There is a growing trend of businesses choosing to accept cryptocurrency payments in the UK. Why do you think this is happening? We can explain.
Cryptocurrency has been making headlines in recent years as a digital asset that revolutionizes the way we conduct transactions online. More and more businesses are starting to recognize the benefits of accepting cryptocurrency payments, with some even going as far as making it their primary payment method.
In this article, we will explore why businesses choose blockchain technology, its advantages, and how you can start accepting crypto payments on your website and at points of sale. We will discover encryption techniques and why it is so secure. If you’re still interested in learning how to accept Bitcoin payments in your business, read on to find out more!
What is a cryptocurrency payment?
Cryptocurrency is a digital currency that uses encryption techniques to secure and verify transactions. Encryption algorithms operate mathematical formulas to scramble the data in a way that can only be decrypted and read by someone who has the correct key or password.
A cryptocurrency payment, in its turn, refers to a payment made using digital currency such as Bitcoin or Ether instead of traditional payment procedures like cash, credit cards, or bank transfers. But the process by itself differs from regular acquiring. So how to accept crypto payments as a business?
Integrating a payment gateway is essential to start accepting cryptocurrency payments. There are many software providers you can choose from. We recommend you accept crypto payments with Whitepay. And here is why:
- Whitepay offers various solutions, including POS terminals, a crypto payment page on the website, and WooCommerce/OpenCart plugins.
- To make a payment using digital assets, the buyer simply scans the QR code generated by the system with their cryptocurrency wallet. The payment is then quickly converted into the desired currency and transferred to the merchant’s wallet. With over 140 types of digital assets available for payment, the process takes no more than two minutes.
- Whitepay’s POS terminal is an excellent option for accepting cryptocurrency at the physical store. It can work offline all day, has customizable receipt printing, supports both Wi-Fi and 3G/4G connections, and is ready to use immediately after purchase.
To start accepting cryptocurrency payments, all you have to do is leave your contact details on the Whitepay website. Their team will then reach out to you and guide you through every stage of software integration. You’ll receive all the information you need to start accepting crypto payments and learn how to help your customers pay using digital assets in the United Kingdom.
Features of digital payments
Digital payments have become increasingly popular in recent years. Here is why:
- Decentralization. Unlike traditional payment methods, which are controlled by financial institutions, cryptocurrency payments are decentralized. This means that they are not subject to the same regulations and restrictions as traditional payment methods and offer more freedom and autonomy to both businesses and consumers in the UK.
- Anonymity. Crypto payments offer a high level of anonymity. While transactions are recorded on a public ledger (blockchain), the parties’ identities are encrypted, providing a greater degree of privacy.
- Security. Accepting cryptocurrency provides a great level of protection. Such payments are highly secure due to the use of advanced cryptographic techniques. Transactions are verified by a decentralized network of nodes, making it nearly impossible to alter or counterfeit them.
- Speed. Cryptocurrency payments can be processed almost instantly, making them much faster than traditional payment methods. This can be especially useful for businesses that need to quickly process large volumes of transactions.
- Low transaction fees. Adding crypto payments on the website or physical store offers lower transaction fees than traditional payment methods. This is because they do not require intermediaries like banks or payment processors, which can add significant transaction costs.
- Accessibility. Cryptocurrency payments are accessible to anyone with an internet connection and a digital wallet.
How popular crypto payments are
According to TripleA, more than 85% of US merchants consider enabling crypto payments a high priority. But why are so many merchants wondering how to accept Bitcoin payments?
One of the key factors driving the popularity of accepting crypto payments on the website among merchants worldwide, particularly in the UK, is the increased accessibility and user-friendly platforms that have emerged in recent years. With intuitive dashboards and streamlined processes, even the technologically hesitant can now easily transact with cryptocurrencies.
Furthermore, the allure of attracting a new wave of crypto-savvy customers has not been lost on UK merchants. As cryptocurrencies continue to gain mainstream acceptance, an expanding demographic of individuals who prefer to transact solely in digital assets has emerged. For instance, merchants who accepted cryptocurrency payments saw an average ROI of 327% and up to 40% new customers.
Security of Bitcoin and other cryptocurrencies
At the heart of crypto security is the blockchain, a distributed ledger that records all transactions across a network of computers. Transactions are secured through cryptographic encryption, utilizing complex mathematical algorithms to ensure data integrity and confidentiality.
In addition to blockchain technology, various measures are implemented to enhance cryptocurrency security. Two-factor authentication (2FA) is commonly used to protect user accounts. Therefore, it is safe to accept cryptocurrency payments.
Perspectives of digital payments for business
One prominent perspective on crypto payments is the potential for global accessibility and inclusivity. Unlike traditional payment systems, digital assets transcend geographical boundaries. By accepting cryptocurrency, businesses can cater to a broader customer base, driving growth and expanding their market presence. What else?
The benefits of accepting crypto payments on websites and physical stores are numerous:
- there are no restrictions from international payment systems like SEPA and SWIFT;
- payments can be accepted from any country and any cryptocurrency wallet;
- there are no chargebacks;
- the transfers cost less;
- you are independent of the banking system and red tape.
Conclusion: how to accept crypto payments as a business
The growing trend of businesses choosing to accept cryptocurrency payments can be attributed to several factors. First, digital assets offer global accessibility and inclusivity, allowing companies to tap into a broader customer base. Furthermore, crypto payments provide advantages such as low transaction fees, faster processing times, and enhanced security.
To accept crypto payments on websites and physical stores, businesses can integrate payment gateways like the ones provided by Whitepay. These solutions offer a range of options, including POS terminals, crypto payment pages on websites, and plugins for popular e-commerce platforms like WooCommerce and OpenCart. With user-friendly interfaces and efficient processes, businesses can seamlessly incorporate digital payments into their operations.