Many payments processor and providing crypto acquiring, what is it first of all?
Crypto acquiring refers to the process by which a business accepts cryptocurrency as a form of payment for goods and services.
The wording is referring to card acquiring which consist of processing incoming payments by bank card.
Crypto acquiring typically involves a few key components:
- Merchant Services: Businesses partner with cryptocurrency payment processors (such as BitPay, Coinbase Commerce, or others) that facilitate the acceptance of cryptocurrencies. These services handle the technical integration and transaction processing.
- Payment Integration: Merchants integrate cryptocurrency payment gateways into their websites or point-of-sale systems. This allows customers to choose cryptocurrency as a payment option at checkout.
- Transaction Processing: Once a transaction is initiated, the payment processor verifies and processes the payment. This includes converting the cryptocurrency into the business’s preferred currency (if applicable) and ensuring that the transaction is securely recorded on the blockchain.
- Security and Compliance: Businesses must consider security measures to protect against fraud and hacking. They may also need to comply with local regulations regarding cryptocurrency transactions.
- Reporting and Analytics: Payment processors typically provide merchants with reporting tools to track sales, manage accounting, and analyze customer behavior related to cryptocurrency transactions.
By accepting cryptocurrency, businesses can widen their customer base, appeal to tech-savvy consumers, and potentially reduce transaction fees compared to traditional payment methods.
Whatever all crypto acquiring are custodial centralized systems, where merchants need to be verified, the coins collected are held by them which create a risk and additional costs of processing.
We suggest so the use non-custodial payment providers.
Using a non-custodial and decentralized payment gateway offers several advantages:
- Control and Ownership: Users maintain control of their funds, as the gateway does not hold or manage funds on their behalf. This reduces the risk of hacks or mismanagement associated with custodial solutions.
- Security: Decentralized payment gateways often utilize blockchain technology, providing enhanced security features such as cryptographic transactions that are immutable and transparent.
- Privacy: Non-custodial solutions typically require fewer personal details, helping to maintain user privacy and reduce the risk of data breaches.
- Reduced Fees: By cutting out intermediaries, users may experience lower transaction fees compared to traditional payment gateways.
- Accessibility: Decentralized payment systems can be accessed globally, allowing anyone with an internet connection to participate, regardless of their location or banking status.
- Censorship Resistance: Decentralized systems are less susceptible to governmental or institutional censorship, allowing for greater financial freedom.
- Innovation and Flexibility: Blockchain technology enables innovative applications and smart contracts, providing greater functionality and customization in payment solutions.
Using a non-custodial and decentralized payment gateway aligns with the principles of autonomy, security, and inclusivity in the digital economy.
At ICEPAY we implement for our merchants the free the non-custodial gateway:
https://cryptocurrencycheckout.com/
With Crypto Currency Checkout, no KYC is needed, and coins are settled directly to your wallet.
Therefore, any on chain wallet like Exodus:
will work perfectly with Crypto Currency Checkout
All payments will be peer to peer from the end user and your wallets without risks and commissions.
Most of coins are supported.
