How to accept crypto payments as a business ?
If you know the importance of crypto currencies you can fast forward to next part of the post.
Today's cryptocurrencies are revolutionizing the financial industry by supporting financial inclusion, safe transactions, and decentralization while influencing our digital future.
The usage of cryptocurrencies has significantly increased in recent years for a variety of reasons. Peer-to-peer transactions are made possible by the decentralized financial system offered by cryptocurrencies, which do away with intermediaries. In addition, cryptocurrencies are now easier to obtain and comprehend because of increased media attention and public understanding. People are increasingly turning to alternative forms of currency due to worries about established banking institutions, economic instability, and inflation. Furthermore, it is simpler for users to purchase, store, and use cryptocurrencies in their daily lives thanks to user-friendly platforms and mobile applications. The ecosystem's ongoing development is fueling widespread adoption.
In the digital age, businesses must accept Cryptocurrency. It removes impediments to currency conversion and enables smooth transactions with a worldwide consumer base. This strategy draws in tech-savvy clients and presents organizations as innovative and flexible. Additionally, greater security provided by cryptocurrency transactions lowers the possibility of chargebacks and fraud. Ultimately, accepting Cryptocurrency increases sales and aids companies in staying competitive in the digital market.
Now that you understand why businesses need to accept cryptocurrencies, we will give a step-by-step guide on getting cryptocurrencies as a business.
Cryptanil
Step-by-step guide
Visit Cryptanil.
Type https://cryptanil.com in your browser. You will be landed on Cryptanil's main web page. You can check what services we give in detail or contact support via friendly chat on the bottom right of the page. You can check pricing options here. Or, if you want all details about how our fee model works, check the following article.
Creative Solutions for Merchants
Create an account with Cryptanil.
Press the Sign up button and navigate to the Sign up page.
Fill in the required fields and finalize the creation of the account. After successful registration, enter your account.
Create an invoice.
Cryptanil supports various types of creating invoices.
- Manual ( You need to be logged in to visit this URL )
- REST API
- Woo Commerce Plugin
- iOS SDK
- Android SDK
Press the "Create New Order" button to manually create an invoice. A pop-up will appear where you must choose the order type (Live or Test). You can also provide an amount for the invoice with almost all possible currencies. It's also possible to give a redirect URL and callback URL. The redirect URL will redirect the user after a successful or failed payment attempt. The callback URL will provide status updates about the invoice's state. For 99% of cases, redirect and callback URLs are not used with manual invoicing. But we give a chance anyway for most detail-oriented customers.
The most popular solution so far is the REST API. With the help of REST API, you can easily integrate our payment gateway into your website. With REST API, you can keep track of your orders and automatically manage your user's balances. We give your developers well documented Postman Collection for fast integration. In delicate cases when documentation is not enough, we provide 24/7 chat support for any technical issues or misunderstandings. Chat can be found on ANY product page at the bottom right.
We also developed a Woo Commerce plugin for businesses that use one of the most popular CMS. With a simple click, you can set up the plugin, activate it, and Cryptanil will be instantly available as a payment option.
Android and iOS SDKs are coming soon. We will have a separate post about it once they are live.
After using any of the options mentioned above, your user will be navigated to the payment page. They can choose the Cryptocurrency and network and pay by copying the address or scanning the QR code via their wallet applications.
After a successful transaction, your customers will see the following page and redirect to your store (in case a redirect URL is provided).
Withdrawal process.
You need to add your external wallet addresses to our system to withdraw your money. Each network has its address for withdrawal. Changing and adding addresses are only possible with 2Step verification enabled. You can not change your withdrawal addresses without entering your 2FA code for security reasons.
Cryptanil supports three kinds of withdrawals.
- Withdraw what you receive.
- Convert your assets to USDT on the go and withdraw USDT.
- Convert your assets to FIAT on the go and withdraw FIAT.
If you wish to withdraw all the coins you received separately, you need to provide all types of wallet addresses. This type is not suggested unless you are not a professional who understands the risks involved with cryptocurrencies.
Another option is to convert everything to USDT stablecoin. USDT is a stable coin which is *always equal to 1 USD. Using this method will help you forget about volatile crypto markets. You can read about USDT in the following post if you are unfamiliar with it.
Creative Solutions for Merchants
The last option is to use the FIAT withdrawal option. Like in the case of USDT, all your assets are converted to FIAT currency ( for example, UAH or USD). When you want to withdraw, a SWIFT transaction is made to your bank.
Most businesses choose USDT conversion or FIAT conversion because it has 0 risks.
