So, this question is for those who are using crypto as a mode of payment. Does it make the payment process easy for you or complicate it further? Please share your experiences- the benefits and drawbacks you’ve observed!
I have paid in cryptocurrencies several times and also planning to start accepting them because I believe it’s better than fiat. If you have an internet connection you can send or receive crypto payments from anywhere around the world at lower costs.
If we are talking about the process of payments, I guess it’s quite simple to use crypto as payment whether you are a sender or a receiver. However, it sure has some drawbacks. The biggest is the volatility, of course. The price of the cryptocurrencies can rise or fall the next moment after you’ve made the payment. So, you can either end up paying less or more than the actual price of the payment. The same applies for the merchant.
Well, used a 3rd party crypto payment processor to buy a computer mouse on newegg.com. Pretty simple once you have the payment side of things set up.
You trying to buy something?
As a merchant, I think it has made it easier for me. Crypto is not the only method of payment that I am accepting so I can compare and clearly tell which method is more convenient. While I am paying upto 3% transaction charges on fiat payments, I need to pay only 0.5% with crypto gateway I’m using (Capital Wallet). Overall, even after combining both, the charges are lower than fiat. It’s not just the one I am using but all other crypto payment gateways also do not charge more than 1% like coinbase, bitpay etc. On top of it, it takes 2-4 business days to process fiat payment but cryptos are processed instantly.
I would say that now it is not worth implementing crypto as a payment method, because many people do not yet know what it is and do not understand how to use it.
What if someone wants to get the payments directly in the bank account? How long does that take? Also, would like to know about the conversion fees. Thanks in advance!
I want to accept crypto payments. So looking for a gateway to integrate in the checkout page, Can you suggest something?
Considering my customers’ demographics which include people between 20-45 years of age group. I think providing a crypto payment option would be a good decision, lots of crypto enthusiasts these days who are of this age group.
Are you in the US? One option that I know is supported here: https://commerce.coinbase.com/
Also depends on what cryptos you want to support. Bticoin is a must. Are there others?
CB Commerce supports several other cryptocurrencies.
@BillyBobPimpton I am planning to accept ETH, SHIB, LTC, SOL and some stable coins along with BTC.
I think it’s difficult for me as a consumer to do this just because of the sheer volatility of crypto prices. I did however buy stuff with crypto 5 years ago and during that time it was a bit of a hassle to do. I haven’t tried since but also I haven’t really seen online stores that I frequent accept it.
I remember that setting up my account was a bit frustrating because I didn’t completely understand at the time, but once I got used to it, it was easier.
Right now I mainly use crypto for withdrawals from my broker, then I convert it to cash and send it to my bank. I prefer doing it that way and it’s pretty quick. It’s also true that crypto can be volatile, but I accidentally made $200 a few nights ago, so there’s that.
Many crypto payment gateways let the users withdraw funds directly into the bank account. You can check Coingate, Alfacoins, spicepay, even CapitalWallet (one I’m using).
Regarding conversion fee, it’s 0.5% and withdrawals are processed on same day.