How can your customers pay you using cryptocurrency

It's essential to be aware of the perspective of your customers particularly at important conversion points such as checkout. The most important aspect of a smooth checkout process is to provide an easy and secure way for your customers to complete their checkout by using the method of payment they choose.

In this blog, we'll help you understand the procedure of making an online payment from your clients perspective. Armed with this information, you'll know the ways to improve the speed of conversion for customers, give assistance directly as well as inform your customers and potential customers.

Crypto vocab check

It is possible to explore each one of these terms a bit further in the following article. Here's a brief overview of the terms most relevant:

Public Key: Essentially the information you require in order to send the crypto.

Public address The public address is a hashed (basically shorter) version of the public key. This is an address that you might offer to anyone who wishes to make a transfer of money. Imagine it as being a Venmo username or PayPal.me URL. (e.g., 0x12B0aD31f483Cdf4741de8f5679A472E5fe3345G)

Keys that are not public permit the user access to the money transferred to a public key. This information should not be shared to any other person.

Web3: Defined by AP Stylebook, Web3 is a catchall term for the prospect of a new stage of the internet driven by the cryptocurrency-related technology, blockchain.

web3-powered cryptocurrency wallet (crypto wallet): It stores private and public keys to facilitate blockchain transactions.

Seed words: A collection of 12-24 randomly-generated words that give access to Wweb3 wallet. It is utilized to gain access back to a cryptocurrency wallet. The information should not be shared with another party.

The non-custodial wallet is owned by the user. the private keys to their wallet are available and they have complete access to their wallet on Wweb3. (e.g., Metamask, Trust Wallet. )

Custodial wallet private keys are held by third-party firms. (e.g., Coinbase, OpenNode. )

Peer-to-peer payments

You might be thinking "Isn't one of the major advantages of cryptocurrencies being that they're peer-to peer and do not rely on third party services?"

It is definitely possible to get cash from your customers without the necessity of using any tool or service from a third party.

But, it's not practical for everyday users. There's no way to operate their own node, generate transactions using a command line, or remember the private keys to the account. In addition that the vast majority of merchants would be willing to pay an amount of transaction fees for customers to provide a straightforward service. This will also help them save themselves lots of time and effort in reconciling transactions to their orders.

This article focuses on everyday ecommerce transactions that use products and services that are likely to be utilized by beginners and intermediate users.

An overview of how to create a crypto payment

From the point of view as a consumer are three steps:

1. Access a fundable digital wallet.
2. Connect their bank accounts.
3. Make the payment, and after that, you'll receive a confirmation.

The experience of each customer is dependent on the processing company and wallets involved. Let's look at some examples and discuss what's going on every step of the way for the customer.

1. Get access to a fully funded digital wallet

There are numerous alternatives available for people who need crypto wallets. Each option comes with its distinct advantages, features as well as assistance for different kinds of chains, cryptocurrencies, as well as the payments experience.

"Traditional" digital wallet providers like PayPal as well as CashApp currently support cryptocurrency payments. Leading crypto exchanges in the industry like Coinbase, Crypto.com, and Binance have their own applications and also act as payment-related wallets. Also, you can use cryptocurrency-native wallets such as MetaMask, Rainbow, and several other options. You should do yourself a thorough research and determine the best option or options to suit your needs.

After selecting a wallet, and setting it up to go live The next step is to add coins to the wallet, so you will have a cash money balance that you can spend. This is usually a straightforward procedure since most wallets provide an in-app option to purchase.

What's the most effective way to let a user know which currency to choose?

It's a great question! Most of the time, it doesn't matter, aside from charges that can be a problem if you need to change currencies. Certain payment processors for crypto will offer automatic exchange services for customers who want to pay you with the same currency and will receive the money in a different.

If it's not possible, many crypto wallets provide in-wallet exchange/swap features to ensure that those who have bitcoin (BTC) however wish to pay using Ethereum (ETH) it is possible to switch easily. It's ideal to load your wallet with the money that you'd like to transfer However, that isn't feasible to do in advance before you choose to purchase.

2. Link their wallets to your site

There are two primary methods that customers can link their wallets to your website The QR code or using the wallet connection feature of your browser. The payment processor for cryptos might offer one or both options.

QR code

This is a great option for those who use their cryptocurrency wallet in the form of an app on their phone. When a person decides to make a payment with crypto, they're presented with the QR code which is scannable using a utility in their wallet application for crypto.

The wallet in your browser is linked to your account.

This method is ideal for those who are able to access their crypto wallet via an extension to the browser they use on the internet. If someone opts for this method is being asked to connect the Web3 wallet by clicking an icon that allows the wallet to be opened in the browser and then asks for authorization to allow connecting.

3. Make the payment and you receive an acknowledgement.

Whatever method the user chooses, it will give them prompts to guide them to pay a bill - via using the app or on the web browser.

Once payment has been received, the payments may not be processed immediately. It will take indefinitely (usually only seconds) until confirmation of the transaction on the blockchain. Once this is done both the payer and you receive a notification of confirmation. When transactions occur on blockchain, you could be both issued a blockchain transaction ID.

And that's it!

What exactly do these procedures translate to retailers?

There's a significant difference between a customer who's experienced with crypto and prepared to complete a purchase or transaction, and someone who's had no experience with cryptocurrency prior to. The process of setting up the correct crypto wallet, financing it and understanding how to process the transaction are all obstacles that must be overcome before a transaction can take place.

At first, most cryptocurrency transactions are expected to be processed by knowledgeable crypto users. As time passes, this number is expected to grow substantially. If you have customers or fans who have expressed that they are interested in cryptocurrency It could be beneficial to direct them to trustworthy websites, so they'll be able to know how to pay to you in the manner they would like to.

Benefits of using cryptocurrency as a payment option to your clients

1. They have crypto, and would love to make use of it! It could be that they're the first investor to put money into crypto, or skilled at trading, or have their money invested in crypto.
2. Customers can save money to make direct payments using crypto rather than paying fees for exchange or forex transactions using traditional payments. This can be particularly true when it comes to international clients.
3. It is possible that they are not able to be eligible for alternatives to pay.
4. It is possible that they would prefer to hide certain transactions or separate from the other transactions on their accounts.
5. It's easier and secure.
6. They value being able to transact without paying fees to traditional financial service providers (i.e., they're ideologically-driven).
7. There aren't any limits on the amount of money you pay every day which is particularly true of costly, extravagant products that may override a person's bank limits.
8. The purchaser is buying a digitally native asset, such as an NFT.

The customer's needs to be considered in the mind of

It's evident that there's a wide range of choices for payment methods that are based on customer experiences. A few things to be aware of in deciding on and using cryptocurrency for payment:

1. What's the most convenient payment method your customers can pay? What are the top payment methods? What is the most popular cryptocurrency?
2. Are your clients exposed to fees from crypto networks in direct ways? This can make it costlier for them to spend if the crypto network is very busy.
3. Are you sure about dispute resolution? This is particularly important when there's the absence of the traditional refund and chargeback alternatives. Unhappy or frustrated customers are more likely to be more likely complain and post bad reviews.
4. How long will customers have to wait for confirmation of their order? If you're not permitting customers to pay the order and then wait for confirmation, they may have to wait longer than what they usually do. This is the reason why having the services of a payment processor can be beneficial in keeping the time for confirmation and fees very low.
5. Do shoppers require an educational program? Customers might want to know the methods to pay for purchases using digital currencies. They also need advice regarding security and how to avoid scams.

Inform your customers that you are here to assist them in embracing the new world of payment

Merchants are able to choose crypto process methods that are easy and familiar. On the other hand, will experience an entirely different experience when it comes to payment.

The globe is brimming with many millions of individuals who are waiting, eager and able to make payments with crypto. Though crypto-based methods of payment are getting easier and more straightforward but it's important for businesses to be aware of the experiences of their customers and the implications of their decisions in order to get profit from this latest potential for growth.

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