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| What is Cryptocurrency payment processors (16th Dec 22 at 8:12am UTC)
Crypto currency payment processors are payment processors that allow merchants or clients to offer/accept payments | {if:0}  {/if}{if:0} {/if}{if:0} {/if} | Crypto Currency Payment Processing
Crypto payment processor are payment processors that allow merchants or clients to offer/accept payments via crypto. If a merchant wants to accept payment through crypto for their services or business, it is important to set up a payment processing solution which can accept payments in crypto. All the transactions on crypto are carried out on block chain technology.
A crypto currency payment processor carries out the transaction To create a crypto payment gateway from scratch, merchants will have to create the payment solution from scratch. Then register a crypto wallet and publish its public address. Integrate with an existing block chain payment solution provider.
The development of crypto currency payment processors for digital currencies over blockchain is taking place along with the implementation of the block chain technology in various industries like healthcare, academics, and supply chain and among others.
Businesses willing to accept crypto currencies as a payment method rather than fiat currencies rely upon crypto payment gateways to operate.
When a customer selects a good or service from a merchant’s website they opt to pay with cryptocurrencies through a Crypto payment processing gateway and the crypto currency payment processor initiates the transaction.
There are two different models of crypto processing.
·Crypto-fiat. Here ,the merchant receives fiat money into his account as a result of conversion. The commission is on average 1% or more, but this sums regulatory, banking, and exchange risks; also, additional counterparties arise.
·Crypto-crypto. Customers pay in crypto and merchants receive payments in it. The processing service does not use the banking infrastructure, but at the same time merchant has a better chance to earn, because the commissions are about 0.5%, of which about 0.1% is spent on trading costs during the exchange/conversion.
Crypto Payment Processing
The use of cryptocurrency for payments is a recent innovation. Although crypto is decentralized, it is not centralised like older payment methods (FIAT). Instead, each and every transaction is stored in a Blockchain payment processing , a new technology. Using crypto payment gateways, it is possible to buy, sell, and send crypto currencies.
Fiat to Crypto
When the customer purchases crypto through this gateway, the coins are transferred to their respective values, and they can pay with their bank account. Since cryptocurrencies are subject to market fluctuations, the customer has a limited timeframe to complete the transaction, during which the coin's value will not change, as with all other currencies.
Crypto to Fiat
With the payment gateway, customers can sell their coins and convert them into fiat, then withdraw their money into their wallet or bank account.
Crypto to Crypto
Upon initiating the transfer process, a QR code is generated for the receiver to scan and complete the transaction. Wallets can be transferred (buy coin/send coin) between customers. There are many coins available on the market, including Bitcoin, Ethereum, USDT, and others. Bitcoin is the most valued and most popular coin in the market, followed by ethereum and ethereum. Binance, for example, is a popular and widely trusted payment gateway around the world.
Increasingly, online merchant accounts are in demand all over the world as every industry adopts an online business model. A merchant account is a bank account that allows the merchant to accept payment online through their website, which acts as a virtual payment gateway.
By using a payments solution provider, you can set up a merchant account online easily following the guidelines banks have laid out to reduce risk. We can create a merchant account based on your business and target markets. It is possible to have a single account and manage multiple currencies from one place. With the help of Internet merchant accounts, you'll be able to run your business smoothly and increase your profit.
Our company assists our merchants in choosing the right type of account for their business. We can provide online merchants with dedicated IBAN , SWIFT and SEPA accounts. Due to the high risk involved in merchant account processing, banks have developed certain guidelines to follow, which categories merchants into High and Low Risk on this basis. Merchants' applications are either approved or rejected by the acquiring bank after all this documentation and risk assessment has been completed.
Even if a merchant's application for a merchant account is refused, there are still third parties who can help the merchant process payments through their channels.
You may be declined for a credit card if your bank account balance is insufficient or your credit card limit has been exceeded. Banks and credit unions may send you account fraud alerts, depending on the bank you are with. If there are some issues that need to be resolved, your card may be declined.
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