May 22, 2019

Accepting cryptocurrency payments in e-commerce

Cryptocurrency payments

Accepting Bitcoin payments can be as easy as clicking a button with the right platform.

It would be ludicrous to accept chickens as a method of payment in this day and age.

That’d be moving backwards.

We’ve progressed since then. We’ve seen a shift from chickens to gold to banks to credit cards.

With international payments increasing, it is becoming crucial to accept money in new ways and going backwards isn’t an option.

So we need to look at the future of money.

And accepting Bitcoin as payment is the perfect step forward.

Bitcoin payments in retail

Often the part of cryptocurrencies that many forget, is the aspect that it is a currency which can be used as a means of payment. While it has fundamental, important characteristics that make it different from fiat, it still exists as a form of electronic cash.

Both Bitcoin and e-commerce share a home online. They also both offer unprecedented convenience to digital and tech-savvy users. Bitcoin is a great additional payment option because it presents new solutions to existing problems such as pesky waiting periods for transactions and issues of ‘declined cards’.

With Coindirect Business, accepting payment has never been an easier process.

Accept Bitcoin with no issues

If you are a merchant without any cryptocurrency systems in place, it doesn’t matter – Coindirect Business offers seamless integration with no requirements for existing cryptocurrency. Knowledge of Bitcoin and how cryptocurrencies work is also not essential as the plug-and-play platform takes care of the complicated Bitcoin transactions meaning you can integrate the platform and start receiving payments (in either Bitcoin or your local currency) with ease.

If you are interested in knowing more about Bitcoin, we have a detailed explanation here.

Support your customers to pay with cryptocurrency

Being able to offer your customers alternative payment methods shows that you have their interests at heart. Coindirect Business provides a platform which is user-friendly granting your customer ease and convenience; alleviating the hassle of going into banks and waiting for one-time-pin confirmations.

Advantages of accepting cryptocurrency in e-commerce

Easy integration

It gets even better because the customers don’t need to own or trade in cryptocurrencies to choose it as an option. Coindirect Business offers the platform which makes it simple for customers to pay in either cryptocurrency or their local currency and simple for merchants to accept Bitcoin without needing any cryptocurrency infrastructure.

Global solution

Accepting cryptocurrency for payments opens up a global marketplace to you like never before. Not only do cryptocurrency payments offer digital-minded customers an alternative payment method, but they also open up the market to offer support to areas which previously were difficult to reach.

Offering a purely digital option to customers where cash is a difficult method of payment allows a breakthrough in commerce.

High security

Coindirect Business uses a combination of machine learning and intelligent software tools along with custom fraud prevention models in order to reduce fraud and offer the certainty of safety and security to all transactions.

In order to protect against fraud and anti-money laundering (AML), basic personal information (such as name, date of birth, email address, etc) is required.

In order to ensure compliance with regulatory systems and to offer greater agency for the merchant, we also offer multiple AML integration options:

  • The AML is fully managed by Coindirect;
  • There is a blended model in conjunction with the partnering company; and
  • The AML is entirely provided by the partnering company.

Over and above our security measures, Bitcoin also has its own built-in protection: Once a cryptocurrency transaction has been completed, it is impossible to reverse without the merchant’s consent. This means that there is an additional layer of security against digital commerce fraud as there is no centralised party – like a bank – which is able to reverse the funds out from your account without your permission.

Faster payments

Anyone who has gone through the process of a credit card payment will know that there can be a delay from payment made to payment received. Cryptocurrencies offer an immediate process, which grants you access to your funds instantly, allowing streamlined processes for your cash-flow.