The way that customers of your business are able to make payments to you using cryptocurrency

It is vital to be aware of your customer's perspective particularly during crucial times that require transformation, such as the checkout. One of the key aspects of having a successful checkout experience is providing a safe, easy method that customers can pay using the payment method of their choosing.

In this post this article will assist you in comprehending the process to make a payment from the perspective of your clients' perspective. Understanding this can help you to recognize potential opportunities to improve the conversion rate of your clients, offer assistance directly, and inform the clients and prospective customers.

Crypto vocab check

It is possible to explore each one of these terms a bit further through this link. Here's a brief description of the main phrases:

Public key: Essentially all you require is data that will allow you to transfer your cryptocurrency.

Public address The hashed (basically short) version of the public key. It's the type of address you would give to someone to pay you money. Think of it as a Venmo username or PayPal.me hyperlink. (e.g., 0x12B0aD31f483Cdf4741de8f5679A472E5fe3345G)

Private key: Allows user to access funds through an open key. It should not be disclosed to another person.

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-based wallet (crypto wallet): It holds public and private keys used for transactions in blockchain.

Seed phrase: A set of words consisting of 12-24 randomly generated words which grant access to a Wweb3 wallet. It is used to gain access to a wallet for cryptocurrency. It should not be divulged to anyone else.

The non-custodial wallet is controlled by the person using it. They hold the private keys of their wallet and have the total control of their Web3 wallet. (e.g., Metamask, Trust Wallet. )

Custodial wallet: Private keys are possessed by third-party organizations. (e.g., Coinbase, OpenNode. )

Peer-to-peer payments

You might be wondering "Isn't one of the primary advantages of cryptocurrencies is the fact that they're peer to one and do not depend on third-party services?"

Yes, it's entirely feasible to earn money from your customer without needing to use third-party tools or services.

But, it's not realistic for the average user. It's not feasible for them to create their own node and generate transactions using a command line, and then save the private keys to their account. In addition, numerous merchants will accept a modest transaction fee so that they can provide customers with a low-friction service, and they also can save time and energy reconciling payments to their orders.

This post is therefore focused on typical transactions conducted through e-commerce, using goods and services that are likely to be used by intermediate and beginner users.

A brief overview of the process of creating a crypto payment

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

1. You can access a fundable digital wallet.
2. Make sure they connect their bank accounts.
3. Make the payment, and then get a receipt.

The specific experience depends on the processor that processes payment and the wallets that are involved. Let's take a look at some possible scenarios and discuss what's happening at each step for the customer.

1. You can access a fundable cryptocurrency wallet

There's an array of options for those seeking a digital wallet. Each option comes with specific features, advantages and supports to various kinds of crypto chain along with payment options.

'Traditional' digital wallet providers like PayPal and CashApp have been able to support payments using crypto. The top crypto exchanges such as Coinbase, Crypto.com, and Binance have their own applications which also act as payment wallets. Additionally, there are crypto-native wallets such as MetaMask, Rainbow, and several others. It is recommended to conduct the required study to determine the best option that is suitable that fits your requirements.

When you've made your choice of your account and setting up the account, following step is to add crypto to it, so you'll be left with a money to spend. This can be a fast process because most wallets offer the option of paying in-app.

What is the best way for a consumer to determine which cryptocurrency they should be adding?

It's an excellent subject! Most of the time, it doesn't need to be a factor except for charges that could add up in the event that they must exchange currency. Certain payment processors that accept crypto can provide automated exchange services to allow customers to make payments in one currency and you receive it in the other.

Where that's not possible, most crypto wallets offer the ability to exchange or swap their wallets in the real-time. So customers who have bitcoin (BTC) and would like to make payments using Ethereum, the crypto currency (ETH), they can swap their wallets in a matter of minutes. It is ideal to load your account with the option you'd like to use, but that's usually not feasible in advance of making purchases.

2. Make sure they have their wallets linked to your site

There are two choices for customers to link their wallets with your site or the QR code (or browser) wallet connect. Paying processors who accept cryptocurrency may offer either or both as choices.

QR code

It's the most suitable option for customers who have cryptocurrency wallets in the form of an application for their smartphone. If someone chooses to pay with cryptocurrency, they'll be given a QR code they can scan with a tool within their wallet app to pay for the cryptocurrency.

Browser wallet connect

This is the best solution for users who want to access the crypto wallet using a web browser extension. If someone opts for this approach, it will prompt users to sign up for the Web3 wallet by clicking an icon. This will open the wallet within the browser. It then requests for the authorization needed for connection.

3. Pay the amount, and then get a receipt.

Whatever method the user chooses to use The wallet will offer an interface that guides users in making a payment, either through the application or the browser.

When payment is received it can cause an indefinite time delay (usually only moments) until the payment is checked by the blockchain. Following this, the recipient and the payer will be notified of confirmation. When transactions are conducted directly through the blockchain both you and the customer could receive an ID that identifies a transaction made on blockchain.

Then, that's it!

What do crypto-payment procedures have to do with merchants?

There's a big distinction between a customer who has experience in crypto and is ready to purchase and a person who has never heard of cryptocurrency before. Making sure you have an appropriate cryptocurrency wallet, funding it and understanding how to make transactions are among the biggest obstacles that block getting into the market.

At first, crypto transactions will come from experienced users of crypto. As time passes, the number will likely to increase substantially. If your friends and customers have indicated that they're keen on cryptocurrency, it might be beneficial to direct them to reliable websites to enable them to comprehend how they can make payments to you the way they'd like to.

Advantages of cryptocurrency payment options for your clients

1. The owners of cryptocurrency would like to spend their money! This could mean they were an early investoror a successful trader or holders of cryptocurrency's money.
2. It's cheaper for them to make use of crypto in directly transactions than to pay fee for exchange or foreign exchange to make traditional payment. This can be especially the case in the case of international customers.
3. The customer may not have access to alternative payment options.
4. They may prefer to keep specific transactions private or keep them separate from the other activities they engage in.
5. It's safer and easier.
6. They value being able to transact without paying fees to traditional financial service providers (i.e., they're ideologically-driven).
7. There's no limit to everyday payment amount - this is especially true for extravagant costly products which may over the limit per day for the bank account of the user.
8. There is a cost associated with a digitally native asset, such as an NFT.

Customer considerations to bear in the mind of

As you can see, there are a variety of choices for payment via crypto based on customer perspective. These are some tips to keep in your mind in determining and using cryptocurrency payment methods:

1. What is the easiest way for the customer to pay? What about the most well-known cryptocurrencies?
2. Are you dealing with customers that are subject to costs from crypto networks in a way that they are exposed? This could make it more expensive for them to be liable if the crypto network is not fully stocked.
3. Are you confident about the process of resolving disputes? This is especially important when there's the absence of conventional methods of payment or refund. Unhappy or angry customers are more likely to have a higher likelihood to write negative reviews and complain.
4. What length of time do they have to wait on the confirmation of their order? If you're not permitting customers to make payments for purchases, they could need to wait longer than they normally do. In this case, having a payment partner could aid, since they will often keep fees low as well as the time required to verify transactions to be as short as possible.
5. Do shoppers need some education? It is possible that they could benefit from an education regarding the methods of paying using crypto. They also need advice regarding security and how to avoid scams.

Let your clients know that you are here to assist them in embracing the new world of payment

Merchants have the option of choosing crypto payment processing methods that are straightforward and easy to utilize. On their side, experience an entirely different experience when making payments.

There are millions of crypto users who are ready, eager and able to make payments with cryptocurrency. The payment process for crypto is getting easier and more straightforward but it's important that businesses understand their clients' experience and the implications of their choice to maximize the potential growth that this technology offers.

Article was first seen on here