What Customers of your Business can pay you with cryptocurrency

It's crucial to be aware of the perspective of your customers , particularly at critical point of conversion like the checkout. The most important aspect of having an effective checkout experience is providing a simple, secure and safe way for your customers to make payments using the option of payment they prefer.

In this article, we'll assist you in understanding the process of a transaction by a customer's point of view. If you understand the concept, you'll be equipped to spot ways to improve your conversion rate, offer immediate support and education to your customers and clients.

Crypto vocab check

It is possible to learn about each of these terms more in depth through clicking here. But, here's a summary of the most important terms:

Public Key: In essence, all you require is information that allows you to transfer cryptocurrency.

Public address is the washed (basically the shortened) version of an open key. It is the kind of address you could provide to any person who wants to transfer funds. Consider this as a Venmo username or PayPal.me URL. (e.g., 0x12B0aD31f483Cdf4741de8f5679A472E5fe3345G)

Keys that are not private permits the user to gain access to funds that have been transferred through the open keys. This should never be shared with anyone else.

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 wallet (crypto wallet): The wallet stores both private as well as public keys that are that are used to make transactions on blockchain.

Seed word: A list of random words created by computers that give access to Wweb3 wallet. This can be used to recover access to cryptocurrency wallets. It is not recommended to be divulged to a third party.

Non-custodial accounts The account holder owns the private keys, and has complete control over their Wweb3 wallet. (e.g., Metamask, Trust Wallet. )

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

Peer-to-peer payments

It's possible that you're contemplating "Isn't one of the main advantages for cryptocurrencies that they're peer-to -peer and do not have to rely on third party service providers?"

It is possible to collect funds from your customer, without need for any instrument or services from the third party.

It's not feasible for the average person. It's impossible for them to setup their own node, generate transactions from a terminal command line, or even remember the private keys. Likewise, most merchants are happy to shell the small cost of transactions to give customers a low-friction experience, while saving themselves lots of time and energy reconciling payment to transactions.

This article will focus on the typical transactions made by e-commerce with the help of tools and services most likely to be used by both intermediate and beginner users.

A brief overview of the process of making a crypto payment

From the point of view from the perspective of a buyer There are three main steps to take:

1. Get access to a fully-funded cryptocurrency wallet.
2. Connect their wallets.
3. Make the payment, and then get a receipt.

The specific experience of your customer will depend on the processor that processes payments and wallets involved. Let's look at some scenarios and then discuss the process during each stage of the process to your client.

1. You can access a bank account that is digital wallet that is funded by cryptocurrency

There's a wide range of choices that are available to people who need an online wallet that can support cryptocurrency. Each has distinct advantages, benefits that support different types of cryptocurrencies, chains and payments.

"Traditional" digital wallets like PayPal along with CashApp currently support payment via crypto. The top crypto exchanges in the business such as Coinbase, Crypto.com, and Binance offer their own apps which also function as payment wallets. Additionally, there are wallets that are native to crypto including MetaMask, Rainbow, and numerous others. Do yourself a thorough research and determine the best option that will suit your needs.

Once you've chosen your account and set it up, your next step is to include a coin to your wallet, so that you have an available cash balance which you can utilize to purchase. This can be a fast procedure as most wallets give an option to purchase through the app.

How does a buyer know which cryptocurrency to add?

That's an excellent subject! Often, it doesn't actually require to be considered a factor, with the exception of costs that may be high when they need to change currencies. Certain payment processors for crypto can provide automated exchange services which allow users to pay using one currency, and then they will be able to receive their money in a different.

If that's not feasible, some crypto wallets have in-wallet exchange/swap functionality so users who have bitcoin (BTC) however would like to pay with the cryptocurrency ethereum (ETH) it is possible to do so easily. It is ideal to load the wallet with the currency you want to pay with, but it's not always practical prior to making the decision to purchase.

2. Link their wallets with your website

There are two main ways which customers are able to connect their wallets to your site: using the QR code, or the web browser's wallet connection. The payment processor for cryptos could offer one or alternative options.

QR code

This is the most suitable solution for those using their crypto wallet as an app for their mobile. If someone chooses to pay using cryptocurrency, they'll be presented with a QR code which could be scanned using an app in their crypto wallet app.

The browser wallet is connected to your account

It is the ideal alternative for people who want to are able to connect to the crypto wallet via a browser extension. If a user selects this option it prompts them to join the Web3 wallet via an icon, which opens the browser's wallet, and asks for permission for connection.

3. Complete the payment and get a receipt.

Whichever method the user decides to use it will give the user prompts for them to follow to pay a bill - via either the app or on the web browser.

When payment has been completed, the payment may be delayed. There may be a delay (usually just a few seconds) before payment confirmation via the blockchain. After this, both the client and you both receive a confirmation. Where transactions are made via blockchain technology, both of you may receive the blockchain transaction ID.

And that's it!

What does crypto payment processes have in common with merchants?

There's a big difference between someone who has experience with cryptocurrency and ready to make a purchase or transaction, and someone who's never had experience with crypto. Setting up the right cryptocurrency wallet, funding it and understanding how to complete transactions are the main obstacles for entry.

In the beginning, crypto transactions will originate from experienced users of crypto. With time, the quantity is likely to rise substantially. So, if your followers or customers have stated that they are interested in crypto, it could be helpful to direct people to trustworthy websites, that will help them know how to pay to you the way they prefer.

There are many advantages to using cryptocurrency payments to your customers

1. They have crypto, and they want to spend the money! It could be that they started investing early or a skilled trader or even get paid in cryptocurrency.
2. It's more affordable for them to make use of crypto to conduct directly transactions than to pay fee for exchange or foreign exchange in traditional transactions. This is especially relevant when working with international clients.
3. There's a possibility that they are not capable of being able to make use of different payment methods.
4. Some prefer keeping certain transactions private or keeping these transactions separate from the other activity in their financial accounts.
5. It's simpler and safer.
6. They value being able to transact without paying fees to traditional financial service providers (i.e., they're ideologically-driven).
7. There is no limit to the amount of money you pay each day. This is particularly true of expensive, luxurious items which could go over a person's daily bank limits.
8. The purchaser is buying an asset that is digitally native, such as an NFT.

The customer's needs to be kept in mind of

As you can see, there's plenty of choices when it comes to crypto payments from a customer standpoint. A few things to be aware of when making a decision and also working with cryptocurrency payment options:

1. How easy is it for your customers to pay? What are the top options for payment? Which are the most well-known cryptocurrencies?
2. Are your clients exposed to the costs of cryptocurrency networks in a direct way? This could make it more expensive for them to spend in the event that the crypto network is extremely present.
3. Do you know how to resolve disagreements? This is particularly important when there are no traditional credit and refund policies. Customers who are angry or unhappy tend to be more likely to complain and write negative reviews.
4. What time will the customers have to wait for confirmation of their order? Depends on how you allow clients to pay for the order in advance, they may have to be waiting longer than usual. If this is the case, the use of the services of a payment processor could be beneficial in keeping costs and times for confirmation very low.
5. Do consumers require information? The customers may be curious about what they could do for purchases via crypto. They also need advice on security and avoiding fraudulent transactions.

Make your customers aware that you are here to help them embrace the future of payments.

Merchants are able to choose from using crypto-based payment options that are straightforward and easy to use. However, consumers have a different payment experience.

There are millions of customers that are willing, ready and capable of paying with cryptocurrency. While crypto-based payments have become more simple and easy, it's essential for businesses to be aware of their customers' experiences and what the implications of their actions so that they can make the most of these potential to increase their business.

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