase business profitability manifold, provide security for stores and transparency for customers.
For example, 0xprocessing now supports more than 40 popular cryptocurrencies. For business owners, it is especially important for the reliability of it, so digital assets that have been spotted in fraudulent schemes are not added here to pay for purchases.
And what about volatility?
An automatic volatility risk control system makes it easy to convert incoming funds into one of the stablecoins supported by the processor:
- USDT (ERC-20, TRC-20, BEP-20);
- BUSD (BEP-20, ERC-20);
- HUSD, TUSD or USDC.
Connecting payments itself is easy and simple through the API. When the customer is going to pay for a product or service, there is generated a payment form with the address of the wallet for the payment. It also contains the network fee, which is paid by the client. The fee can also be paid by the store, if it is needed. After the payment, the cryptocurrency is transferred to the service's wallet and then sent to the store's vault. If the automatic volatility risk control system is activated, the funds are first converted into stablecoin and only after that are sent to the vault.
How to achieve the coverage of customers from problematic countries, where setting up a payment system is time-consuming?
In this situation, in order to ensure payment acceptance, we use agency processing. 0xprocessing client creates special accounts for agents who will do the work as an intermediary in problematic countries:
- paying stablecoins into the account;
- security deposit;
- replenishing the balance of any user;
- statistics of deposits, withdrawals, and replenishments.
All this is synchronized through API: merchant, processing and agents, which makes the service convenient for each user.
Is it possible to make business more transparent and how to increase customer loyalty?
Web3 processing allows a natural way to increase trust in the business and confirm transparency. The client can see in real time in the explorer or on the website the amount of the liquidity pool, how many transactions have been made, in what volume, and much more at the merchant's discretion. The same applies to the financial accounting - transactions are recorded in the blockchain, and it is easy to track them and apply the necessary information to your work. In 0xprocessing with Web3 wallet, clients can pay for purchases both on the site via a widget and from a mobile wallet, which also provides usability.
0xprocessing recurrent payments play an important role too. This is a feature that allows customers to subscribe to a service or product using Web3 wallet. We have implemented it in such a way that payments are debited according to the period and amount, the information about which is stored in a smart contract. Such payments reduce the cost of paying employees, accepting payments in fiat currency and avoiding unnecessary bureaucracy.
Static Wallet refers to the latest innovation of 0xprocessing interface thanks to which customers have the opportunity to get a personal wallet with a permanent address, it can always be replenished for any amount. Previously, the address for each payment changed, but for the convenience of users we added this feature too.
How is security ensured?
Cryptocurrency processors work on a blockchain, and smart contracts are used to confirm the payment — this provides the security. But the service's own blockchain infrastructure adds to its reliability, because using a third-party platform, if it fails, will also disrupt the service itself. For the company this means hundreds, if not thousands of failed transactions and reputational losses.
That is the reason the development of our own blockchain infrastructure was fundamentally important for us in developing the processing service, which allows us not only to ensure the quality of payment acceptance, but also to increase the reliability and security of transactions in the network, avoid the risks of third-party intervention and protect customer and merchant data from leakage.
Conclusion
0xprocessing is a technological and business-adaptive cryptocurrency payment acceptance service with unique features that allow you to expand your consumer base, increase your net profit and make your platform maximally convenient for millions of cryptocurrency users.
- The payments can be accepted from all over the world, using 40 types of cryptocurrencies, as well as agency processing and Web3 processing.
- Fast integration of cryptocurrency payments into the store.
- Volatility is no longer an issue thanks to the conversion of cryptocurrencies into stablecoin.
- Recurring payments via smart contracts and Static Wallets for users make paying for purchases in the most easy and affordable way.
- A company can connect from anywhere in the world.
- Working on blockchain makes accepting payments secure, but having the own infrastructure doubles the security.
All this you can connect at 0xprocessing website or write to the telegram bot. A manager will contact you, familiarize you with the functionality and help you connect the store. The integration is free, and you do not need a lot of time or extra verifications to register.
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